Episode 134: Top Places to Retire and How They Affect You Financially

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Today’s Smart Money Question:

U.S. News & World Report has released its list of the top places to retire in the country. Choosing where to retire is not only a personal decision; it’s also a financial one. We’ll explain why.

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(Click the featured times below to jump forward in the episode)

Here Are Just A Handful Of Things You’ll Learn:

Today on Smart Money Questions we’re looking at the top places to retire, as chosen by U.S. News & World Report. Whether you want to move to another state when you retire or buy a second home, there are financial implications you should consider. 

Before we jump into that, let’s look at the top 15 places to retire as chosen by U.S. News & World Report, which looked at happiness of local residents, tax rates, housing affordability and healthcare quality.

Top 15 places to retire

  1. Sarasota, FL
  2. Fort Myers, FL
  3. Port St. Lucie, FL
  4. Naples, FL
  5. Lancaster, PA
  6. Ocala, FL
  7. Ann Arbor, MI
  8. Asheville, NC
  9. Miami, FL
  10. Melbourne, FL
  11. Myrtle Beach, SC
  12. Nashville, TN
  13. Jacksonville, FL
  14. Manchester, NH
  15. Daytona Beach, FL

It’s not surprising that Florida is mentioned many times. Besides the sunny, warm weather, Florida doesn’t have a state income tax. When deciding where to retire, “taxes should always be a big part of your planning process,” said Matt.

Pennsylvania, which also made the list, has a high retiree retention rate because of its taxes. There is no state income tax on retiree income, such as Social Security, pensions, IRAs and 401Ks.

If clients are having a hard time deciding where to retire, we recommend renting in each place for a couple months and see how they like it. You can also examine the places financially, from a tax perspective, to see how it would impact you. 

You could possibly change your residency to take advantage of a better tax code. We recommend running a financial exercise like this beforehand with a professional.

“It really does become a great opportunity, in the event that’s what you want your plan to be, to go through the process to see, first of all, is it affordable? Can it really happen? And then go through that exercise,” said Matt.

Of course, you should also consider the emotional side of such a big decision. If you want to learn more about what goes into the decision to move to a new state from a financial standpoint, check out this episode of the podcast where we talk all about that.

Listen to the full episode or click on the timestamps below to skip to a specific section.

2:26 – How were places ranked?

3:15 – Top 15 places to retire

4:40 – Consider housing affordability

7:03 – Consider renting before buying

9:50 – Consider changing residency

12:12 – Consider doing a financial exercise

13:43 – Consider the emotional side

 

“When deciding where to retire, taxes should always be a big part of your planning process.”

-Matt Hausman

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