retirement2.255 min read
Unexpected States Emerge as New Retirement Hot Spots
7 months ago•Source: Yahoo Finance
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5.115 min•1 year ago
"Top Affordable and Friendly U.S. Retirement Towns for 2024"
Realtor.com has ranked the top 10 affordable retirement spots in the U.S. based on home prices and amenities for older residents. While Florida is a popular destination, California and New Jersey also feature prominently. The list highlights places with strong communities, good weather, and top-notch healthcare, addressing the financial constraints many seniors face.
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"Preparing for Retirement in 2024: Key Changes and Smart Money Moves"
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Top Retirement Destinations for Baby Boomers Revealed
Clearwater, Florida, is the top destination for baby boomers looking to retire, according to a study by SmartAsset. The majority of the top 10 cities on the list were in Florida, Arizona, or Nevada, with one city in Montana. Factors such as better weather, lower cost of living, and retirement resources are attracting boomers to these areas. However, these cities do not align with U.S. News and World Report's ranking of the best places to retire, which had seven of the top 10 cities in Pennsylvania.
Pennsylvania Dominates U.S. News' Ranking of Best Places to Retire
Pennsylvania dominates U.S. News & World Report's latest ranking of America's "100 best places to retire," with Harrisburg taking the top spot, followed by Reading, Lancaster, Scranton, and Allentown. The rankings were determined based on factors such as affordability, access to healthcare, and quality of life. Pennsylvania's strong showing reflects its appeal to retirees, with its cultural amenities, outdoor activities, and lower cost of living. The state's tourism industry, which heavily relies on older visitors, also benefits from the influx of retirees.
Retirement Account Balances Decline as Consumers Face Budget Stress
Fidelity Investment's latest retirement data shows that retirement-account balances have declined, and the number of loans and withdrawals have increased, as investors face higher inflation and market volatility.
Pennsylvania Dominates List of Best Retirement Cities in the US
Pennsylvania cities dominate the list of the country's best places to retire, with seven out of the top ten spots, according to a ranking by U.S. News & World Report. Harrisburg takes the top spot, followed by Reading, Lancaster, Scranton, and Allentown. The ranking considered factors such as affordability, happiness, healthcare quality, retiree taxes, desirability, and job market ratings. Pittsburgh, known for its growing technology industry, offers a cheaper housing market compared to other large cities.
Retirement Rankings: Syracuse, Harrisburg, Sarasota, Allentown, and Charlotte Compared
Syracuse, New York has been listed as one of the "2024 Best Places to Retire in the U.S." by U.S. World News, ranking 27th on the list. Despite its snowy winters, Syracuse offers convenience, affordable housing, and access to healthcare. The city's location allows for easy travel to nearby suburbs and attractions, such as Saratoga Springs and the Finger Lakes region. With numerous recreational activities, local restaurants, and cultural events, Syracuse provides retirees with plenty to do.
Top Retirement Destinations in the US: Michigan, Pennsylvania, and Allentown Make the List
Michigan has been ranked as one of the best places to retire in the United States, with six cities making it into the top 100. Factors such as affordability, access to nature, urban amenities, and excellent healthcare were highlighted as important for retirees. Ann Arbor, Grand Rapids, Lansing, Detroit, and Kalamazoo were among the cities that scored well. The moderate temperatures and lack of weather concerns like hurricanes were also cited as attractive features for retirees.
Top American Cities for Retiring: Harrisburg, Lehigh Valley, and More
Harrisburg, Pennsylvania has been named the best city in the United States to retire, according to the U.S. News & World Report's "2024 Best Places to Retire" report. The ranking takes into account factors such as senior healthcare, retiree tax rates, and overall happiness. Other cities in Pennsylvania, including Reading, Lancaster, Scranton, and Allentown, also made it to the top five. Pennsylvania dominated the list, with seven out of the top ten spots. Florida had six cities ranked above No. 25.
Retirees debunk outdated notion of moving away during retirement
A survey of 2,000 Americans aged 65+ found that 41% of retirees have no plans to move away from their current homes. The top reasons for staying in their homes include being able to care for themselves, liking their independence, and their attachment to their homes. While some downsized or moved for various reasons, the majority prefer to live in their own homes rather than assisted living communities or with family. Retirement goals for seniors include pursuing passions and hobbies, traveling, visiting family and friends, exercising, and picking up new hobbies.
Global Pension Rankings: U.S. Receives C+, Ireland Shows Improvement
The U.S. received a C+ in the latest Mercer CFA Institute Global Pension Index, ranking behind the Netherlands, Australia, and Sweden in terms of retirement systems.
Important Social Security Updates for Retirees in 2024
The Social Security Administration will announce the cost-of-living adjustment (COLA) for retirees this week, with expectations of a smaller increase compared to last year due to cooling inflation. The Senior Citizens League estimates a 3.2% increase based on August inflation data. While this is a decline from the 8.7% increase in 2023, it remains higher than the average increase over the past two decades. However, higher Social Security payments can reduce eligibility for low-income safety net programs and push retirees into higher tax brackets. The Senior Citizens League advocates for an inflation measure specifically for seniors to accurately account for their spending on healthcare.