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Don’t Forget These 5 Things When Choosing a Place to Retire

Category: Best Retirement Towns and States

September 15, 2021 – Members in a recent Topretirements poll gave us their number 1 considerations for choosing a place to retire. Atop the list by a large margin was climate, followed by affordability, being near friends and family, and good medical.  Much further down the list were taxes and political environment.

These are all important things to think about when choosing a place to retire. But there are other, less obvious considerations that are even more critical. Here are 5 overlooked considerations that we think deserve special attention.

  1. Do you really know the area where you about to relocate?

“Rose”, who retired to Myrtle Beach (SC), listed a perfect example of this situation in our recent poll: “Never retire where you like to visit. There are so many tourists and so much traffic it is unbearable. There is very little here that I was looking for, such as classes and like minded people.” 

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Posted by Admin on September 14th, 2021

Warm Weather and Climate Top Reasons for Choosing a Place to Retire

Category: Retirement Planning

September 9, 2021 — Thanks to the 300+ folks who responded to last week’s instant poll, which asked what your #1 reason for choosing a place to retire would be. Although we realize most people have multiple factors affecting their choice, the poll tried to identify the single most important. By a large margin that turned out to be: “warm weather or other climate”. The results are shown below, and beneath that we have included some of the more interesting comments that were made on the topic. (Note: You can still take the instant poll and comment on it as well).

It was no big surprise that “affordable” came in second, followed by “lifestyle”, “near friends and family”, and then “near good medical”. “Low taxes” might be included in what people think of as affordable, but we were happy that that factor alone wasn’t what most people base their retirement location decisions on. We think retirement should be fun, so going for good weather and lifestyle is OK in our book.

Comments from Members:
We loved the comments made to this article. Rose’s was one of our favorites, in which she lamented retiring to the loved vacationing in(Myrtle Beach). When she retired there she realized it had a lot of traffic and a shortage of like minded people. Several people were interested in looking for a nice college town with cultural opportunities, while others mentioned that good medical care was up there as an important consideration (and many college towns do have medical schools with hospitals). Sue was looking to avoid extremes – particularly political and climate ones. Weather and climate was echoed by several as the thing to look for. Ellen started her list with low taxes and affordability, then good medical. Tim thinks he is a “climate change refugee”, considering moving from the Pacific Northwest to get away from the smoke and fires.

Bottom line: There are many great reasons for choosing a place to retire, and just about everyone has a different point of view. The point is, knowing what you are looking for will greatly increase your chances of finding it! If you have more thoughts about this topic, please share them in the Comments section below. Plus, if you have other ideas for our instant poll, please share that too!

Posted by Admin on September 8th, 2021

Social Security Fund Runs Out of Money One Year Earlier

Category: Financial and taxes in retirement

September 8, 2021 — The latest Trustees report for Social Security shows that the COVID-19 pandemic and the 2020 recession are affecting the future of this popular program, but no one is certain exactly how that will play out. One thing the report does lay out is that the Trust Fund will become exhausted in 2033, one year earlier than projected last year.

Given the unprecedented level of uncertainty, the Trustees say there is no consensus on what the lasting effects of the COVID-19 pandemic on the long-term experience might be, if any.

Based on best estimates, the 2021 reports show:

• The Old-Age and Survivors Insurance (OASI) Trust Fund, which pays retirement and survivors benefits, will be able to pay scheduled benefits on a timely basis until 2033, one year earlier than reported last year. At that time, the fund’s reserves will become depleted and continuing tax income will be sufficient to pay 76 percent of scheduled benefits.

• The Disability Insurance (DI) Trust Fund, which pays disability benefits, will be able to pay scheduled benefits until 2057, 8 years earlier than in last year’s report. At that time, the fund’s reserves will become depleted and continuing tax income will be sufficient to pay 91 percent of scheduled benefits.

So many conflicting currents

The Covid pandemic caused millions of people to lose their jobs, meaning they did not pay into the Social Security system. Many people became disabled, which increased payouts by the Disability Trust Fund. On the other hand, over 650,000 people have died from the virus, so those people will not be around to collect their Social Security (although any survivors will). Immigration numbers are down, which means fewer people are paying into the system. Fertility rates declined in this period of uncertainty, which will have long term effects on the size of the workforce supporting retirees. How all of these factors play out, no one is sure.

Bottom line for lawmakers – do something!

The Trustees report finishes with this stern warning: “Lawmakers have many policy options that would reduce or eliminate the long-term financing shortfalls in Social Security and Medicare. Lawmakers should address these financial challenges as soon as possible. Taking action sooner rather than later will permit consideration of a broader range of solutions and provide more time to phase in changes so that the public has adequate time to prepare.” We couldn’t agree more – quit fighting silly political battles and do something about the ticking time bomb that is going to blow up Social Security!

For further reading:
Summary of the Trustees Report

Comments? If you were in charge, what would you do to save Social Security?

Posted by Admin on September 7th, 2021

10 Great Walkable Towns in the Southeast

Category: Best Retirement Towns and States

September 1, 2021 — Easy walking to town, parks, and shopping always emerges as a top consideration for choosing a retirement destination when we survey our members. Here are 10 small cities and towns in the southeast where walking is easy and a joy. Since almost every small town is by nature walkable, we have concentrated on larger places of at least 20,000 people.

activeadultcommunity-walking

These are towns where you can live downtown or close to it, and walk to everything that is important to you, day or night. In fact, in most of these towns the walking (and biking) is so good that you could even survive without a car.

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Posted by Admin on September 1st, 2021