If you are approaching retirement age, you’ll soon need to readjust your lifestyle to take into account your future fixed income, which will most likely be based a combination of Social Security benefits, pension/retirement accounts, and lifetime savings. Here is a short list of some United States cities that are ideal places to settle down for your retirement years.
1) Albuquerque, New Mexico
A beautiful Southwestern city with a great climate, Albuquerque is also terrifically affordable. The average Albuquerque homeowner age 65 and older pays under $1100 each month on their mortgage, and senior citizen renters pay under $700 a month.
2) Daytona Beach, Florida
Median home prices are barely over $100,000, beachfront strolls can become a daily occurrence, and fishing in both the ocean and nearby freshwater lakes is a common pastime.
3) Pittsburgh, Pennsylvania
The city has a nationally ranked geriatric division in one of its medical centers, untaxed Social Security income, free bus services for seniors, and a median mortgage rate that’s barely over $1000 a month.
4) Austin, Texas
Considered one of the coolest and hippest cities in the country, Austin housing costs are also fairly low, with seniors spending a median of $1400 monthly on their mortgages, and no state income tax.
5) Tucson, Arizona
Another great city with a warm climate, Tucson is surrounded by mountains and frequently bathed in sunshine. Monthly rent for seniors is a median of $771; average monthly mortgage payments for seniors is under $1100.
6) St. Louis, Missouri
One of the more underrated cities in the Midwest, St. Louis has many of the perks of larger cities with far lower costs. Senior renters pay a median of $664 monthly, and homeowners pay slightly over $1100 on their monthly mortgages. Like Pittsburgh, St. Louis also has a hospital that is nationally ranked in geriatric medicine.
7) Louisville, Kentucky
Louisville is a small jewel of a city where the median home price is $128,000 and the median mortgage payment is $489. The city is also renowned for its numerous parks, hospitable residents, absence of state taxes on Social Security, and proximity to the Ohio River.
Please note that this is just a short list of some truly outstanding cities around the country with low cost of living, great climates, and accessible urban resources that make them terrific places to retire. Please also note that regardless of where you choose to retire, it’s important that you make a full accounting of your own specific financial situation, and plan out a budget that is sustainable over time. And if you find yourself short of cash as you plan for these future years, and are scheduled to receive money from a structured settlement or annuity, you should also know that you do not have to wait for this money to be paid out to you over time. J.G. Wentworth, the nationwide leader in purchasing structured settlement and annuity payments for cash, can get you cash now for your future payments. Call us anytime for more information at 877-227-4713.