Retirement is that time you’ve been anticipating ever since you first entered the workforce many decades ago. Finally, your time is your own. No one is barking orders at you, and no one is lodging Human Resources complaints at you. You can sit back, relax, and engage in your favorite hobbies.
Suppose you decide you want to stay put in the family home you’ve been investing in via the monthly mortgage payment for decades. In that case, you can fill your bank account with potentially hundreds of thousands of dollars by applying for a reverse mortgage loan. The loan taps into all that equity you’ve been building up for years, and it doesn’t have to be paid back until you leave the house or you die. This makes the loan a financial win/win. Here’s precisely how a reverse mortgage works.
But if you’d rather take another direction with your retirement and sell the family home so you can move to a new state altogether, you’re in luck. According to a new report by Forbes, dozens of states and communities will not only provide you with a wonderful life during your retirement years, but they are also mostly affordable for those living on a fixed income.
With that in mind, Forbes recently put together a list of “top places” that comply with seven typical retirement leisure interests: fine dining, arts and culture, golf, water sports, outdoor land activities, volunteering, and lifelong learning. The list not only includes locations that are said to be good for the soul but also for the pocketbook.
Annapolis, Maryland
Surrounded by the Chesapeake Bay, Annapolis is said to be a quaint state capital located 30 miles east of the nation’s capital. It’s said to be a mecca for powerboaters, fishermen, kayakers, sailors, and many boating schools. The climate is also said to be comfortable.
Annapolis also boasts a thriving volunteer culture, and at an elevation of 40 feet above sea level, it is great for hiking and biking enthusiasts. It also has plenty of golf courses. The air quality is said to be good, and very few natural hazards plague the locale.
One downside to Annapolis? Due to its proximity to Washington, D.C., it possesses a crime rate that’s seriously above the national average. It also contains an estate and inheritance tax with a combined state and country income tax rate of 8 percent.
Ashville, North Carolina
Ashville is said to be all about the outdoors, with plenty of hiking terrain, parks, forests, whitewater rafting in the spring months, and many gold courses. The in-town culture is also abundant inside the scenic Blue Ridge Mountain area of western North Carolina.
If you suffer from ailments, plenty of reputable doctors are said to be present, and the air quality is decent. Because of the 2,100 feet elevation, summers are not nearly as hot as next-door South Carolina.
Volunteering is popular in Ashville, and the state income tax is a flat rate of 4.99 percent, and social Security is said to be exempt. The crime rate, however, is above the national average.
Ashland, Oregon
Situated close to 300 miles south of Portland, Ashland is an artistic center of galleries, a spectacular restaurant scene, plus the Oregon Shakespeare Festival, which lasts for an entire month. All this culture is set among thick, forest-covered mountains setting.
A lifelong learning institute sponsored by Southern Oregon University allows for free college class auditing for seniors. The downtown is said to be highly walkable at an elevation of 1,950 feet. The climate is comfortable, the air quality good, and it snows only on rare occasions.
Unlike Portland, the serious crime rate is relatively low. Also, many doctors are available. Baby Boom retirees need to keep in mind that Ashland is said to be at “moderate risk for natural hazards.”
While Oregon has no sales tax, its income tax rate is a whopping 8.75 percent starting at a little over $18,000 for joint filers and close to ten percent for income at $250,000 or more. Also, the state has implemented an estate tax.
Gainesville, Florida
A great place for retirees seeking lifelong learning opportunities, the University of Florida offers no tuition auditing classes for retirees at the “inland college town” about 115 miles northwest of Orlando. Gainesville contains many outdoor spaces, parks for biking and hiking, and lakes and ponds for some excellent bass fishing.
Love to golf? Gainesville is the place for women and men.
With the elevation at only 150 feet, walking is a breeze. While crime is said to be a little above the national average, the Florida state government is tough on the criminal element. No income or estate tax makes Gainesville a better financial choice among all the locations previously listed.