When retirement is on the horizon, many people put their current hometown in the rearview mirror. As the retiree population continues its upward trajectory, we expect popular retirement destinations to grow right along with it.
A recent study by McKinsey & Company identified 13 U.S. “retirement hubs” — cities that are most likely to experience rapid growth by retirees. In the next 14 years, the number of retirees is expected to grow by more than a third, from 164 million to 222 million.
Although modest Midwest towns are drawing more interest, the biggest draw for retirees is still the warm weather and sandy beaches of Florida.
[CLICK HERE to read the article, “Urban World: The Global Consumers to Watch” from McKinsey & Company, April 2016.]
[Copy and paste this link into your browser http://www.forbes.com/best-places-to-retire/list/ to read the article, “Best Places to Retire” from Forbes, 2016.]
[CLICK HERE to read the article, “The World’s Best Places to Retire In 2016” from International Living, Jan. 1, 2016.]
When you need guidance to reach your desired destination, both location-wise and financially, we’re here to help. There are a variety of ways to manage retirement assets, from annuities and 401(k) plans to IRAs, pensions and investments. Please remember that investing involves risk, including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. If you’re looking to relocate in retirement, we can help evaluate what your expenses will look like and help create a personalized retirement income plan using a variety of insurance and investment products.
[CLICK HERE to read the article, “Should Annuities Be Part Of Your Retirement Portfolio?” from Fortune, Feb. 3, 2016.]
[CLICK HERE to read the article, “High-Yield Corporate Bonds: Compelling Relative Value Despite Volatility” from Guggenheim Partners, March 17, 2016.
[CLICK HERE to read the article, “How to get guaranteed retirement income for life” from CNN Money, Jan. 20, 2016.]
On the flip side, staying put is another popular option for retirees, especially if all their friends and family still live nearby. Much like the relaxing “staycations” that became commonplace during the recession, there’s no reason why you can’t make a retirement hub in your own hometown.
While your place of retirement may not be a college town, there’s likely one nearby. Check out what opportunities are available for local residents, such as auditing classes, use of athletic facilities and traveling performances by theatre groups, authors or artists.
Also, see what your library has going on. Many offer a range of classes taught by locals who specialize in a specific topic, whether it’s religion, technology or archeology.
By making the most of your surroundings, the town you’ve been living in all along can become a desirable retirement locale in its own right. Retirement hubs aren’t just about warm weather and sandy beaches, but also staying busy and experiencing new things. Consider both options, and when you decide whether you’d rather stay nearby or set out for a new destination, visit us and we will help you create a financial strategy that you can feel confident about.
Miller Retirement Group is an independent firm helping individuals create retirement strategies using a variety of insurance and investment products to custom suit their needs and objectives.
This material has been prepared for our firm and contains general information to help you understand basic financial planning strategies that may help you work towards your financial goals. Please understand that I cannot make any promises or guarantees that you will accomplish such goals. All investments are subject to risk including the complete loss of principal.
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