Category: Best Retirement Towns and States
December 12, 2024 — What is the best town to retire to? That is the most frequent question we receive at Topretirements. Of course, our standard answer is that it is a very personal question—it depends on what you are looking for. Do you want to live in the mountains, on the beach, by a lake, in a small town, or a big city? Plus, what do you want to do in your spare time? Will your chosen town be a good fit for those activities? Not to mention factors like climate, medical care, cost of living, taxes, crime, and more. Any list other than the one you create yourself is not going to do the job.
You can see where this is going: answering the question of the best place to retire is not easy. However, some places consistently come up as favorites that fit the description. Here are a few that are frequently mentioned. If they match the criteria you set out in the first paragraph, they might be worth considering. Note that most of these towns are especially suited to outdoor recreation.
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Published on December 11, 2024
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Category: Social Security
November 31, 2024 — We would love to get your vote on what will happen on this issue. The Social Security Retirement Trust Funds are expected to run out in 2033. When that happens it is estimated that only about 79% of benefits can be paid. Congress has been dithering…
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Published on November 30, 2024
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Category: Work and Volunteering
This article is courtesy of my brother-in-law Doug. He has some great points to share about his adventures as a voluntee.
November 28, 2024 - I retired from the Marine Corps in 2005, and then fully retired from Defense industry related jobs in 2020, after a 43 year career. I stayed quite busy for a couple years after my retirement, planning and building a house for my kids and grandkids. Even after that I was staying plenty busy with family, hobbies, sports and the like.
I knew that in my late 60’s and 70’s I would have the time, energy and desire to do some volunteer work; the question was what. I want to have a direct, personal impact on people or things that I care about, and I hoped to find opportunities that I was well qualified, or even uniquely qualified to do.
Finding My Volunteer Mission - Paralyzed by So Many Choices
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Published on November 27, 2024
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Category: Financial and taxes in retirement
November 19, 2024 -- A number of people are in the fortunate position of having multiple accounts tohat could fund their retirements. They might have IRAs, 401(k)s, 403(b)s, Roths, and/or non-retirement savings and investments. But which one(s) should they tap first when they need money for retirement. Note: We are in no way an investment or financial experts, we are just laying out the issues and providinginformation for you to consider in your planning.
Complications affecting which account to withdraw from first
Before you even get to withdrawal strategies, there are other financial considerations that might apply to your decision. Among others, those include: when to apply for Social Security benefits, Roth conversions, and the state of your finances. In general we believe that in most cases it pays to wait until age 70 to start collecting Social Security, assuming you have enough to live on until then, and you and your spouse have an average life expectancy. But we could write a whole article on whether it is better to delay when you take Social Security by using your savings and investments, or let that money ride, and collect early.
Roth conversions, which allow you to tap retirement money tax free, are another complex subject, but often a worthwhile idea for people with big balances in their regular IRA and 401(k) accounts. These conversions need to thought through carefully, as you will pay taxes on any converted funds as they go in (but if you have low income or big losses you might be able to offset that).
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Published on November 18, 2024
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Category: Social Security
Update late December, 2024. This bill was passed by both houses of Congress and signed into law in early Jan. by President Joe Biden. See “Congress Passes End to WEP“. Bipartisan legislation that would repeal two provisions of Social Security easily passed in the House of Representatives. Current SS…
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Published on November 17, 2024
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Category: International Retirement
November 13, 2024 — Perhaps the adventure—or maybe the lower cost of living—has made you dream of retiring abroad. Or, maybe the contentious nature of American politics has you considering a change of country. Regardless of your reasons, there are many appealing options for dual citizenship or permanent residency. This article explores some intriguing countries to consider for retirement, including links to mini-retirement guides for specific destinations where available. At the end we will outline the pros and cons of retiring abroad.
Dual Citizenship: A Top Option for Retirees
Dual citizenship is often the most attractive option for retirees moving abroad, as it provides more rights and fewer restrictions than residency permits. Many countries offer residency to foreigners, but they usually impose additional financial or in-country residency requirements.
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Published on November 12, 2024
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Category: Travel
November 6, 2024 — Here’s a situation you’ve probably found yourself in more than once. You’ve just spent a lot of money on a dream trip, and along the way, the company urges you to buy travel insurance. You think: If I get sick, miss my plane, or face some…
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Published on November 6, 2024
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Category: Health and Wellness Issues
Nov. 2, 2024 — Aging experts from the Mayo Clinic think they have found a simple way to test for how well people are aging. First, you stand on both legs for 30 seconds, eyes open, then 30 more with them closed. Then you stand on your dominate foot for…
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Published on November 2, 2024
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Category: Family and Retirement
October 30, 2024 -- A reader wrote in with this unusual request for advice. It is a very common conundrum for retirees - should they move across the country to live near their adult children? Or, retire where they had planned to, and see the kids when they have the time. We thought it a good idea to put the question to the Topretirements audience to benefit from their collective wisdom, so here goes.
The couple, who are nearing retirement, live in the Northeast. Their only child, a son, married last year lives in the Midwest. He and his wife are looking forward to having children in the next few years. This past spring the son surprised his parents by asking them to consider moving to be near them, in fact sharing a house. The idea was that the parents would put up the money to build an in-law apartment or ADU (Accessory Dwelling Unit), where the parents would then live.
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Published on October 29, 2024
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Category: Bucket Lists
Oct. 29, 2024 -- Sal Hyer is a former municipal employee who retired in early 2024. One of the dreams he and his wife Lisa had was to go on a long adventure across the country. He wanted to take his pickup truck, but Lisa did not want to stay in hotels. Compromise being the soul of marriage, they bought a camper. They started in July and plan on finishing the trip early November in Ft Myers, then live in Vermont for the winter. Theirs is definitely the adventure of a lifetime, we can barely contain our jealousy.
Wrangler and Newmar Dutch Star in camp
I wanted to drive my pickup truck but my wife did not want hotels so we have an RV. I am having more fun than I thought driving the big reg. I already have 7,000 miles training and using it. The Rv is a Newmar Dutch Star class A diesel pusher, and we towed a Jeep Wrangler, which was key. It was purchased Feb 2023. It was my wife's idea to get it a year + early and it was a good one. Sal Hyer
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Published on October 28, 2024
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