Retirement planning is essential anymore if you wish to be financially secure when you reach your retirement years. Ideally, a retirement plan begins soon after you land your first “real” job and continues to grow over the years. Initially, retirement planning means nothing more than setting aside as much money as possible in the hope that you can make it grow over the years. As you get closer to actually retiring though, that plan will become more intricate as details are added to it. One important detail is your retirement location. Will you remain where you are or relocate to another state? If you are a resident of New Hampshire, it might help you make that decision to know that New Hampshire was ranked as the 7th best state for retirees in a recent study.
Retirement Planning in the 21st Century
The need to start retirement planning early on in life is a relatively new concept. Not all that long ago people could count on a pension coupled with a sizeable Social Security retirement benefit check each month to sustain them throughout their “Golden Years.” Pensions, however, have all but disappeared along with the concept of lifetime employment and Social Security retirement benefits have not kept up with the cost of living, creating the need for retirement planning. The average worker must now fend for himself/herself when it comes to ensuring sufficient income to live comfortably once retired. Saving money and investing that mo.ney wisely is certainly important if you wish your retirement plan to be a success; however, your choice of retirement location can also greatly impact your retirement planning because your retirement dollars will go farther in some locations than in others. Choosing your retirement location shouldn’t only be based on financial considerations.
The Wallet Hub Rankings
Deciding where to spend your retirement years is a huge decision. Some people are very firm in their desire to remain where they are because they have family and friends there. Other people can’t wait to move to a warmer or drier climate. Still others are willing to go wherever their retirement dollar stretches the farthest. Toward that end, the results of a recent study by Wallet Hub may be interesting
Wallet Hub recently published the results of a study that 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 neither warm nor dry climates. At the very bottom of the rankings, in the last place, was Kentucky with 43.06 points with New Jersey and Rhode Island rounding out the bottom three.
New Hampshire, you may be happy to know, ranked 7th overall in the Wallet Hub study. Specifically, the state ranked number 29 for affordability but came in 14th and 4th in the “quality of life” and “health care” categories respectfully for a combined total score of 61.51. Best of all for New Hampshire residents thinking of staying after retirement is the fact that the state topped the list in the sub-category “lowest property crime states.” Overall, the news is good for anything thinking about New Hampshire as a retirement destination. Whether you decide to stay for your Golden Years, or you pack up and relocate, planning ahead of time is the key to ensuring you are financially prepared for retirement.
Contact a New Hampshire Retirement Planning Attorney
If you have questions or concerns relating to retirement planning, estate planning, or elder law issues, contact the experienced New Hampshire estate planning attorneys at DeBruyckere Law Offices by calling (603) 894-4141 or (978) 969-0331 to schedule an appointment.
- The Intersection of Asset Protection Planning and Estate Planning – Part I - September 20, 2022
- If an Estate Owes Federal Gift and Estate Taxes, How Do I Pay Them? - September 15, 2022
- 5 Signs Pointing to a Will Contest - September 13, 2022