A recent survey from GoBankingRates.com has revealed the country’s number one best place to retire. Learn where this retirement haven is and why it scored 92 on its livability index.
Choosing a place to retire is an important decision to make and according to a report from the Alliance for Lifetime Income, America is soon going to be hitting its record numbers of retirement also known as the ‘silver tsunami.” The report revealed that a staggering 4.1 million Americans are set to turn 65 years old this year, entering into the official retirement age.
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Camp Hill, a small town in Pennsylvania, has been named the best place in the U.S. for retirees to live. GoBankingRates surveyed communities across the country, both big and small, ranging from 1,000 residents and others with 10,000, and found that Camp Hill is the top city to retire in.
This is because of the low monthly cost of living which comes in at around $3,356 per month and the low crime rate of 9.4 per 1,000 residents. In addition to looking at the monthly cost of living and crime rates, other factors were taken into consideration. These included the average household income, which was a median of $105,000 among the 3,200 households.
Currently, there are 8,115 residents in Camp Hill and 15% of them are over the age of 65 years. What makes this small town a great place for retirees to settle down is the slower pace compared to larger cities. While life may be idyllic in Camp Hill, the commercial district has a bustling shopping scene with women-owned businesses, an award-winning library, and a local farmer’s market.
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When choosing a place to retire, these are things that retirees need to consider. This includes factors like where the nearest health care facilities are, transportation methods, and even the year-round weather in the area. Beau Herman, an owner and certified senior care advisor at an assisted living facility in Orlando, advises future retirees to consider “Access to reputable hospitals and specialized health care providers is crucial, especially for seniors with chronic health conditions.” This also includes choosing an area that has houses catering to elderly living. Consider single-level homes with slip-resistant floors, railings and grab bars to prevent injuries caused by falling.
Opportunities for socializing are an integral part of retirement life. This is why Camp Hill shines as one of the best places to retire. For instance, the weekday farmer’s market not only offers fresh produce but also opportunities for retirees to meet with friends and other community members.
With increased inflation rates, a recent study found that nearly 90% of retired Americans are worried that inflation will eat away their savings. As a result, many retirees are turning to part-time jobs during retirement. If finding a part-time job is part of your retirement plan, consider retiring in a city with job opportunities in your field and a strong local economy.
Retirees should also consider looking at a state that offers a more tax-friendly environment, like Alaska, Florida, Texas and Wyoming, that does not impose an income tax.
“Some states with high-income taxes don’t tax Social Security in retirement, so your current tax situation could change when you transition to retirement.” Dan Trumbower, a senior wealth advisor at a wealth management firm, said. When looking at the taxes of a city or state, you should also think about the cost of living because even places with lower taxes can have higher prices on everyday goods like food.
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This article Tucked Away In Pennsylvania, This Town Is America’s #1 Retirement Haven originally appeared on Benzinga.com
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