A Diverse Place Thats Easy To Get Around
Mr. Joseph of Jamaican and African Cuisine a small restaurant off Interstate 40 serves his signature dish, which includes Oxtail, steamed cabbage, yellow rice and plantains.
Charles Blalark had his pick of places to retire after 37 years as a street supervisor for the town of Elgin, Illinois. But he returned to the place where he grew up: Jackson, Tennessee. At the end of the day, its still got that hometown feeling, the 72-year-old says. And the cost of living is fantastic.
Its status as a majority-minority city is a big draw for retirees looking for a diverse place to live. Jackson also prides itself on being gridlock free drivers can zip through town in 15 to 20 minutes. Even with the relaxed pace, Jackson was among the first cities in Tennessee to get ultrafast internet with download speeds of 1 gigabit per second.
Jackson has abundant parks, greenways and walking trails. And retirees will find plenty of opportunities for golf, fishing and hiking. There are numerous fitness centers, including Lift, an 84,000-square-foot facility with a medical clinic, three indoor pools and a healthy café. Jackson offers free concerts at the Amp, an outdoor amphitheater next to the farmers market. And retirees can see musicals and plays at the performing arts center that locals call The Ned.
On this beautiful fall afternoon, The Jackson Amphitheater known as The Amp, showcases local performers for the residents.
Access to exercise
How Do Benefits Work And How Can I Qualify
While you work, you pay Social Security taxes. This tax money goes into a trust fund that pays benefits to:
Those who are currently retired
To people with disabilities
To the surviving spouses and children of workers who have died
Each year you work, youll get credits to help you become eligible for benefits when its time for you to retire. Find all the benefits Social Security Administration offers.
There are four main types of benefits that the SSA offers:
Get In Agreement With Your Spouse
One overlooked aspect of retirement planning is communication between spouses. A survey by Fidelity Investments found that many married couples have an extremely difficult time discussing retirement planning and other financial planning subjects.
Spouses also sometimes have very different ideas about what they want out of retirement and how they intend to pay for it all.
Is retirement travel important to you? How does your spouse want to spend time in retirement? Get tips for how to talk with your spouse about retirement.
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No Matter The Length Of Your Road Trip Here Are Some Great Resources
Whether you want to drive across the country for a few weeks or just visit a neighboring town for the day, road trips are one of lifes greatest pleasures.
Here are a few great resources for finding interesting diversions along the way:
Swimming Holes:Listings of 1,600 swimming holes in the United States and Canada.
Roadside Attractions: Put in your route and find wacky roadside stops.
The Outdoor Project: Maps with great hikes, campgrounds, adventures, and more.
Roadfood.com: Jan and Michael Stern are probably the most famous of all roadside dining aficionados. Their site, RoadFood.com helps you find casual, affordable local restaurants, cafes, diners, and more featuring regional specialties.
GasBuddy: An app that helps you find the cheapest nearby gas station.
RoadTrippers: Also an app, helps you find cool attractions along the way.
Nothing behind me, everything ahead of me, as is ever so on the road. Jack Kerouac
Kruger National Park South Africa
If you’ve always dreamed of going on an African safari, Kruger National Park in South Africa is one of the best places on the continent to see majestic wild animals, including the Big Five game animals. One of Africa’s largest game reserves, the park spans plains, mountains and forests and has overnight lodges inside as well as nearby private luxury accommodations where animals can roam up to your camp.
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If You’re Part Of The Fire Movement You Might Face Taxes And Penalties On Your Retirement Plan Withdrawals
The financial independence, retire early movement, also known as FIRE, has been growing in popularity among younger investors looking for a nontraditional retirement. And while there are certainly many advantages to retiring in your 30s or 40s, you may be setting yourself up for some problems when it comes to your retirement accounts. Distributions from traditional IRAs and 401 plans are not only fully taxable, but they also carry 10% early withdrawal penalties for money you take out before age 59 1/2. While there are exceptions, if you’re planning on this type of money to fund your early retirement, you’ll have to factor in the additional taxes and penalties.
Keep Up With Technology
The millennial generation is the first to grow up in a world where the internet has always been around to some degree. Older generations had a lot of life experience without it, or any of the usual gadgets. And sometimes technology is quite confusing.
Keeping up with technology throughout retirement gives you a lot of freedom, and it also helps you enjoy more of the benefits of living in a rapidly advancing era. So be afraid of it. Embrace technology, and keep on learning.
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Why Have You Set The Default Life Expectancy Of The Calculator To 95 Years
For starters, people are living longer. Even though the average life expectancy in Canada is 82 years, many people live past this. It’s better to have more money tucked away for retirement than to run out of savings. Extra savings can always be passed down to your beneficiaries. You can change the default life expectancy if you think you’ll live a longer or shorter life.
