Retirement Minded

Huselton, Morgan & Maultsby colleagues, don’t become giddy. My retirement is still a few years away.

However, I am approaching a traditionally epochal birthday, so my thoughts turn to the next chapter of my life. It is time to start thinking seriously about what retirement will look like and where it will be spent. So, to the internet I went. I wanted to see where my current residences (and likely permanent co-choices) rank. Are Texas and Michigan good choices?

After looking at a number of websites, I have decided to share some opinions about where are the best states to retire.

Wallethub.com published in 2017 a ranking of best states to retire based on four factors. Florida #1, Wyoming #2 (powered by its affordability ranking) and South Dakota #3 (primarily ascendant because of its health care ranking). Michigan #15 and Texas #18.

Based on eight factors, Bankrate.com published also in 2017 a ranking of the best retirement states. New Hampshire #1 (#2 in “well-being”), Colorado #2 (somewhere between #1 and #8 in legalized marijuana use), and Maine #3 (#2 in “senior” – I don’t know what this means, but it must be important in retirement rankings). Michigan #22 and TX #24.

The magazine Kiplinger last published a full ranking of states to retire in 2015, it appears. The rankings were based on seven factors. Delaware #1, Florida #2 and West Virginia #3. Michigan #21 and Texas #42. Interestingly, the Kiplinger “best states to retire” ranking in 2016 had South Dakota #1, Utah #2 and Georgia #3. Quite a change. Retirees must be fickle.

While my choices don’t rank with Florida and South Dakota (huh?), I conclude that my choices are pretty good. They actually are lot better than good, if you know anything about Traverse City, MI.

My research revealed a sobering tidbit. Kiplinger in 2016 said that a retiring couple, both 65 years of age, should expect to spend in retirement on healthcare $387,731 on average.

Then, when I finished my research, I asked Mrs. Maultsby where she thinks the best place is to retire. Her analysis was succinct: Where the grandchildren are. Well, that settles the matter.

VKM

Retirement Minded