A recent study by GoBankingRates.com found that this is the best place in the country to retire. Discover where this retirement paradise is located and why it scored a score of 92 on the livability index.
Choosing a place to retire is an important decision to make, and according to a report from the Alliance for Lifetime Income, America will soon reach its record retirement age, also known as the “silver tsunami.” This year, 4.1 million Americans will turn 65, reaching official retirement age.
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Camp Hill, a small town in Pennsylvania, has been named the best place in the US for retirees to live. GoBankingRates surveyed communities across the country, both large and small, ranging from 1,000 residents to others with 10,000, and found that Camp Hill is the best city in which to retire.
This is due to the low monthly cost of living, which is approximately $3,356 per month, and the low crime rate of 9.4 per 1,000 residents. In addition to looking at monthly living costs and crime rates, other factors were also taken into account. These include median household income, which averaged $105,000 among the 3,200 households.
Currently there are 8,115 residents in Camp Hill and 15% of them are over 65 years old. What makes this small town a great place for retirees to settle is its slower pace compared to larger cities. While life may be idyllic in Camp Hill, the commercial district has a vibrant shopping scene with women-owned businesses, an award-winning library, and a local farmers market.
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When choosing a place to retire, these are things retirees should consider. This includes factors such as where the nearest healthcare facilities are, transportation methods, and even the year-round weather in the area. Beau Herman, an owner and certified senior care consultant at an assisted living facility in Orlando, advises future retirees to consider, “Access to reputable hospitals and specialty health care providers is critical, especially for seniors with chronic health conditions.” This also includes choosing an area with homes for the elderly. Consider single-story homes with non-slip floors, railings and grab bars to prevent injury from falls.
Opportunities to socialize are an integral part of retirement life. This is why Camp Hill stands out as one of the best places to retire. The weekday farmers market, for example, not only offers fresh produce, but also opportunities for retirees to meet friends and other community members.
As inflation rates have risen, a recent survey found that nearly 90% of retired Americans worry that inflation will eat away at their savings. As a result, many retirees choose part-time work during their retirement. If finding a part-time job is part of your retirement plan, consider retiring in a city with job opportunities in your field and a strong local economy.
Retirees should also consider looking at a state that offers a more tax-friendly environment, such as Alaska, Florida, Texas and Wyoming, which do not charge income taxes.
“Some states with high income taxes do not tax Social Security in retirement, so your current tax situation may change in retirement.” Dan Trumbower, a senior wealth advisor at an asset management firm, said. When looking at a city or state’s taxes, you should also think about the cost of living, because even places with lower taxes can have higher prices for everyday goods like food.
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Tucked away in Pennsylvania is America’s No. 1 retirement haven, this article originally appeared on Benzinga.com
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