Moving for your retirement years is a pretty big decision. Not only do you have to decide whether or not to leave your home state, you also have to choose which new state is right for you. There are a ton of factors that go into this decision: proximity to family, cost of living, taxes, weather, and so much more.
To help narrow down your search, we put together a list of a few of the best states to live in for seniors and retirees. Do any of these states rank on your list of favorites?
It should come as no surprise that Florida made it on our list of best states for retirees! With affordable housing, accessible hobbies year-round, and warm winters, seniors and retirees can’t go wrong.
According to the stats, Florida is a go-to state for seniors in retirement. Over 20% of the state’s population is over age 65. This means an abundance of retirement communities and plenty of programs just for seniors and retirees.
Plus, with no income tax in the state, cost of living is fairly low, giving you more opportunity to pursue hobbies and other goals in your golden years. While many of the most popular areas of Florida are booming with tourism crowds, there are plenty of options for a quiet retirement filled with beautiful views of the oceans and Florida’s green landscape.
New Hampshire is the perfect state for seniors who want it all! The state offers all four seasons and a variety of landscapes, including beaches, lakes, mountains, cities, and countrysides.
Seniors living in New Hampshire can enjoy the safety and peace-of-mind of the rural areas and excellent support services. Plus, there are readily available activities and social groups.
What makes it at the top of the list for best states for seniors to live? There is no income tax on your retirement income! Additionally, housing is affordable for most, but you may have to watch out for the real estate transfer tax.
South Dakota may sound like an odd choice for retirees, but the truth is that it is one of the most affordable states for seniors to live in! In addition to low living expenses, including for healthcare, South Dakota is one the best states for seniors' taxes.
Plus, the state offers a ton of options for retirees to stay socially active. South Dakota and its beautiful countryside have a lot to offer the senior that’s ready to explore. If you choose to relocate to South Dakota, Black Hills National Forest, Badlands National Park, and the Mount Rushmore National Memorial are all right in your backyard!
The best option on our list for the outdoorsy-senior, Colorado offers a stunning backdrop for your retirement. While the percentage of retirees in this state is a bit lower, you will never get bored in a state with as much to explore as Colorado.
In addition to loads of hiking, skiing, biking, and swimming opportunities, Colorado also offers a rich culture of museums, restaurants, and events venues. Furthermore, Colorado residents experience a high quality of life and access to healthcare options.
Colorado has been booming in recent years, and it's becoming an ever increasingly popular retirement destination, whether you're looking for a small town feel or large city living.
Another great option for our active seniors, Utah has a plethora of national parks and other wonders to explore in typically great weather.
Plus, the state has great healthcare options, low crime rate, affordable living costs, and low taxes.
All of these perks lead to a high quality of life and a life expectancy rate that is higher than the national average. Fresh air really makes a difference!
With a warm climate the majority of the year, Georgia is an all-around great place to call home.
Retirees get to take advantage of other perks like a low cost of living, affordable healthcare expenses, and a favorable tax situation. Plus, Georgia offers a beautiful green landscape and the best of both worlds with thriving cities and lush countryside.
Wherever you end up in your retirement, Plan Advisors is here to help. Did you know that most Medicare plans can't move with you?! If you're considering relocating to a different state, make sure you talk to a local Medicare Advisor!
Turning 65 this year? Well, we’re here to make sure that life keeps getting better with age. These 6 steps can help to ensure that you’re on track to take easy street through the next steps of your life:
You might be under the impression that medical screenings are for diagnosing issues once symptoms present themselves.
This is absolutely not the case. Individuals who schedule routine physicals and screenings can get an early diagnosis if they are developing a medical condition – increasing the likelihood of success for medical intervention and thus life expectancy.
Regularly scheduling tests creates a basis for physicians to compare results as time passes, which helps them get a more well-rounded perspective of your individual needs.
Talk to your doctor to determine which regular screenings you should take based upon your age, family medical history, and more. While you’re at it, also talk to your doctor about what Medicare plans they accept. This will be important to know when you select a Medicare plan when you turn 65.
As you age, your medical coverage needs will change. For example, if you have risk factors for certain diseases, you might want to consider the need to treat those if they do, in fact, develop later in life.
Being proactive starts by having the right conversations with your doctor to determine how to best plan for your future health so that you're covered – regardless of what life throws your way.
One important factor to take into account when considering your long-term health is having the right healthcare coverage. Choosing a plan simply based on their current health needs is one mistake many newly eligible Medicare beneficiaries make. Talking with your doctor as well as a Medicare advisor can help you prepare for the future.
While financial planning may feel overwhelming, it's important to have a handle on your finances in this stage of life.
Start by making sure you have a budget to grasp the full range of expenses you will have each month.
