The spring months are a time for rejuvenation, growth, and thinking about the future as the cooler winter months come to a close. In fact, if you are considering retiring in the upcoming year, then the spring might also be the time of the year that you start to think about putting your home on the market as you prepare to move to your ideal retirement location. Whether you currently live in the Northeast or the Midwest, choosing your optimal retirement location will require you to consider a few key factors. From the climate to the cost of living, before you pack your bags and head to your location of choice, it is important that you first fortify your retirement by completing the following three steps.
Step #1. Diversify your investment portfolio for reduced risks and growth.
There are several types of investment that can increase the value of your investment portfolio without introducing heightened levels of risk. These investments include fixed annuities and real estate rental properties. As a general rule of thumb, your financial goal should be to use your investments to generate guaranteed income throughout your retirement. The latter strategy will help you to live a financially stress-free lifestyle throughout your entire retirement. Keep in mind that a diversified retirement portfolio will help you to maximize your efforts without a lot of effort. Finally, multiple sources of income will help you to live comfortably in your ideal retirement location.
Step #2. Accurately estimate your retirement expenses based on location.
“When in doubt round up” is the golden rule to accurately estimating your retirement expenses. You can keep this rule in mind as you examine the most common costs, such as health care, taxes, and travel. Keep in mind that other costs, such as commuting and work-related expenses, will typically decline during your golden years. The good news is that you can attend a retirement seminar to discover how you can accurately predict your retirement costs, and most importantly effectively plan so that you can enjoy a financial stable retirement. During the retirement financial planning seminar you will learn how to accurately estimate costs based on location. For example, living in the Mountain West can give you access to lower real estate costs, while living in the southern states can lead to lower costs of living. In short, finding the optimal balance between savings and expenses is the key to accurately estimating your retirement expenses based on your ideal location.
Step #3. Decide where you want to retire.
According to the latest United Van Lines’ National Moving Survey, the sunshine state continued to be one of the top retirement locations. However, the Mountain West has quickly become a popular destination for retirees, with approximately 25 percent of movers stating that they wanted to live in the region during their golden years. Whether you want to retire in the mountains or prefer the comforts of the beach, one thing is certain, before you can retire you must first consider the financial impact. From real estate costs to health care, each region within the United States has a unique list of opportunities that can positively impact your retirement. In fact, the top five places for retirees in 2018 include: South Dakota, Utah, Idaho, New Hampshire, and Florida. The latter states are well-known for their low cost of living, low crime rate, high quality health care, access to culture, lower state and local taxes, and good weather for retirees.
Attend A Fortified Retirement Financial Planning Workshop
Determining if you can afford to live in your dream retirement location is made even easier when you complete the above three steps and attend a retirement workshop. Do you still have questions about retirement tax strategies? Are you interested in learning more about easy to implement 401k retirement strategies? Whether you have questions about choosing the ideal location, or you want help fortifying your investment portfolio, Fortified Retirement is here to help with a wide variety of free retirement planning workshops. Sign-up for a free retirement workshop or seminar today and discover the tips, tools, and insights you need to enjoy your golden years in the location that is right for you.
Licensed Insurance Professional. Provides general information about insurance and retirement-related products and services. These products and services may not be specific to a particular state. Information provided on this website, in seminars or through printed or other published materials are not intended as specific legal, accounting or investment advice to an individual’s particular situation. By providing your information to us, you agree that we may contact you regarding the potential sale of annuity and/or insurance products. Information provided by Licensed Insurance Professional does not necessarily represent that of the individual professionals presenting this information. All the information presented is believed to be accurate and is secured from reliable resources, however, no guarantee is made to the completeness or accuracy of the information presented. Any opinions expressed are those of the author and the material presented is for educational and informational purposes only and is not intended as legal, investment or tax-related advice