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Cincinnati Five Star award winner

BEST STATES TO RETIRE

 

A large number of Americans are expected to retire within the next decade. Close to 15% of the U.S. population is now aged 65 or older. And, that figure is expected to rise to over 20% by 2025. While baby boomers are increasingly ignoring the traditional retirement age of 65, millions of retiring Americans are looking to find a place to live out their post-work years.

Various factors have made some U.S. states more attractive than others, influencing where people choose to retire. Weather, taxes, and housing affordability are among the primary factors incentivizing people to move upon retirement. Proximity to medical services, safety, and recreational facilities and activities are a draw as well. Retirees also seek out peers, gravitating toward retirement communities designed to fulfill their needs.

So, where should you retire? Depending on who is asking, this question will have many different answers. There are several important factors that should help narrow down the search.

SeniorLiving.org recommends you consider the following when asking “Where should I retire?”:

Cost of Living
For most seniors, affordability is the most important factor when deciding where to live. What is the median home price? What is the total state and local tax burden? Does the state tax IRAs, pensions, etc.? What is the median income? What is the state’s overall cost of living? If you’re planning to work part-time, is the unemployment rate low?

Family and Friends
How important is it to live near family and friends? Do you want to live within driving distance of your grandkids? Do you want to have built-in friends around you? Or are you comfortable making new friends?

Climate
Are you tired of cold, wet winters? Consider the South or Southwest. Don’t like long, hot summers? Try the Northeast or upper Midwest. Does the humidity bother your arthritis? Consider a state like Arizona or New Mexico in the dry Southwest. Coastal areas in states such as Florida can experience frequent tropical storms and hurricanes. Are you prepared to deal with potential evacuations, boarding up your home’s windows, and other safety measures? Insurance costs in hurricane zones can be astronomical. Northeastern states experience long and cold winters with little sunshine.

Activities
You now have more time on your hands than ever. How do you plan to spend it? Golfing? Fishing? Hiking? Mountain biking? Volunteering at the local history museum? Do you already have hobbies that you want to continue? Or are you interested in trying something new? Get a feel for that city or town’s (your hobby) community by going on-line. Check out local clubs and associations. Having a college or university in town means you can continue your education. It also means more cultural activities and sporting events. Do you need a world-class arts community? Consider being close to a large city. If you’re a traveler make sure you live close to a major airport.

Healthcare 
At some point you may need more frequent and possibly more urgent medical attention. Is there quality care nearby? If you have a specific medical need are there facilities close by that can address that need?
WalletHub compiles an annual list of the best states to retire. Here are their latest top 10 best states to retire (see scoring at www.wallethub.com): https://wallethub.com/edu/best-and-worst-states-to-retire/18592/

1.      Florida

2.      South Dakota

3.      Colorado

4.      New Hampshire

5.      Virginia

6.      Utah

7.      Iowa

8.      Wyoming

9.      Pennsylvania

10.    Minnesota

The reasons why these states were selected varies from the best places for affordability and health care to states with a high quality of life for seniors. And while there can be vast disparities even within the same state, Florida continues to rank number 1 as it has long been a hot spot for retirement, is tax-friendly, and the most affordable state. Florida has one of the lowest taxes of any state, with no personal income tax and no estate tax. The rest of the states offer the most retirement-friendly amenities and services in the nation.

Where you choose to retire is based on what’s most important to you. Be sure to talk with your Madison Wealth Management Financial Advisor about your personal retirement goals and how to make sure you’re on track to achieve them.

This award was issued on 9/1/22 by Five Star Professional (FSP) for the time period 01/3/2022 through 07/1/2022. Fee paid for use of marketing materials. Self-completed questionnaire was used for rating. This rating is not related to the quality of the investment advice and based solely on the disclosed criteria.1,585 Cincinnati-area wealth managers were considered for the award; 230 (15% of candidates) were named 2022 Five Star Wealth Managers. The following prior year statistics use this format: YEAR: # Considered, # Winners, % of candidates, Issued Date, Research Period. 2021: 1357, 216, 16%, 9/1/21, 12/14/20 - 7/9/21; 2020: 1406, 216, 15%, 9/1/20, 12/2/19 - 6/12/20; 2019: 1371, 238, 17%, 9/1/19, 11/19/18 - 6/28/19; 2018: 1413, 239, 17%, 9/1/18, 12/20/17 - 7/19/18; 2017: 985, 288, 29%, 9/1/17, 12/21/16 - 6/29/17; 2016: 918, 368, 40%, 8/1/16, 2/10/16 - 7/25/16; 2015: 1667, 427, 26%, 9/1/15, 2/10/15 - 7/25/15; 2014: 2082, 483, 23%, 9/1/14, 2/10/14 - 7/25/14; 2013: 1367, 509, 37%, 9/1/13, 2/10/13 - 7/25/13; 2012: 1265, 477, 38%, 9/1/12, 2/10/12 - 7/25/12.
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Important Note: This material is for informational purposes only and is not intended to serve as a substitute for personalized investment advice or as a recommendation or solicitation of any particular security, strategy or investment product. Madison Wealth Management does not provide tax, legal or accounting advice. © Madison Wealth Management 2020

 

*Winners appearing on this page do not pay a fee to be considered or to win the Five Star Award. Professionals with a digital profile have paid a promotional fee.
Wealth managers do not pay a fee to be considered or placed on the final list of Five Star Wealth Managers. The award is based on 10 objective criteria. Eligibility criteria-required: 1. Credentialed as a registered investment adviser (RIA) or a registered investment adviser representative; 2. Actively licensed as a RIA or as a principal of a registered investment adviser firm for a minimum of 5 years; 3. Favorable regulatory and complaint history review (As defined by FSP, the wealth manager has not; A. Been subject to a regulatory action that resulted in a license being suspended or revoked, or payment of a fine; B. Had more than a total of three settled or pending complaints filed against them and/or a total of five settled, pending, dismissed or denied complaints with any regulatory authority or FSP's consumer complaint process. Unfavorable feedback may have been discovered through a check of complaints registered with a regulatory authority or complaints registered through FSP's consumer complaint process; feedback may not be representative of any one client's experience; C. Individually contributed to a financial settlement of a customer complaint; D. Filed for personal bankruptcy within the past 11 years; E. Been terminated from a financial services firm within the past 11 years; F. Been convicted of a felony); 4. Fulfilled their firm review based on internal standards; 5. Accepting new clients. Evaluation criteria-considered: 6. One-year client retention rate; 7. Five-year client retention rate; 8. Non-institutional discretionary and/or non-discretionary client assets administered; 9. Number of client households served; 10. Education and professional designations. FSP does not evaluate quality of services provided to clients. The award is not indicative of the wealth manager's future performance . Wealth Managers may or may not use discretion in their practice and therefore may not manage their clients' assets. The inclusion of a wealth manager on the Five Star Wealth Manager list should not be construed as an endorsement of the wealth manager by FSP or this publication. Working with a Five Star Wealth Manager or any wealth manager is no guarantee as to future investment success, nor is there any guarantee that the selected wealth managers will be awarded this accomplishment by FSP in the future. Visit www.fivestarprofessional.com.