While saving money during your working years is certainly an important aspect of retirement planning, it should not be your entire plan. Living comfortably when the time comes to retire will require more than just a hefty bank account. Another important consideration is where to live when you retire. Not only will your choice of retirement location directly impact your finances, but it is also likely to impact your quality of life as a retiree. Each year, WalletHub ranks the states for “retirement-friendliness.” For those who are considering Vermont as a retirement choice, the Essex Junction estate planning attorneys at Unsworth LaPlante, PLLC let you know how Vermont ranks for retirees, according to the 2022 WalletHub survey.
Hopefully, you are taking several factors into consideration when planning for your retirement, although financial security is probably at the top of the list. 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 county 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. Deciding where you wish to live when you retire is an equally important decision both because it will affect your financial security and because it can impact your overall quality of life.
Retiring in Vermont
When it comes time to retire, some people prefer to remain close to friends and family. Others cannot wait to move to a new city, state, or even country when they retire. Whether you are planning to remain in Vermont or you are contemplating a move 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 41 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.
Overall, the State of Vermont ranked number 28 with an overall score of 48.71. If you already live in Vermont, you will not be surprised that the state came in a dismal 48th in the “affordability” category. Vermont also took the number two spot in the sub-category of “Highest percentage of the workforce over age 65” and 4th place in the “Highest percentage of the population over age 65” sub-category. Conversely, however, Vermont ranked an amazing 6th and 2nd in the other two primary categories, “quality of life” and “health care,” respectively.
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 Essex Junction Estate Planning Attorneys
For more information, please attend one of our upcoming FREE webinars. If you have questions or concerns about how to include retirement planning in your overall estate plan, contact the experienced Essex Junction estate planning attorneys at Unsworth LaPlante, PLLC by calling 802-879-7133 to schedule your appointment today.