Financial planners suggest that you need to replace 80% of your income once you retire. Likely, your Social Security benefits will not meet that benchmark. Social Security provides a standard of living comparable to the bottom quarter of earners in the United States. If your standard of living requires an income higher than $30,000 a year, you need to consider how you will supplement your benefits.
Additionally, turning 65 also means you become eligible for Medicare, which impacts your finances in more ways than you may realize. For example, there are different Medicare plan options, including plans with $0 premiums but high out of pocket costs or vice versa.
Choosing a plan that fits your budget needs in this stage of life is important. You may be eligible for Medicare costs savings programs or a Medicare Supplement plan that helps cover your out of pocket expenses, like copays, deductibles, and coinsurance.
If you’re concerned about how Medicare will impact your finances, consider meeting with a Medicare advisor.
Beyond basic expenses, it’s also important to understand your taxes in this stage of life.
For example, where you live can impact what taxes you pay in retirement. Some states offer better tax implications for seniors, such as Florida and New Hampshire – if you’re considering moving when you retire check out the best states for seniors to retire in.
Furthermore, your taxes can impact your Medicare costs. If your adjusted gross income (AGI) reported on your taxes is above a certain level, you may incur a surcharge on your Medicare Part B and Part D plan premiums. This surcharge, referred to as IRMAA, can significantly impact your health coverage costs.
The surprising part?
IRMAA is based on your taxes from 2 years prior! For this reason, it’s important to understand how IRMAA works and what you might be able to do to avoid the costly surcharge.
Ultimately, it’s crucial that you have a full picture of your finances as you enter this new stage of life.
It is essential to enroll in Medicare benefits as soon as you become eligible during your Initial Enrollment Period (IEP).
The IEP is the seven-month window around your 65th birthday (three months before and the three months after). If you miss your window, you could face gaps in health insurance coverage, incur late enrollment penalties, and have to wait for another enrollment period such as the Annual Enrollment Period.
If you have entered your Medicare eligibility window, schedule an appointment with a Medicare Advisor in your community who can help you in this transition.
Not eligible yet, but turning 65 in the near future? Explore more of our Medicare Resources. We cover everything from Medicare Advantage to Part D Prescription Drug plans and more! Being familiar with the ins and outs of Medicare will help you make the best decision when you do become eligible.
So, you're thinking about relocating when you retire – congratulations! If you're planning on making moves after 65, here are five tips to help you get organized:
If you're considering a relocation after retirement, you're undoubtedly excited about the prospect of beginning your new life. But remember: You do not have to rush into making your decision. Instead, taking your time and planning well in advance helps individuals make the best possible decision when it comes to relocating.
Consider the stages of the moving process, and schedule them in where they make sense for you. Retiring, finding the ideal relocation place (and home), and transferring any remaining ties to your current living situation can take time.
You might even want to take time to relax before undertaking life's next big project – and that's okay too! The most important thing is that you go at a pace that works for you and have all of the details in place to make a seamless transition.
You've been on this earth for 65+ years – it's only logical that you've accumulated a lot of things.
It's not likely that you'll be taking everything with you during the move, so get a head start on downsizing in your early 60s if you can. Choose areas to tackle in batches so that the burden of going through everything is spread out over time. Completing just one hour of decluttering a day can make a significant impact on your process.
If you have children, you might want to ask for their help in this process to identify things that they want from the downsizing. Then, as you go through your things, consider how you plan to dispose of the items that are left that you do not intend to take in the move.
For example, organize a yard sale or post unwanted items online to make some extra cash on the way. Local charities are open to all sorts of donations. Your unwanted items might be able to make an impact in your community even after you've moved.
When it comes to the big move, you're probably going to want to enlist help. Make sure to secure assistance for the move in advance to make the process run smoothly.
Some choose to enlist friends and family members to help with the move. Others enlist moving help for seniors. There are professional moving services that can make sure you do not have to do any heavy lifting. Professional expertise in packing and loading can come in handy when maximizing space during a big move as well.
Location is everything – as we're sure you know. Perhaps you've always had the dream that you'd end up in Florida because it holds the reputation of being a retirement friendly environment.
The options are plentiful when it comes to retirement-friendly states. So when you start to think about different places to settle down after retirement, you might want to put some thought into the best states to live in for seniors and retirees.
If you're thinking about relocating during retirement, make sure your Medicare needs are squared away to avoid undue stress surrounding the big move.
For those who are enrolled in Original Medicare, there is no need to make changes when you're moving to a new state. But for those who have a Medicare Advantage plan, you’ll need to ensure your coverage can travel with you. The available Medicare Advantage plans vary by region, so it’s important to review your plan with a knowledgeable Medicare advisor to ensure you don’t have a gap in coverage.
If you’re in the process of relocating in retirement, our trusted Medicare advisors are here to support you in this transition. Schedule an appointment with a local advisor today.
You've worked your entire life, and now it's time to finally enjoy your retirement years.
