Once upon a time, if you lived in the north, your default retirement destination was either Arizona or Florida. Today, retirees are looking for low taxes, nice weather and an active lifestyle. They are finding it in many different locations.
The New York Daily News explains this and more in its article, "Forget Florida and Arizona — today's retirees are branching out all over the U.S." Women continue to live longer than men, but the difference has narrowed as the lifespan of males has grown consistently within recent decades. This means that the chances are better now that a married woman will spend additional time in retirement together with her partner than as a widow. Retirees are taking advantage of this additional time together by heading to new territories.
Wyoming is a destination that’s trendy for retirees seeking good weather, low taxes, soothing hot springs, and a low crime rate. Plus, it provides opportunities for bringing the grandkids out for trips to Yellowstone and Grand Teton National Parks.
In addition, on the opposite side of the country, retirees past the age of 60 are relocating to Columbia, S.C., where they can take free courses at the University of South Carolina. Affordable housing in Columbia costs a retiree an average of $367 per month with a paid-off mortgage. That sounds pretty good, especially with the typical Social Security benefit for retired workers at an average $1,335 per month in 2015. With a well thought-out retirement income strategy, you could have a very comfortable life in the Palmetto State.
Time to enjoy retirement with your spouse is wonderful. So too is the gift of traveling throughout retirement together. Even so, couples should still have a contingency retirement income strategy in place for whichever spouse lives longer.
According to the U.S. Census Department, recently released numbers show that for people age 55 and older, the greatest expense is housing. You need to have a plan to reduce this expense once retired, especially since increased health care expenses are likely as we age.
Today's biggest driver in retirement planning is centered on the impact of a longer life expectancy and the cost of housing. Couples should be realistic about their expectations and consider what kind of lifestyle they expect to enjoy and whether or not that aligns with their financial situation.
Reference: New York Daily News (May 10, 2016) “Forget Florida and Arizona — today's retirees are branching out all over the U.S "