Women continue to live longer than men, but the difference has narrowed as the lifespan of males has grown consistently within recent decades. This means that the chances are better now that a married woman will spend additional time in retirement together with her partner than as a widow. Retirees are taking advantage of this additional time together by heading to new territories.
Wyoming is a destination that’s trendy for retirees seeking good weather, low taxes, soothing hot springs, and a low crime rate. Plus, it provides opportunities for bringing the grandkids out for trips to Yellowstone and Grand Teton National Parks.
In addition, on the opposite side of the country, retirees past the age of 60 are relocating to Columbia, S.C., where they can take free courses at the University of South Carolina. Affordable housing in Columbia costs a retiree an average of $367 per month with a paid-off mortgage. That sounds pretty good, especially with the typical Social Security benefit for retired workers at an average $1,335 per month in 2015. With a well thought-out retirement income strategy, you could have a very comfortable life in the Palmetto State.
Time to enjoy retirement with your spouse is wonderful. So too is the gift of traveling throughout retirement together. Even so, couples should still have a contingency retirement income strategy in place for whichever spouse lives longer.
According to the U.S. Census Department, recently released numbers show that for people age 55 and older, the greatest expense is housing. You need to have a plan to reduce this expense once retired, especially since increased health care expenses are likely as we age. The leading factor in retirement today, as well as in the future, is our longer life expectancy. Rather than just looking at longevity in statistical terms, it's important to look at this reality up close and personal in order to create a strategy for it.
Call our office to schedule your complimentary consultation or register online for one of our educational seminars on topics of interest to you and your loved ones. Visit us at www.zarembalaw.com to view our revamped website that makes planning a breeze!
Reference: New York Daily News (May 10, 2016) “Forget Florida and Arizona — today's retirees are branching out all over the U.S "