Factors That Affect Your Retirement Age
While the average U.S. retirement age is 63, when you decide to retire is dependent on tons of factors:
- Savings. The average Social Security monthly retirement benefit is roughly $1,620. For most, thats hardly enough to cover living expenses, which is why you have retirement savings. Unfortunately, most Americans arent saving enough for retirement. Without a substantial nest egg, you may be unable to retire when you wantor you may not have enough money to cover your expenses if youre unable to continue working. Thats why many lower their standard of living once they no longer bring home a regular paycheck.
- Lifestyle. Your desired lifestyle affects how much money you need in retirement. For example, if you want to travel, youll need a larger retirement account balance than someone who is willing to downsize and stay local.
- Location. If you live in an area with a high cost of living, youll need more money to retire comfortably, so you may have to work longer. If youre willing to relocate to a less expensive area, you may be able to retire sooner.
- Health. Your health has a significant impact on your ability to work. If you have chronic or debilitating health issues, you may be able to work as long as you like, causing you to have to retire sooner.
Foodies Will Love Pennsylvanias Culinary Scene
Pennsylvania is home to various culinary delights featuring both local and international flavors. From the famous Philly cheesesteak and Amish countrys whoopie pies to Pittsburghs Primanti Brothers sandwiches, there is something for everyones taste buds. Try Fig & Ash or Morcilla if you decide to move to Pittsburgh. If youre living in West Chester you dont want to miss checking out Limoncello Ristorante & Caterers or Four Dogs Tavern.
Interesting Climatic Conditions For People Living In Pennsylvania
Since you can experience warm summers and pretty cold winters, you can go swimming in summer and doing winters sports during the cold period of the year while people moving to Florida or other warmer regions often just dont have as much climatic diversity and may get fed up with warm weather in the long run.
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Infrastructure And Global Reach
When it comes to infrastructure, PA needs some help. This doesnt come as much of a surprise as this state has some of the oldest infrastructure in the country. After all, it was an original colony.
The good news is that help is on its way. The states proposal for a new plan, called Restore Pennsylvania, aims to shore up some of these gaps. The plan is designed to help protect the state against floods, remove contamination, improve transportation and roads, replace bridges that are in poor condition, and expand the broadband network.
But until then, it is necessary to keep in mind just one thing potholes. PA is notoriously famous for some of the biggest potholes that exist in the country. But dont let that throw you off! These potholes are targeted as one of the first things to restore in the near future!
Aside from potholes, PA happens to have one of the most successful port systems which helps to easily and successfully reach markets and customers in a speedy manner. Furthermore, PA has more than 120,000 miles of state and local highways and bridges which is also convenient for reaching markets quickly.
Beautiful Views And Access To Outdoor Activities
If you want to immerse yourself in nature and enjoy the best of what the earth has to offer, Pennsylvania should top your list of potential retirement destinations. The Keystone State has almost 17 million acres of forested land that covers about 58% of the stateâs area. Almost 2 million acres are open to the public to enjoy out of this land.
Given the mostly mountainous terrain and presence of over 10,000 miles of trails, hiking is one of the most popular activities in the state. Many of these trails also support snowmobiling, skiing, biking, cross-country skiing, and horseback riding. If youâre looking for something more, then there are also tons of camping and hunting opportunities in the forests.
Furthermore, besides the forest areas, Pennsylvania also has many rivers and thousands of lakes, presenting numerous opportunities for fishing to fishing enthusiasts. Additionally, if you ever get bored of fishing, there are endless opportunities for canoeing and kayaking. Even more, you can swim in 35 of the state parks and scuba dive in about 20.
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Why Choose Pennsylvania For Your Retirement
Pennsylvania can be a great place to start your retirement living journey with Cornwall, PA being the best suburb in PA to retire in! Just ask the retirees who are already living there. A few of the positive features to those who call Pennsylvania home include:
Enjoy Four Weather Seasons Living In Pennsylvania
Pennsylvania weather delivers plenty of variety. And is especially nice in the spring through fall months.
You can enjoy warm summer days.
And crisp fall temperatures. That brings the turning leaves of autumn.
Then celebrate Christmas with a fresh blanket of snow. Coating the ground.
Finally, look forward to the spring thaw. When the plants and forests come back to life.
Next, you can enjoy another advantage of Pennsylvania living outside. Or, from the comfort of your couch
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The Winters Are Long And Cold
The winters in Pennsylvania are long and cold, with temperatures dipping below freezing. The state is located in the Northeastern part of the country, which experiences colder weather than other parts of the US. The snowfall is also heavy, making it challenging to get around. If you dont mind bundling up, youll enjoy Pennsylvanias winter activities, such as sledding, skiing, and ice skating.
