During Covid-19, socializing face-to-face was made incredibly difficult. Though everyone suffered from a lack of interaction, two groups that possibly felt it most were children and seniors, considering these two stages in life are usually high in active socializing....
Any big decision implies an investment and plenty of preparation. Planning a vacation, for example, requires thinking about where you want to go, where you’re going to stay and how much it will all cost, on a small scale. A well-organized trip leaves you lots of space...
There are many interesting sports you can do when reaching your golden years. Biking, trekking and walking are just a few examples. But, if you’re a competitive and playful folk, tennis might be the best option for you! Let’s check out some of its main benefits....
Have you been considering the idea of living in an active adult community? You may have gathered that these places tend to be calm, secure and harmonious neighborhoods, though it’s important to be informed about the specific regulations of ‘55+’ communities: 80% of...
Dogs are social and affectionate animals that adore human company, great for a retiree who wants to receive and give love. Also, they are proved to be great for one’s emotional and physical health. A walk in the park with a dog can change your mood for the rest of...
Saving up for retirement is a constant concern for many Americans. According to the National Institute on Retirement Security (NIRS), more than 75% of Americans have retirement savings that fall short of conservative savings targets, and 21% aren’t saving at all. COVID-19 has taken a toll on everyone’s budget, which has caused a considerable reduction in retirement account contributions and even forced withdrawals.
Reaching the age of 55 under these conditions without the certainty that your savings will allow you a comfortable retirement is worrisome to say the least. Calculating the possible cost of your retirement will depend on several factors: living expectancy (for Americans, it’s about 78.79 years), average retirement spending (which is around $50,000 a year and depends on your state of residence), and an additional amount for unforeseen expenses and financial security.
Needless to say, every retirement looks different depending on your circumstances. But to estimate the cost of your retirement here’s what you need to bear in mind:
It is useful to set them into three categories: fixed (such as taxes, rent, car payment), variable (like utility bills) and one-time (vacations or unexpected emergencies). You can set estimated amounts for these expenses based on previous bank statements, bills, receipts and others.
It is assumed that you’ll need an annual income equivalent to 55% to 80% of your pre-retirement income to live comfortably. Project your monthly withdrawals and any savings to figure out your monthly income.
This way you can objectively see if you need to make adjustments to your expenses or increase income way ahead of time.
To make expenses reconcile with your future income, one of the possible solutions could be relocating. Among the most popular destinations to spend your retirement in 2021 is North Carolina.
North Carolina has an estimated total retirement spending of $1,000,935, which puts the state at the 17th position with the least spending in the US. The average cost of living is 8.3% less than average as a result of the state’s policies and economy.
The 65+ population represents 16.7% of this state population, where the median monthly homeownership cost for people 65 and above is $402. Goods and services are about 8% less expensive in the state than they are nationwide.
These financial benefits, along with a mild climate, a beautiful landscape and a rich cultural environment where you can find both calm and quiet and new entertaining experiences make North Carolina a dream destination to enjoy your retirement.
Take a look at our Active Adult Communities in North Carolina to see where comfort meets the right price in the retirement place of your dreams. Check our catalog here.