We all look forward to retirement, but when this new chapter of life begins, so do new experiences. You might be surprised by what you don’t know about retirement – from social security benefits to retirement age itself.
Don’t stay in the dark! Gain peace of mind heading into retirement by familiarizing yourself with these little known retirement facts.
While technically you can start claiming Social Security benefits at age 62, the full retirement age at which you become eligible to claim all of your Social Security benefits starts at age 66. For people born in 1960 or after the full retirement age will be 67.
The Social Security Administration’s increase in retirement age is a result of the rise in life expectancy – the idea is that if people are living longer, there is evidence to back the rise in the retirement age.
Regardless of the retirement age requirements, be sure to keep in mind that you still become eligible for Medicare benefits three months before your 65th birthday.
Waiting until full retirement age to enroll in Medicare could be costly for you.
While people age 65 aren’t eligible for full retirement, they are eligible for full Medicare benefits.
It is essential to enroll in Medicare benefits as soon as you become eligible to ensure you avoid paying penalties on your monthly premium for Medicare Part B and Part D.
You should enroll for them during your Initial Enrollment Period (IEP). The IEP is the seven-month window around your 65th birthday (three months before and the three months after your birth month).
If you miss your window, you could face gaps in health insurance coverage, incur late enrollment penalties, and have to wait for another enrollment period such as the Annual or General Enrollment Periods, which at specific times of the year.
If you've qualified for Social Security benefits, you probably have taken some solstice in the fact that you will receive a Social Security check each month for the rest of your life.
Although that is true, your state might tax your benefits.
Those taxes could affect up to 85% of your total benefit if your individual income is over $34,000 per year ($44,000 per couple). Thirteen states currently impose taxes on Social Security benefits. Check with your state tax agency to see where your state stacks up to ensure you are realistic about the Social Security benefits you'll be able to use for day-to-day expenses.
Retirement living has its benefits, but it’s not free. That’s why financial planners recommend building retirement savings and planning for the future. Financial planning is essential to ensure that you have the money you need to not simply “get by” but to enjoy your retirement.
Creating a budget is the best place to start. If you haven’t been diligent about budgeting in the past, now is a great time to start planning for your monthly expenses and long term goals.
Financial planners suggest that you need to replace 80% of your income once you retire. Likely, your Social Security benefits will not meet that benchmark.
Social Security provides a standard of living comparable to the bottom quarter of earners in the United States. If your standard of living requires an income higher than $30,000 a year, you need to consider how you will supplement your benefits.
Medicare parts A and B are considered Original Medicare. Medicare A is hospital insurance and covers inpatient hospital stays, care in a skilled nursing facility, hospice care, and some home health care. Medicare B is general medical insurance and covers certain doctors' services, outpatient care, and preventative services.
Healthcare services such as dental and vision care are not covered by Original Medicare.
If you need extra benefits like prescription drug coverage, dental, hearing, vision, and others, you should consider enrolling in Medicare Part C, also called Medicare Advantage.
There are also a variety of Medicare Advantage plans available to meet your unique needs during retirement.
Understanding how Medicare works in retirement isn’t easy. Luckily, you’re not alone. If retirement is in your near future, make sure you're prepared by scheduling an appointment with a Medicare Advisor in your community.
Turning 65 is a big milestone – one that nearly 20% of Montana residents have celebrated. Yet, turning 65 is not all about surprise parties and dinner celebrations. Rather, it can feel overwhelming. With each milestone you face in life, you likely have questions about what's next. If you have questions about turning 65, you're not alone. We've taken the time to answer some of the most common questions that 65 brings.
Although many people believe that the answer is 65, the social security retirement age (at which individuals become eligible to claim all of their Social Security benefits) has increased from 65 to 66. That age is scheduled to continue to rise to age 67 over the next few years.
This increase in age is a result of the rise in life expectancy – the idea is that if people are living longer, there is evidence to back the increase in the retirement age. Regardless of the retirement age requirements, be sure to keep in mind that you still become eligible for Medicare benefits three months before your 65th birthday.
Individuals that receive Social Security are automatically signed up for Medicare Parts A and B at age 65.
Medicare A is for hospital insurance and covers inpatient hospital stays, care in a skilled nursing facility, hospice care, and home health care. Medicare B is for general medical insurance and covers certain doctor's services, outpatient care, and preventative services. There is a premium for Part B, but this can be deducted from your Social Security, Railroad Retirement, or Civil Service Retirement check.
To access the benefits, individuals turning 65 need to be aware that Social Security will be sending detailed instructions at the beginning of the initial enrollment period – approximately three months before their 65th birthday.
On the other hand, if you are not already receiving Social Security benefits when you turn 65, then you won’t automatically be enrolled. And you won’t receive any information from Social Security regarding your eligibility.
If you fall into the latter category, you’ll be solely responsible for enrolling in Medicare.