Pennsylvania Has A Diverse Economy
Several major industries, including agriculture, manufacturing, healthcare, and tourism make up Pennsylvanias diverse economy. There are many large companies in Pennsylvania including Aramark, Comcast, and Genesis HealthCare. The diverse economy provides residents with various job opportunities and stability. The economy is expected to grow in the upcoming years, so If youre looking for a job, Pennsylvania is a great place to consider relocating to.
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How Is The Job Market In Pennsylvania
Employment opportunities in PA remain high, with the states unemployment rate generally being in alignment with that of the country as a whole.
According to U.S. News, the top industries in PA include:
You Love To Be Active
If your dream of retiring is to lie on the beach and sip mojitos forever, the Pennsylvania state is not for you because of multiple reasons. Firstly, there is no beach in the state. Secondly, Pennsylvanias attractions only count with those who want to remain active in retirement.
If you want to golf, go on hikes, make new friends, socialize with those around you, you will love the state. Major domestic tourist attractions generate significant excitement for the keystone state, and you will never have a dull moment in your retirement.
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Best Places To Retire In Pennsylvania In 2022
August 24, 2022 by Ebere
The low cost of living in some Pennsylvania communities, as well as numerous prestigious cultural organizations and healthcare facilities, have earned them a place among the finest places to retire. Pensioners will benefit from tax policies that the state of California has developed.
Tax-free withdrawals from retirement accounts, such as Social Security, as well as distributions from IRAs and 401 plans Property taxes in Pennsylvania are quite inexpensive, especially when compared to the neighboring states of New York and New Jersey, and certain tax rebates are given to eligible homeowners and renters over the age of 65 who own or rent their house.
With a population of 13 million people, the state of Pennsylvania is fifth among the most populated states in the United States.
More than half of the states citizens live in the densely populated urban centers of Philadelphia and Pittsburgh, with the remaining half dispersed throughout the states more rural sections.
Pennsylvania is home to breathtaking beauty, historic charm, vibrant cities, and Scranton, which is known as Americas Favorite Office.
People in their retirement years who wish to be active but are not interested in a hot, humid climate will appreciate Pennsylvanias four seasons and its convenient position along the East Coast.
This article will provide you with information regarding the best places to retire in Pennsylvania.
Pros: Retirement Taxes In Pennsylvania
Now, one good thing is that retiring in the state of Pennsylvania brings some good things with it. The first thing you always want to consider when choosing a place for retirement is taxes. Everything is simple here. The smaller the taxes are, the longer you will be able to stretch your retirement income. Luckily for you, this state is very tax-friendly.
There are no taxes on retirement income here at all. Theres only one another state that does this, and that is Mississippi. However, if moving to Mississippi is out of option, or if you simply want to be on the east coast, Pennsylvania is a way to go.
There are, of course, some other ways you can get your money during your retirement.
- Social security. Youll get a portion of your income from Social Security depending on the amount of money that you paid into the system while youve been working.
- Pension benefitsare what many retirees today receive. You can get them either from a public entity, or a private one. Neither of these is taxed when retiring in Philadelphia.
- Individual Retirement Account. If you had a private business all the chances are that youll get your money this way.
Getting to forget about taxes, at least to an extent is one of the benefits of retiring in Philadelphia.
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Institutions Of Higher Learning
The K-12 education system, on the other hand, is of excellent quality. Higher education, on the other hand, is an area where the state excels.
First and foremost, The University of Pennsylvania is a member of the prestigious Ivy League. Philadelphia is the location.
Also, dont overlook Penn State University. State College, Pennsylvania is where I call home.
There are over 100 colleges and universities in the area. Other top-tier private schools and universities are included. Aside from the University of Pennsylvania.
Bucknell, Drexel, and Carnegie Mellon University, for example. Just a few examples.
Great Scenery Be It Day Or Night
Among the issues of retirees is the blinding lights in most places as states move rapidly towards urbanization. At the advanced retirement age, one is not too excited about looking up at the sky to see no stars because of thousands of streetlights and billboards peppering across the region.
Thankfully, Pennsylvania is exceptional in this regard. The large forests balance out the city lights and give a clear view of the night sky with an awe-inspiring front seat to stars and captivating nightly hues across the galaxy.
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Pros Of Retiring In Arizona
An obvious pro of retiring in Arizona is the warm weather. According to Visit Arizona, even in the winters, the average high remains in the upper 60s. Thats a very appealing perk for the millions of new retirees who spent their careers in colder northern states.