Consider More Exotic Locales
You may have a few favorite destinations that you want to revisit, but it can be a good idea to put some wildly new destinations on your retirement travel wish list.
Lets face it, as we get older, weve seen and experienced a lot already. It can sometimes feel like nothing will surprise you anymore.
However, travel is one way to see something new and fresh. From this perspective, travel can almost give you the opportunity to experience life as a child sees the world marveling at things new and wondrous. Best of all, these types of new experiences are actually scientifically proven to keep our minds more alive.
To my mind, the greatest reward and luxury of travel is to be able to experience everyday things as if for the first time, to be in a position in which almost nothing is so familiar it is taken for granted. Bill Bryson
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Best Cities To Retire
11 Minute Read | September 27, 2021
Retirement is a time for you to enjoy what you lovewhether thats traveling, spending time with family, or serving your community. If you want to live your retirement dream, you need a plan. And knowing the best cities to retire can help you make your hard-earned dollars go farther when youre ready to put your plan into action.
So, what makes for a good retirement city? Two of the most common factors include the cost of living and quality of life. Some others include:
- Tax rates
- Quality of health care
- Overall happiness of residents
With those factors in mind, check out some of the best cities to retire.1 For each one, we’ve included a brief description, a short list of stats and a special feature that distinguishes each city from the rest.
Lets take a look!
Volunteer For A Worthy Cause
Volunteering lets you give back to the community in ways that often benefit the volunteer just as much. And because youre not in it for a paycheck, you can be much choosier about the organizations that you help.
A study by the Center for Social Development, George Warren Brown School of Social Work, Washington University, in St. Louis reports, Older adults who volunteer and who engage in more hours of volunteering report higher levels of well-being. This study ways that the benefits of volunteering are the same no matter your gender, race or social status.
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Common Goals Of Retirees
Without the restrictions of full-time work, how do you envision spending your hours? In the Merrill Lynch survey of adults over age 50, 95 percent of respondents said they would rather focus on having more enjoyable experiences than on buying more stuff. And financial constraints had little impact on most retirees’ ability to enjoy life. In fact, more than 88 percent of retirees across all income levels said they had increased flexibility and freedom to do the things they wanted to do.
Here’s what the Merrill Lynch survey respondents were looking to accomplish through their everyday activities:
- Get or stay health: 83 percent
- Relax: 72 percent
- Connect with family: 58 percent
- Have fun: 57 percent
- Make or expand social connections: 56 percent
- Learn: 47 percent
- Give back: 41 percent
Am I Eligible For Old Age Security
Eligibility for Old Age Security depends on how much income you earn. The default value in the calculator is the 2019 maximum monthly payment regardless of your marital status. You can check the latest Old Age Security payment amounts to find out exactly how much money you’ll receive – and add it to the calculator for more accuracy.
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Take A Tour With A Local Guide
If youre not into cooking on vacation, there are other types of tours that will get you off the touristy path.We did a food and brewery tour in Prague, which started in a beer garden overlooking the Charles River, followed by a walking and eating tour through the city, all guided by a local.We went to places we would have never found on our own, and our guide gave us additional tips of other lesser-known spots to visit.Prague, the Capital of the Czech Republic
Rule : 4% Withdrawal Rate
The 4% withdrawal rule infers that you build up a retirement portfolio that provides a certain amount of income to you per annum at a 4% or so withdrawal rate. A 4% withdrawal rate is often referred to as a safe withdrawal rate.
For example, say you have figured out that you need $40,000 per year in retirement. Using a withdrawal rate of 4%, you should have a minimum of $1 million in retirement savings before you retire.
â $40,000 â 4% = $1,000,000
This rule of thumb works whether you plan to retire early at 35 or go the conventional route and retire at 65 years or later. Its the strategy often utilized by many early retirement enthusiasts or the movement popularly referred to as FIRE Financial Independence/Retire Early.
Note: For earlier retirement plans, consider that you will not be receiving a government pension or retirement benefits until later in life and adjust your income needs accordingly.
The general idea behind the funds lasting you for life is based on historical market returns. If we assume your investment portfolio generates approximately 7% annually in long-term returns, then real returns of approximately 4% are expected after accounting for inflation .
Essentially, a 4% withdrawal rate assumes your investment portfolio is not highly conservative .
Live On Island Time In Hawaii
For many travelers, Hawaii is the kind of place you dream about. Jungle-clad volcanos, stunning beaches, dramatic seaside cliffs, luxury hotels, perfect weather, and amazing local food all put it high on the list of most people. However, long flights from much of the world mean that this is the kind of place best experienced when you have plenty of time.
