Retiring is a significant milestone in the life of many people. After years of working, it is finally time to rest. To help retirees rest and enjoy this period, many retirees chose to move to a new place. Moving also provides you with the opportunity to improve your quality of life by moving to a city with a low cost of living and good quality of life.
If you live in New Jersey and are thinking of a new place to move to after your retirement, we have put together a few tips to look out for when choosing a new location and top retirement destination for people moving out of New Jersey.
Factors To Consider In Choosing A Retirement Destination
Because this move is not one that you must make, it is good to take your time to examine the available locations so you will pick a place that you will enjoy during your retirement period. Factors to consider include:
Cost Of Living
Top on the list of retirement considerations is finances and the cost of living. It is best to pick a destination with an affordable cost of living. During tour retirement period, income is quite calculable. You need to consider how much it will cost you to live in the retirement destination, bearing in mind your budget based on the restricted earnings.
Cost of housing
Housing cost includes the principal and interest on your mortgage, homeowner’s association fees, and general property taxes. When considering destinations, it is important to consider and know the cost of housing.
Tax rates and structure
There are a lot of state taxes levied by the state government. This means state governments have the power to set the rate of taxation in their state. The last thing you want is to move to a state with a high tax rate.
Quality of life
Quality of life of a location is the standard of comfort, health, and happiness that can be experienced by an individual in a place. It also includes the social interactions you are exposed to and the security of the place. This is a very important factor in picking your retirement destination. The retirement period is a time for resting. In addition to the fact that you need rest, with age, you need to be more careful about your environment as your immune system is not what it used to be. You also need some activities to do such as socializing and shopping to keep you active. You can even get a part-time job. Thus, quality of life is very important when planning for your retirement. You should pick a city with good quality of life.
Top Retirement Destination for Retirees
Certain cities are popular for retirees. These cities are popular among retirees for different reasons. We have listed the top destinations for retirees moving out of New Jersey and have highlighted the top reasons retirees choose these different destinations. Examine the destinations and make your choice based on your reason for moving.
- Florida is a popular choice for retirement. It has many cities with great qualities to make your retirement restful and enjoyable. Many cities in Florida such as Sarasota and Fort Myers have affordable housing. In addition to its affordable housing Florida also has warm weather and a walkable downtown area. Florida also has good, affordable, and accessible health care. Crime rates in Florida are relatively low making it a safe state and because it is popular amongst retirees, there is an active retiree community. This will give you a place to socialize in addition to the already numerous relaxation spots in the state.
- If you have been willing to explore your artistic side and you are retiring, then Michigan is the place for you to move to. It has an artistic community and in addition to that, the cost of living is affordable. There are a lot of museums, art centers, sculpture parks, to mention a few. You can join the art community and even have a little art business to make some cash.
- People residing in southern California have a variety of resorts and relaxation spots to enjoy from. This makes it a good spot for relaxation as retirement is a period to relax. South California is also a very tax-friendly place for retirees. They have a high rate of deduction for taxpayers above 65 among other tax benefits. There are even certain tax exemptions like exemptions available to retirees. For example, homeowners over 65 are exempted from property tax.
- North Carolina is another good retirement location. The state has cities with job opportunities a low cost of living. If you are retiring but you want to get a small job to keep you busy, then you can consider moving to North Carolina.
- Texas is fast becoming attractive to retirees. One reason is that Texas has small towns that still give you the feel and conveniences of the city. Although the property taxes are slightly high, it has no state income tax. Cities in Texas provide a high quality of life which is important for retirees.
- Tennessee is a good location to relax on a budget. There are nearby mountains and rivers for your relaxation. Tennessee also provides a lot of opportunities for venture capital firms, entrepreneurs, and tech companies. If you are retiring but still want to work part-time in any of these sectors, then Tennessee should be on your retirement destination list.
- New Hampshire has a high quality of life. There are job opportunities in the state and easy access to good health care. Another reason why New Hampshire will interest you is that the City does not have sales tax or earned income tax. However, note that the property taxes in the stated can be a bit high. It is also an artistic state. So, if you are artistic, you should consider this state.
Are you thinking of moving out of New Jersey to Pennsylvania, North Carolina, Florida, South Carolina, Georgia, or some other state across the country? Hercules Movers, Inc can help get you and your belongings there safely. Call us if you are looking for a free no-obligation quote for your long-distance move at 732-324-2500 today to schedules an appointment for us to come to you.