Most people understand and acknowledge the need for both estate and retirement planning. Despite this, the vast majority of Americans under the age of 40 do not have either an estate plan nor a retirement plan in place. Regardless of when you start your retirement planning, there will be important decisions you must make as part of that plan. Ensuring that you have sufficient financial resources available to live comfortably when the time comes is undoubtedly at the top of your list of retirement planning concerns. Another important consideration is where to live when you retire. Maybe you have already given this decision some thought and have a destination in mind. Whether your retirement dream destination is the never-ending sunny skies of Arizona, the rapidly disappearing wilderness of Alaska, or the beaches of Florida, you will find the results of a recent retirement destination study to be interesting no doubt.
Retirement Planning Considerations
Retirement planning, much like estate planning, is very personal in nature. There are, however, several factors that most people take into consideration when planning for their retirement. Finances, for instance, are a concern for most people when they contemplate retirement. Once upon a time, the average worker could count on a pension sufficient in value to cover a retiree’s basic needs during his/her retirement years. With a decent size supplement to that pension from Social Security, financial concerns were not nearly what they are today when it comes to retirement planning. When the concept of lifetime began to disappear, the lure of a hefty pension also began to disappear for new workers. By the turn of the 21st century, most people accepted the fact that financial planning for their retirement was on them. Along with planning to fund your retirement, however, you must plan where you wish to live out your “Golden Years.”
Is Your Retirement Destination a Good Choice?
Along with funding your retirement, the other important decision you will need to make is where you wish to live. Some people don’t even consider moving away from their home, preferring to remain close to friends and family. Others cannot wait to call the movers and hit the road when retirement day finally comes. Either way, you may find the result of a recent study conducted by WalletHub to be helpful. WalletHub 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 last place, was Kentucky with 43.06 points.
If staying in Missouri when the time comes is an option, you will want to know how Missouri did in the rankings. Overall, Missouri can in number 18 with an overall score of 58.14. Missouri came in 12th place in the “affordability” categories and 34th in both the “health care” and “quality of life” categories. Regardless of whether you decide to spend your Golden Years in Missouri or elsewhere, the key to a worry-free retirement is a well thought out retirement plan that works in harmony with your existing estate plan. To make sure your plans reflect your needs and wishes for your Golden Years, sit down with your estate planning attorney in the near future and coordinate your two plans.
Contact a Retirement Planning Attorney
If you have additional questions or concerns about retirement and/or estate planning, contact the experienced Missouri estate planning attorneys at Amen, Gantner & Capriano, Your Estate Matters, LLC by calling (314) 966-8077 to schedule an appointment.
- What’s in President Biden’s Revenue Proposals? - May 2, 2023
- The Intersection of Bank Failure and FDIC Insurance - April 25, 2023
- Medicaid Planning - April 18, 2023