Depending on your personality, Hawaii has plenty of sides to enjoy. History buffs and beach lovers will do well to stick to Oahu, where Honolulu and the famous Waikiki neighborhood sit right along one of the most famous beaches in the world. If youre after untouched natural beauty, we suggest heading to Maui or Kauai, where development has been kept to a relative minimum. If youre looking for an up-close-and-personal volcano experience, Hawaii Volcanos National Park is found right on the Big Island.
Since youre retired, though, you can live on island time. By giving yourself 14 days or more, you have plenty of time to explore several of the islands at a leisurely pace. And when youre not island-hopping or soaking up the sun on the beach, youll find restaurants of all types catering to everyones taste buds, which is always a comfort when youre far from home.
Still not sure where to visit in Hawaii? Heres a cheat sheet to all the Hawaiian islands.
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Find Your Travel Buddies
We discovered that an old colleague of mine and her husband had similar retirement travel goals at a social event. We planned our first trip together, an Alaskan cruise, in 2018.We had a blast and have subsequently taken vacations together around the U.S. and the world, with more post-pandemic trips in the works.An elephant sanctuary in Phuket, ThailandHere are a few tips weve learned about traveling with friends in retirement:
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Select Your Retirement Investments
Retirement accounts provide access to a range of investments, including stocks, bonds and mutual funds. Determining the right mix of investments depends on how long you have until you need the money and how comfortable you are with risk.
Generally, the idea is to invest aggressively when youre young, and then slowly dial back to a more conservative mix of investments as you approach retirement age. Thats because early on you have a lot of time for your money to weather market fluctuations a few bad years wont ruin you, and your nest egg should benefit greatly from the stock markets history of long-term growth. Investing for retirement evolves alongside you as you change jobs, add to your family tree, endure stock market ups and downs and get closer to your retirement due date.
Your investments don’t necessarily require constant babysitting. If you want to manage your retirement savings on your own, you can do it with just a handful of low-cost mutual funds. Those who prefer professional guidance can hire a financial advisor.
Suncadia Resort: Cle Elum Washington
Set in Washington’s Cascade Mountains and the Wenatchee Washington National Forest, this picturesque resort offers rich scenery, crisp mountain air, and a variety of outdoor activities. Choose The Lodge for panoramic river and mountain views or The Inn, an elegant lodge with golf course views.
Play golf, try your hand at archery, or grab an axe and heave it at the target. Hike or stroll along deer and elk trails, rent a bike, canoe, or kayak, or find your inner artist with a resort-provided acrylic painting kit or a tie-dye lesson. Begin the day with guided meditation or a full-body outdoor workout class. Fit in a spa treatment for some pampering. Should the grandkids arrive for a visit, there’s a pool, stuffed bear factory, and plenty of ways to play at Suncadia.
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Retirement Income Calculation Rules Of Thumb
When it comes to income required in retirement in Canada, there are several rules of thumb or schools of thought out there. If you are looking for a definite answer to put your mind at rest, you may be disappointed.
In fact, the one thing everyone readily agrees to is that when it comes to retirement income, it is not black and white and there is no 100% consensus.
Popular rules of thumb include:
Ecuador Open For Us Citizens
Ecuador is the land of diversity. Whether you want to live, vacation, retire, or simply relax in Ecuador, youll find the perfect combination of climate, culture, and affordability to make your dreams come true. Its a country Anthony Bourdain described as a republic on the equator lying on the west coast of South America and is the 2nd smallest country on the continent. With 1,200 miles of beach, one of the worlds highest active volcanoes, and the Galápagos islands, it is one of the most ecologically diverse places on the planet.
Ecuador is a largely undiscovered country not yet gentrified but still offering the conveniences of modern living including high-speed fiber optic internet, American dollar currency, temperate weather, good public transportation, and affordable healthcare and housing. It has a tranquillo culture where manana means sometime in the future, and people welcome each other with cheek kisses and deep hugs. Its often described as a trip back to the 1950s, only now the indigenous men in tribal dress pulling donkeys on long ropes are talking on iPhones. Walk down any major city street and you will see a mix of indigenous, Spanish descendants, mixed ethnicities, North Americans, and Europeans.
Go east into the Amazon rainforests and you can paddle down the Puyo river where youll see the indigenous tribes who live on the river with their children, who hoist blow dart guns to test their aim.
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Activities Total Points: 25
- Note: This metric is based on WalletHubs States with the Best Elder-Abuse Protections ranking.
- Violent-Crime Rate: Full Weight
- Property Crime Rate: Full Weight
- Air Quality: Full Weight
- Water Quality: Full Weight Note: This metric measures the number of drinking water violations from Community Water Systems per 100,000 Residents.