I’m 66, single, and hoping to retire quickly. I presently dwell in Connecticut, the place taxes are fairly excessive, and am searching for a inexpensive place that can be hotter.
I’ve money property of about $900,000 and one other perhaps $200,000 in fairness in my home (however I would need to hold the home for rental earnings). I’d like my foremost supply of retirement earnings to be my Social Safety of about $26,300 a yr.
I need to journey, so I don’t need to spend so much on housing, and I would love a small metropolis, not more than half-hour from the Atlantic Ocean. I’d additionally like a metropolis that’s two hours or much less by automotive from a global airport. It will be nice if the town has a university or college and/or a blended inhabitants together with retirees. Any nice concepts?
Thanks,
MAM
—————————————————————————————————————————Pricey MAM,
You’re a part of an enormous pattern: Folks getting the heck out of the Northeast for cheaper dwelling and hotter climate — a lot of them to the South. And whereas the South has its downsides, like sweltering summers, you’ll definitely be capable to discover a lowered value of dwelling, largely gentle climate for a lot of months of the yr, and loads of good meals and tradition.
That stated, it might be a little bit of a wrestle to dwell solely in your Social Safety — not less than if you would like a compelling metropolis proper by the coast. However in the event you’re additionally getting some rental earnings from your property, you must be capable to do it, whereas additionally utilizing a few of your financial savings for journey. With that in thoughts, listed below are some reasonably priced spots close to the ocean that ought to meet most of your standards.
Palm Coast, Fla.
A pair partitions alongside a seaside in Florida close to Palm Coast.
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Nestled between St. Augustine and Daytona Seashore, this under-the-radar Florida retirement spot — which sits on 70-plus miles of canals and the Intracoastal Waterway — proves that “Florida nonetheless might be an affordable place to dwell,” Annette Fuller, the editor of Where to Retire magazine, tells MarketWatch.
The price of dwelling is roughly common for the U.S. Median properties in Palm Coast value round $215,000 (with property taxes which might be decrease than common for the U.S.), and the median hire for a one-bedroom residence is below $1,000, according to Sperling’s Best Places. (Fuller provides that there’s “numerous active-adult housing” within the area.) One other perk in Florida: You’ll keep away from earnings tax.
Residents usually come to the world for the Atlantic seashores, however in Palm Coast they discover numerous outside actions, too, together with “tennis, golf, pickleball and even croquet,” Fuller says. Palm Coast has greater than 125 miles of strolling and biking paths, in addition to fishing and boating. And chicken watching can be in style right here, particularly at St. Joe Walkway and Linear Park.
Associated:Individuals who dwell on the coast are sometimes happier than those that don’t
Different issues to test off your listing: There are plenty of fellow retirees here, and you may get to the Daytona Worldwide Airport in a bit over a half-hour by automotive.
Now for some downsides: Summers are sizzling and humid, there’s a danger of hurricanes, and a few residents complain concerning the fast progress and sprawl of the world. Plus, if you wish to minimize prices additional, there are cheaper locations to retire within the Sunshine State (particularly in the event you’re keen to look inland).
By the numbers:
Inhabitants: 82,350
January low/July excessive: 45°F/90°F
Supply: Sperling’s Greatest Locations
——————————————————————————————————————Summerville, S.C.
Close by Charleston is a draw for residents of Summerville, S.C.
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This small metropolis roughly 25 miles from Charleston lately landed on Forbes’ listing of the best places to retire, with the publication highlighting its gentle winters, above-average air high quality, low fee of significant crimes and “enough physicians per capita.”
What’s extra, it’s reasonably priced: The price of dwelling is “at nationwide common,” Forbes notes, and Social Safety earnings isn’t taxed in South Carolina. A median residence can be had for about $215,000, with property taxes decrease than the U.S. common. Hire for a one-bedroom residence averages below $1,000 a month.
Summerville is notable for its greenery. Its streets are lined with attractive azaleas and towering pines. It’s additionally bursting with historical past: A part of the city is on the Nationwide Register of Historic Locations. And it’s bought loads of that Southern taste to go round: Summerville claims to be the birthplace of candy tea, and Southern Living recently wrote of it: “One of the best two locations on this planet to take pleasure in candy tea this summer season are: 1. Your entrance porch; and a couple of. Summerville, South Carolina.” Plus, you’re near Charleston, which is famend for its glorious meals and sturdy tradition, has a global airport and is a university city.
The most important draw back for you is likely to be that you simply’re a bit over your required half-hour from the favored Atlantic Ocean seashores (for instance, Folly Seashore is a couple of 45-minute drive from Summerville). However perhaps the proximity to Charleston and the relative affordability of Summerville make up for that.
By the numbers:
Inhabitants: 49,000
January low/July excessive: 35°F/90°F
Supply: Sperling’s Greatest Locations
———————————————————————————————————————Brunswick, Ga., space
A house in Brunswick.
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Whereas St. Simon’s, Jekyll Island and Sea Island (which make up the so-called Golden Isles) garner many of the consideration within the space, Brunswick — the mainland gateway to these islands — provides you entry to their wonderful seashores at a fraction of the price. The price of dwelling is considerably under common for the U.S., with the median residence available for lower than $140,000. Social Safety earnings is exempt from Georgia’s state earnings tax.
Downtown Brunswick is understood for its historic Victorian-era structure (it was named a Fundamental Avenue Metropolis by the Nationwide Belief for Historic Preservation) and has more than a dozen historic squares. Plus, you’ll discover a smattering of native retailers, artwork galleries, eating places and extra on this city of roughly 16,000 folks — in addition to performances on the historic Ritz Theatre.
Outside actions like chicken watching are massive right here, as Brunswick is surrounded by saltwater marshes. And the Golden Isles are famend for golf and miles of seashores. Plus, the Golden Isles have a novel vibe — a “mix of ritual and down-home ease,” Travel & Leisure writes. And Where to Retire magazine, which listed Brunswick/Golden Isles amongst its where-to-retire picks, writes of the world: “Not like typical touristy East Coach seaside cities, Georgia’s Brunswick and the Golden Isles are extra sedate, with a deal with preservation.”
Brunswick can be a university city — the College of Coastal Georgia is here — that’s roughly an hour from Jacksonville, Fla., which has a global airport; and there’s a hospital on the town (the Southeast Georgia Health System).
One draw back is that crime right here is greater than common (though there are statistically safer neighborhoods and towns in the area to live in, as you can see from this map).
By the numbers:
Inhabitants: 16,000
January low/July excessive: 42°F/91°F
Supply: Sperling’s Greatest Place