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When thinking about retirement destinations, Iowa might not be the first state that comes to mind. However, Bankrate recently recognized Iowa as the top retirement spot in the country, challenging the traditional notion that warmer climates offer the best quality of life for retirees.
Why Iowa Stands Out
Bankrate’s ranking of U.S. states for retirement friendliness considered several key factors: affordability, overall well-being, the cost and quality of healthcare, weather, and crime rates. Given the financial challenges many retirees face, Bankrate emphasized housing affordability in its evaluations. Their October survey highlighted that 55% of working Americans felt their retirement savings were insufficient, and 35% reported being significantly behind in their savings goals.
Other states in the top five included Delaware, West Virginia, Missouri, and Mississippi, all of which are not typically seen as prime retirement destinations.
Living Mortgage-Free in Iowa
Bankrate’s ranking of U.S. states for retirement friendliness considered several key factors: affordability, overall well-being, the cost and quality of healthcare, weather, and crime rates. Given the financial challenges many retirees face, Bankrate emphasized housing affordability in its evaluations. Their October survey highlighted that 55% of working Americans felt their retirement savings were insufficient, and 35% reported being significantly behind in their savings goals.
Other states in the top five included Delaware, West Virginia, Missouri, and Mississippi, all of which are not typically seen as prime retirement destinations.
Comparing Other Top States for Retirement
Delaware earned praise for its excellent healthcare, tax-friendliness, diversity, and access to arts and entertainment, though it has higher housing costs. West Virginia’s low cost of living and tax-friendliness earned it a spot, while Mississippi was recognized for its affordability, favorable weather, and low crime rates, despite lower healthcare scores.
Advantages of Affordable Living
One significant advantage of retiring in a state with a low cost of living is the possibility of purchasing a home mortgage-free, particularly if you have substantial equity in your current home.
Advantages of Affordable Living
One significant advantage of retiring in a state with a low cost of living is the possibility of purchasing a home mortgage-free, particularly if you have substantial equity in your current home.
Expert Advice for Retirees
Bankrate’s study also includes valuable insights from experts. Kerry Hannon, author of “In Control at 50+: How to Succeed in the New World of Work,” advises potential retirees to rent in a prospective city for six months. “See if it’s easy to join groups, whether it’s a bowling league or a volunteer organization. Set up your community before you take that leap,” she suggests.
Additionally, Hannon recommends considering unexpected retirement locations. “It’s important for people to get excited about that next chapter of life. It’s a new adventure, and you should take the time to do the prep work financially and personally to make smart decisions,” she advises.
For those in the 55+ community looking to explore new horizons, Iowa might just offer the perfect blend of affordability, quality healthcare, and a welcoming environment for a fulfilling retirement.
Curious to see if Iowa is right for you? Reach out and schedule your free consultation with 55+ Home Coach Carla Stevens.
Schedule your free consultation with Carla Stevens today!
Ready to explore your options for the next chapter of your life? Schedule a free consultation with Carla Stevens today. Whether you’re considering Aging in Place, downsizing, or buying a home tailored to your needs, Carla is here to guide you every step of the way. Let’s make your transition smooth and personalized.
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