Retirement planning for most people seems to begin the moment they enter the workforce. For many years, that planning will likely focus almost entirely on building the financial resources to live comfortably during your retirement years. As you near retirement age, however, you need to start thinking about something else that will have a significant impact on both your retirement budget and your quality of life – your retirement destination.
Retirement Planning Considerations
Retirement planning, much like estate planning, is very personal in nature. There are, however, several factors that most people take into consideration when planning for their retirement. Finances, for instance, are a concern for most people when they contemplate retirement. Once upon a time, the average worker could count on a pension sufficient in value to cover a retiree’s basic needs during his/her retirement years. With a decent size supplement to that pension from Social Security, financial concerns were not nearly what they are today when it comes to retirement planning. When the concept of lifetime employment began to disappear, the lure of a hefty pension also began to disappear for new workers. By the turn of the 21st century, most people accepted the fact that financial planning for their retirement was on them. Along with planning to fund your retirement, however, you must plan where you wish to live out your “Golden Years.”
Is Your Retirement Destination a Good Choice?
Along with funding your retirement, the other important decision you will need to make is where you wish to live. Some people don’t even consider moving away from their home, preferring to remain close to friends and family. Others cannot wait to call the movers and hit the road when retirement day finally comes. Either way, you may find the results of a recent study conducted by WalletHub to be helpful. WalletHub compared the 50 states across 41 key indicators of retirement-friendliness. Their analysis examined affordability, health-related factors, and overall quality of life. Each metric was graded on a 100-point scale, with a score of 100 representing the most favorable conditions for retirement. Each state received an overall score and ranking for each of the three broad categories – affordability, health care, and quality of life. The overall “winner” was – not surprisingly – the State of Florida with a combined score of 66.79 followed closely by Colorado with 66.17 and then South Dakota with 65.89 points. Interestingly, both the second and third place “winners” are states that are not known for having warm nor dry climates. At the very bottom of the rankings, in last place, was Kentucky with 43.06 points.
If staying in New York when the time comes is an option, you will want to know how New York did in the rankings. Overall, New York didn’t do so well, coming in at number 40 with an overall score of 51.16. Breaking down that score, New York came in 46th place in the “affordability” categories which is likely not a surprise to anyone who lives in the state. New York did very well, however, in the “quality of life” category, placing 6th out of the 50 states. In the final broad category of “health care”, the state ranked 28th. The study also provided rankings for sub-categories within the broader three categories. New York ranked among the worst (47th) in both the “highest adjusted cost of living” and the “worst WalletHub “taxpayer” ranking” categories but took the #1 spot in both the “most museums per capita” and the “most theatres per capita” categories as well as coming in 3rd place in the “lowest property crime rate” category.
Regardless of whether you decide to spend your Golden Years in New York or elsewhere, the key to a worry-free retirement is a well thought out retirement plan that works in harmony with your existing estate plan. To make sure your plans reflect your needs and wishes for your Golden Years, sit down with your estate planning attorney in the near future and coordinate your two plans.
Contact Retirement Planning Attorneys
For more information, please download our FREE estate planning worksheet. If you have questions or concerns about retirement or estate planning, contact the New York retirement and estate planning attorneys at the Law Offices of Kobrick & Moccia by calling 800-295-1917 to schedule your appointment.
Latest posts by Anthony Moccia (see all)
- Beneficiary Designations, etc., Aren’t a True Substitute for a Trust - March 19, 2019
- New Tax Proposals - March 14, 2019
- State Income Taxation of Nongrantor Trusts - March 12, 2019