USA Today/ 5 places where you may want to retire

Seniors have long flocked to Florida after retirement because it has no state income taxes and the weather is hot. But other cities are giving the Sunshine State a run for its money, as retirees increasingly consider other factors when determining where to spend their golden years, experts say.

“Retirees are taking the time to think much more holistically about what the best places are for them to live in after retirement than we’ve seen in the past,” says Matt Fellowes, founder of United Income, a Washington, DC-based financial technology company that provides money management services for retirees. Quality of life, healthcare services, transportation and proximity to friends and family members are all enticing seniors to open their minds to locations they may not have considered before.

Two-thirds of retirees said they have the freedom to live where they want after retirement, according to a 2016 Merrill Lynch survey. Here are some locations they may want to put on their radar:

Asheville, North Carolina

Named by Lonely Planet in 2017 as the Best Place to Travel in the U.S., Asheville’s artistic community in the mountains of Western North Carolina is known for music, entertainment and dining, giving retirees plenty to do. Asheville is also accessible to the bigger hub cities Charlotte, N.C.; Knoxville, Tenn., and Atlanta, so retirees can easily travel if they choose to, says Andy Whitaker, a financial planner with Gold Tree Financial, a comprehensive financial tax and estate planning firm in Jacksonville, Fla.

Many retirees stay away from big cities because the housing costs are typically higher, says Danielle Hale, chief economist for Realtor.com. However, “smaller cities with universities have a lot of the same types of big city lifestyle and cultural amenities,” Hale says. With the University of North Carolina Asheville close by, retirees can also keep their minds stimulated by taking classes.

Central Florida

Florida will likely always be an attractive place to retire thanks to its moderate winters and the lack of state income taxes, Whitaker says. However, with family being the greatest source of satisfaction for retirees, according to the Merrill Lynch survey, Florida is also appealing because of the many beaches, theme parks and other entertainment venues for visiting grandchildren, Whitaker adds. Since Florida is known for its appeal to retirees, it also has plenty of senior housing facilities and other amenities for an aging population. 

For seniors looking to buy a house, Tallahassee and Gainesville are more affordable than a lot of big cities, though both offer a bustling cultural scene, Hale said.

Pittsburgh, Pennsylvania

Finding a place with a robust economy is particularly important for seniors who plan to work or start businesses after retirement. In fact, the Merrill Lynch survey found that 70% of pre-retirees planned to work at least part-time after they retire.  Pittsburgh has a great technology hub surrounding Carnegie-Melon University, says Bert Sperling, founder and CEO of Sperling’s Best Places. Also, between 2009 and 2015, Pittsburgh life sciences companies attracted more than $400 million in venture capital investments, according to the Brookings Institution.

The healthy economy also spells good news for Pittsburgh’s housing market. “You want to look for an area that has a good thriving industry base and lots of jobs available,” Hale says.

Illinois

Being an hour or two outside of a big city gives you the best of both worlds. You can drive to the city for entertainment while enjoying the affordability of suburban life. That’s one of the reasons Fellowes suggests Illinois as a welcome place to retire. Evanston is just one suburb of Chicago to consider. 

“Evanston is a less expensive alternative that is a 45-minute train ride away from downtown Chicago,” Fellowes says.

Since retirees will be dealing with health issues as they age, a good healthcare facility nearby is a must. Chicago is home to Northwestern Memorial Hospital, number 13 on U.S. News & World Report’s 2017-2018 Best Hospitals list, and Rush University Medical Center, one of U.S. News’ top five hospitals for Orthopedics.

Another plus for Illinois: It has a flat state income tax rate, meaning rates don’t increase the more you make, Fellowes adds.

El Paso, Texas

Those who want affordability plus a moderate climate might consider El Paso, Texas. “The East and West coasts are going to be pretty high-priced, which leaves you the Midwest, Southwest, and the South,” Sperling says.  If you move from a higher-priced area, you can sell your home and use the proceeds to buffer up your retirement. “

The cost of living in El Paso, Texas is 16.4% lower than the U.S. average, according to Sperling’s Best Places. It’s also home to the University of Texas-El Paso, which gives it the cultural amenities that crop up around a college town.

When choosing a place to retire, thinking through all of your priorities is key, says Sara Zeff Geber, founder of Santa Rosa, Calif.-based retirement coaching company LifeEncore. “And not just thinking about next year, but thinking about the next 10, 20, or even 30 years.”

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Sara Geber is the author of the upcoming book Essential Retirement Planning for Solo Agers.