More days of sunshine and high temperatures year-round gives you the chance to fully enjoy and take advantage of your retirement.
Another pro of retiring in Arizona is the states popularity as a retirement destination. Youll find it wont be hard to form new friendships and build social connections given the number of similarly aged people within the state, and there are many large and vibrant retirement communities.
Arizona isnt the cheapest state to live in, but its also not overly expensive. There is a state income tax, but no tax on Social Security.
Con #4 Rules And Regulations
While the HOA does collect fees from community members, it also enforces regulations and community bylaws that residents must abide by. If a resident violates a rule, the HOA may impose a fine. These regulations can be quite extensive, so its best practice to read the rules thoroughly before joining a retirement community.
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Access To Quality Healthcare
There is access to quality healthcare when living in Pennsylvania. Some of the best hospitals, like The University of Pennsylvania, University of Pittsburgh Medical Center, and Hershey Medical Center, are a short drive away and offer the best medical care. The University of Pennsylvania ranked number one when comparing all the hospitals in the state.
Living In Pennsylvania Allows You To Make The Most Of Your Money
In the post, I highlighted a few money-saving resources. Ive compiled a list of them here.
Best of all, they work regardless of where you reside
Disclosure & Disclaimer: I am not a licensed investment adviser, financial adviser, or tax professional. And I am not providing you with individual investment advice, financial guidance, or tax counsel. Furthermore, this websites only purpose is information & entertainment. And we are not liable for any losses suffered by any party because of information published on this blog.
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Taxes On Retirement Income In Pennsylvania
Because whatever your sources of retirement income are. They are not taxed in Pennsylvania.
This includes the following:
- Withdrawals from 401s and IRAs
Thats correct. All of these sources of income are tax-free in the state.
That seems like a decent bargain to me. If youre thinking of retiring in Pennsylvania, this is the place to be.
And perhaps, this tax information will be of use. If youve been debating whether or not Pennsylvania is a suitable location to retire, youve come to the right spot.
Here are a few additional pointers. Heres where you can save money. Alternatively, you may live anywhere you choose
Great Outdoors And Plenty To Do
Retirement is often painted as a bleak picture of having little to do, no social life, and minimal human contact. That can be a reality of many retirees who rely too much on their existing social circle for their pastimes. Retiring in different states or away from family can create isolating bubbles, which may discourage retirees from being active. A sedentary lifestyle can often lead to a decrease in mobility and quality of life.
In Pennsylvania, you have plenty to do outdoors, including activities enjoyed by active seniors. Activities that match retirees age group present opportunities for forming new friendships, social connections, and relationships. The friendships you will make golfing in one of Pennsylvanias numerous golf courses and trekking by the rivers will be with people who match your interests. If you love nature, there are plenty of forests, mountains, and farmlands to please your eyes.
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You May Urgently Need A Car To Get Around In An Efficient Manner
Since public transport is not a real option in many parts of Pennsylvania, you may also urgently need a car to get around in this state and in case you are no longer able to drive due to various possible reasons, you may just get stuck at home and may not be mobile enough to enjoy your life to its fullest.
Retirement Taxes When Living In Pennsylvania
Because whatever your retirement sources of income are. Pennsylvania doesnt tax them.
This includes:
Thats right. All of these income sources are free from state tax.
I think thats a pretty good deal. For anyone considering retirement living in Pennsylvania.
And hopefully, this tax information helps. If you have been asking yourself this question: Is Pennsylvania a good place to retire?
Here are several more tips. For saving money here. Or, anywhere you choose to live
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Is South Carolina A Good State To Live In Or Retire To
South Carolina is a good state to live in or retire to because its climate is mild, and the state is, overall, affordable. A survey by Retirement Living has ranked South Carolina as the #4 best state to retire to. South Carolina has a lower cost of living and some beautiful beaches that are warm practically year-round.
Tips For Saving For Retirement
- Whether youre planning to retire in four years or four decades, talking to a financial advisor can help you solidify your plan. SmartAssets financial advisor matching tool can help connect you to an advisor thats right for you. Simply, answer a few questions, and the tool will pair you with up to three qualified financial advisors in your area. From there, you can chart a course for your dream retirement.
- If you want to retire in style, youll need to save. Make sure youre taking advantage of a workplace retirement account like a 401 plan if you have one. Contributing as much as you can now, especially if your employer matches contributions, can benefit you exponentially down the line thanks to compound interest. Heres a guide to how much you should contribute to your 401.
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