Planning for financial stability when you retire is important; however, there is more to retirement planning than just saving money. Where you live when you retire is equally important – and will directly impact your finances as well. Your choice of retirement destination will also affect your overall quality of life. Using data from the annual WalletHub state “retirement-friendliness” rankings, the Indianapolis retirement planning attorneys at Frank & Kraft help you decide if Indiana is where you want to retire.
Planning for Retirement
Planning for retirement involves consideration of numerous inter-related factors. Financial security is typically a primary consideration. There was a time when the average worker could count on a pension to cover a retiree’s basic needs during his/her retirement years. Add to that a decent monthly Social Security check and most people felt they were financially prepared for retirement. When the concept of lifetime employment began to disappear, counting on a pension went with it. By the turn of the 21st century, most people accepted the fact that they could not count on a pension and/or Social Security to cover their expenses when they retire. Instead, most people now start saving for their retirement years when they are relatively young. How far the money you save will go, and how comfortable your retirement years will be, will depend on additional factors. Primary among those factors is where you live when you retire. Money isn’t everything though. Your quality of life should also be a major consideration when you decide where to live after you retire.
The Wallet Hub Survey
For some, remaining close to friends and family is the only way they can envision their “Golden Years.” Others, however, cannot wait to move to a new city, state, or even country when retirement day finally arrives. Whether you plan to remain in Indiana or are thinking about moving to the state when you retire, you may find the results of the 2022 WalletHub “Best States to Retire” survey to be helpful. WalletHub conducts the survey each year by comparing the 50 states across 47 key indicators of retirement-friendliness. Their analysis examines affordability, health-related factors, and overall quality of life. Each metric is graded on a 100-point scale, with a score of 100 representing the most favorable conditions for retirement. Each state receives an overall score and ranking for each of the three broad categories – affordability, health care, and quality of life. Once again, the State of Florida took the number one spot with a combined score of 59.41. Virginia and Colorado came in a close second and third with scores of 59.32 and 59.27 respectively. At the very bottom of the rankings, in last place, was New Jersey with 40.27 points.
How Does Indiana Rank?
Overall, Indiana came in number 33 with a score of 48.07. In the “affordability” category, Indiana placed 23rd and came in at number 29 in the “quality of life” category. Unfortunately, Indiana did not rank as well in the “health care” category, ranking 40th out of the 50 states.
No matter where you decide to retire, the key to a financially secure and comfortable retirement is a well thought out retirement plan that works in harmony with your existing estate plan. If you have not incorporated retirement planning into your overall estate plan yet, now is the time to talk to your estate planning attorney about doing so.
Contact Indianapolis Retirement Planning Attorneys
For more information, please download our FREE estate planning worksheet. If you have additional questions or concerns about how to incorporate retirement planning into your comprehensive estate plan, contact the experienced Indianapolis retirement planning attorneys at Frank & Kraft by calling (317) 684-1100 to schedule an appointment.
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.
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