Good Morning Dinks.
We blog a lot about saving money for retirement on Dinks Finance, but what about spending your money during retirement?
After you have saved your hard earned money your entire life to enjoy your retirement have you thought about where and how you will send your money during retirement?
Some people chose to retire in a warmer climate for a few months of the year, some people chose to downsize their home and move to a smaller living space and some people chose to move to a retirement community so that they can have days full of activities with their other retired friends.
When and where do you want to retire?
CNN Money recently published an article about the best places to retire. Is your dream retirement location on the list?
Albuquerque, New Mexico – This is a big city where the average home price is $174,000. Albuquerque is a city with a diversified population and a whole lot of different food choices, activity options and many different cultures.
Portland, Oregon – Portland is a big city with no sales tax. The top state income tax rate is 9.9% and the average home price is $272,000. Portland is famous for its art life and its outdoor living activities such as biking and walking through forests or around the city. You can enjoy Portland up close and personal without having to ever leave the metropolis.
Louisville, Kentucky – Kentucky is known for its derby, but the big city has a lot more to offer than just horses. The average home price in Louisville is $116,000 and the top state income tax rate is 6%. You can enjoy bluegrass music and a variety of museums in Louisville. If you are an active resident you can take advantage of the Louisville Loop which is an outdoor pedestrian path that spans for over 100 miles.
Tucson, Arizona – The average top state income tax rate in Arizona is 4.54% and the average home price is $148,000. Tucson enjoys 350 days of sunshine with some of the best golf courses and Southwestern cuisine that this country has to offer. Residents of Tucson, Arizona can also enjoy a trip to a nearby old mining town.
Austin, Texas – There are many advantages to living in Austin such as the recreational centers that cater specifically to seniors. The average home price in Austin, Texas is $215,000. Austin is also home of the annual South by Southwest music festival.
Winston-Salem, North Carolina – Winston-Salem is in northern North Carolina and it is a city known for the arts. It is home to the University of North Carolina School of the Arts, and it also hosts an annual film festival. The average home price in Winston-Salem is $129,000 and the top state income tax rate is 7.75%. There is affordable downtown living so that retirees can be close to all amenities.
Traverse City, Missouri – Traverse City is a resort area where the average home price is $195,000 and the top state income tax rate is only 4.35%, this rate is decreasing to 4.25% next year.
Where do you want to retire?
Photo by Moyan Brenn
Kristina Tahnyak
Tahnya is a Certified Financial Planner and former Investment Advisor turned marketing and communications professional She holds a degree from Concordia University, is debt free and currently works in the field of digital marketing.
I’ll have to look into Traverse City! I live in Missouri and have never heard of it. Hopefully it’s close!
I have never been to Traverse City. I hope to retire in Spain or Portugal but we’ll see :-) Thanks for reading Michelle.