WHERE WOULD YOU LIVE IN RETIREMENT?

#retirement #RetirementHomes #RetirementDestinations #WhereToLive
If you had a million bucks socked away for retirement, where would you live?
Presuming you stay in the U.S., the places where $1 million would last longest in retirement are: McAllen, Texas, 42.3 years; Harlingen, Texas, 39.5 years; Richmond, Ind., 39.3 years; Kalamazoo, Mich., 38.1 years; Cleveland, Ohio, 37.4 years; Martinsville, Va., 37.1 years; Knoxville, Tenn., 36.7 years; Ashland, Ohio, 36.6 years; Jonesboro, Ark., 36.6 years; and Norman, Okla., 36.5 years.
On the other hand, the places where $1 million would be spent the fastest in retirement are: New York, N.Y., 12.5 years; Honolulu, Hawaii, 14.8 years; San Francisco, Calif, 15.9 years; Seattle, Wash., 18.7 years; Boston, Mass., 18.7 years; Orange, Calif, 18.8 years; Hilo, Hawaii, 18.9 years; Stamford, Conn., 19.3 years; Washington, Va., 19.4 years; and Kodiak, Alaska, 19.7 years.
These figures were compiled by SmartAsset.com and were part of an article by Ron Hutibise of the Sun Sentinel in Fort Lauderdale, Fla. It was also published May 14, 2018, in The Atlanta Journal-Constitution.
A couple of things are obvious. First, $1 million isn’t what one would call a lot of money today. It may have been a fortune a few decades ago, but no longer.
Second, the most expensive places might be the more desirable places to live than the least expensive places.
As the article pointed out, Fort Lauderdale came in last among Florida cities – even worse than Miami. Your cool million would be gone in 25.2 years in Fort Lauderdale, the article says.
Something else is at play here. Many people at or near retirement don’t have anywhere close to $1 million saved. It’s hard to imagine how they will survive – never mind enjoy – retirement without a decent financial cushion.
So what might the lesson be? If you are young, start saving, even if you have to give up something, or things, you enjoy. Though it may be hard to imagine what life will be like in coming decades, or whether you’ll even live that long, you still should plan for all eventualities as best you can.
If you are middle aged, or nearing retirement, and you don’t have what you think you will need to enjoy your golden years, your choices are limited. You can keep working, presuming your employer is in no rush to get rid of you. The worker shortage many employers are experiencing now, thanks to an economy that has pretty much recovered from the recession, may be a saving grace for you. That’s presuming your health is good, your job is bearable etc.
Still, that could change. You have to work under the presumption that you could be let go any day. You almost never get a warning of when that day will come. You have to keep your eyes and ears on what is happening around you, so you can spot things that might forecast your departure.
Finally, no matter what your age, there are a number of vehicles out there that will allow you to pick up extra money – potentially a lot of extra money – by dedicating a few part-time hours a week. To learn about one of the best such vehicles, message me.
If you plan well, you can retire at the appropriate time. If you plan really well, you can retire whenever you want, wherever you want.
It all depends on your diligence, how much of a priority you devote to a good retirement and the sacrifices you are willing to make. It does you no good to have enjoyed life while you are young, only to barely survive in your elder years.
Whatever you do, don’t presume the promises made throughout your life will be kept. Your retirement security is entirely in your hands.
Peter

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