Planning for your “Golden Years” involves more than just saving money. Deciding where to live when you retire is also important as it will directly impact your finances and your overall quality of life. If you are planning to stay, or move to, North Dakota, the Grand Forks retirement planning attorneys at German Law have great news. According to the annual WalletHub state “retirement-friendliness” rankings, North Dakota ranks as the 6th best state to retire in the United States.
Planning for Your Golden Years
Planning for your Golden years involves thinking about many factors. Financial security is usually among the most important factors. 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. Along with making sure you are financially secure, you want to make sure that you enjoy your retirement years. Your quality of life should be factored in when deciding where you want to live when you retire.
The Wallet Hub Survey Says North Dakota Is a Great Place to Retire
Staying close to friends and family is the only way to enjoy their “Golden Years” for some retirees. Others, however, cannot wait to move to away to a new city, state, or country when they retire. Whether you plan to remain in North Dakota 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.
North Dakota’s Scores
North Dakota came in 6th overall with a score of 54.51. Within the three major categories, North Dakota came in 16th in the “quality of life” and “health care” categories but came in right in the middle, at number 25, in the “affordability” category. 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 Grand Forks Retirement Planning Attorneys
Please join us for an upcoming FREE seminar. If you have additional questions or concerns about retirement planning in North Dakota, contact the Grand Forks retirement planning attorneys at German Law by calling 701-738-0060 to schedule an appointment.