Plan Your Retirement Now, Enjoy It LaterBy
Are you planning for retirement? If so, you’ve probably made some estimates, crunched the numbers and come up with a number that will allow you to live comfortably. But before you commit that figure to memory, there are a few things to remember. An article by Eva Rosenberg on the Equifax Finance Blog points out that cost of living expenses should also be factored into your retirement plan.
In “Retirement Planning: Most Affordable Places To Retire,” Rosenberg explains the real costs of retirement living.
For one thing, people need to consider taxes. Few states like Nevada, Wyoming and Alaska tax none of your income. Other states offer various forms of tax relief such as little to no state tax, low real estate tax and low Social Security income tax. Be sure and do your homework on the state and county you plan to retire in. You don’t want to be hit with high taxes that negatively affect your careful planning.
And even though you may be solely focused on the numbers, don’t forget about your happiness! Rosenberg mentions several other factors to think of when planning your retirement.
- How friendly will your new neighborhood be toward newcomers? Will it be easy for you to make friends?
- Where is your support system of family and friends?
- Will your retirement health insurance cover you in a new state?
- Are medical services nearby in case of an emergency?
- Does the lifestyle in your new community meet your tastes?
- Will you be able to find part-time work if you need to supplement your income?
To read all of Rosenberg’s words of advice, visit the Equifax Finance Blog.