No matter which category you fall into, it is important to meet with a Medicare advisor to ensure that you not only get enrolled in Medicare during your Initial Enrollment Period, but that you also enroll in the right plan – you’d be surprised how many options are available to you!
You should sign up for Medicare at age 65, and it is essential to enroll in Medicare benefits during your Initial Enrollment Period (IEP).
The IEP is the seven-month window around your 65th birthday (three months before and the three months after).
If you miss your window, you could face gaps in health insurance coverage, incur late enrollment penalties, and have to wait for another enrollment period such as the Annual Enrollment Period.
You can, but if you plan to do so, be vigilant about enrollment deadlines because Social Security will not automatically sign you up for Medicare benefits.
Although Social Security and Medicare are not the same programs, the Social Security Administration is the party that completes enrollment for Original Medicare (Plans A and B). Therefore, if you choose not to receive Social Security benefits but still want Medicare benefits, you'll need to enroll yourself.
Instead of relying on automatic enrollment, you'll complete the process either online, through calling the Social Security office, or by contacting a Medicare professional.
You can use the Social Security Administration's online application to sign up for Medicare Parts A and B. Medicare is generally available for any individual approaching or at the age of 65. And in some cases, people under the age of 65 might qualify because of specific disabilities. You can check your eligibility using our Medicare Eligibility Check.
Your company size will determine how you approach Medicare if you're still working and have employer coverage.
If you find that you have group health coverage, you might be able to delay Parts A and B and avoid the lifetime late enrollment penalty for enrolling later.
The Medicare.gov website offers details on which expenses Medicare will cover when you are traveling.
However, it is essential to note that in most cases, Medicare does not cover health care that is accessed outside the United States. The administration defines outside the U.S. as "…anywhere other than the 50 states of the U.S., the District of Columbia, Puerto Rico, the U.S. Virgin Islands Guam, American Samoa, and the Northern Mariana Islands."
Medicare Advantage plans, on the other hand, have their own coverage details, and some may cover your healthcare expenses when you travel.
It’s important to access how often you plan to travel in this stage of life and factor that in when choosing your Medicare plan.
Turning 65 is a big milestone – congrats! Nevertheless, turning 65 can come with a lot of changes. Our local, Montana Medicare advisors are here to walk through the transition with you.
Additionally, the state of Montana has helpful resources for seniors. Take some time to review the resources they have available – even if you won't need them anytime soon, it's beneficial to familiarize yourself with them.
Your long-awaited retirement years are coming up, but before you can start enjoying your retirement lifestyle there are a few things you need to prepare for. With a little planning you can ease into retirement with as little stress as possible. Keep reading to learn 4 simple ways you can begin planning for retirement now.
The first step to retirement planning is figuring out what it is you want to do during retirement. You may have certain goals you want to accomplish in your retirement, such as traveling, downsizing, relocating to a new state, or picking up a new hobby, but reaching your retirement goals can feel daunting.
Before tackling a mile-long list, you need to prioritize your goals. Prioritizing your goals can mean looking at what matters most to you as well as your timeline, finances, and other factors.
Once you've prioritized your goals it will be easier to then determine how you are going to accomplish them. Consider your post-retirement priorities with a friend or family member so they can encourage you and help keep you accountable as you work towards them!
Reaching retirement is a huge milestone, but it can also be stressful, especially when looking at your finances.
Getting organized, however, is one of the first steps to making your retirement finances a little easier. Assessing your financial situation can include estimating your expenses and debts, 401k, and social security.
If you're not already in the habit of budgeting and monitoring your finances, it's never too late to start. Most seniors live on a fixed income during retirement, which makes planning for your income and expenses each month important.
Additionally, if you're planning on relocating or traveling frequently in retirement, there are important financial aspects to plan for as well.
Consider meeting with a financial planner who can help you review your finances and plan for retirement.
Making healthy choices, like eating better and staying physically activity, can lead to a long and healthy retirement, but there are a few other factors to consider as well.
Even if you're relatively health right now, it's important to consider your future needs. Take a look at what you think your future healthcare costs might be and what Medicare coverage options are available to you helps you prepare for the years to come.
If it's been a while since you've visited your primary care provider, now is a good time to make an appointment for a routine checkup. Evaluating your current health can equip you to find a Medicare plan that is right for your needs.
It's never too early to start planning for retirement, and if retirement is in your near future then now is the time to get a jump on the tips above.
Our team is here to help you with your Medicare planning. Most seniors don't know exactly when they are eligible to enroll in Medicare after retirement. Talk to a Medicare specialist today to make sure you take advantage of your Special Enrollment Period.
If you're retiring soon, it's important to make sure you have a plan for transitioning from Employer Health Insurance to Medicare. Talk to a Medicare Advisor who can help ease the transition and give you confidence in your coverage.
