The best place to retire

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Everyone wants to be able to afford their family not only through their fruitful years, but also to maintain their lifestyle after retirement. People in all aspects of the economy work hard for the majority of their life, save money, and save with the intention of being able to support themselves for several years after retirement (Beehr, 2014). People are also engrossed in researching and enrolling in the best retirement programs as a result of these inspirations, particularly as their retirement age approaches. For several people nearing retirement age, the topic of deciding whether to retire is also critical. As many employees approach the retirement age, many families fear that they may not be able to maintain their current living standards owing to the rising housing costs, living costs and healthcare costs. Depending on their retirement plans, workers evaluate the places they can retire based on housing costs, healthcare facilities and living costs (Beehr, 2014). This is because, retirees would like to live in a comfortable home and also be able to meet their living costs. Retirees are also prone to ailments in their old age and therefore medical costs are likely to cost them significantly. This paper aims at evaluating the best places to retire and is aimed at providing useful information for retirees to make informed decisions.

Morgantown in West Virginia has been regarded as one of the best places for people of average income to retire. The town has a livability index of 55 percent which means that it provides reasonably affordable costs in terms of housing, medical facilities and living costs. Available data reveals that Morgan town has high quality health services as well as low housing costs compared to other cities in the United States. According to Beehr (2014), the physician population ratio in Morgantown stands are 481 physicians for every 100,000 people. This ratio is considered relatively higher than the national average in the United States which stands at 210 physicians for every 100,000 people. Additionally, Morgantown is one the towns with the lowest level of air pollution in the United States. Retirees are likely to be affected by unclean air and therefore, the city provides a clean and healthy environment to live in. Available data rates the quality of air in Morgan town to be at 61 out of 100, which indicates that the atmosphere in Morgantown is suitable for supporting life for plants and animals. These ratings, which are provided by the Environmental Protection Agency through the National Air Toxics Assessment, have significantly improved the visibility of the town among retirees searching for the most suitable place to retire. The National Air Toxics Assessment rates cities according to the hazardous pollutants and determines whether such cities provide enjoyable environments for retirees (Smith & Cartlidge, 2011) In addition, the quality of water in Morgantown stands at 44 out of 100 points. The water quality assessment was done using the watershed measurement owing to the close relationship that watershed has with the quality of drinking water in a given location (Smith & Cartlidge, 2011) Quality of water was determined by establishing the level of pH, metals, chemicals and bacterial content of watershed in Morgantown and other towns in the United States. Another major determinant of water pollution in the United States is number of active Superfund sites available in the given location. There are more than 15000 Superfund sites in the United States (Smith & Cartlidge, 2011) The National Priority List has made available the key Superfund sites that contribute to land pollution. Based on this list, Morgantown ranks 85 out of 100. This means that the town has among the least land contamination in the United States (Beehr, 2014)

Another critical factor that retirees use to select the best places to retire is the cost of living. Employees work hard to improve their living standards for themselves and their families (Beehr, 2014). As a result, their aim is to at least maintain the living standards and this means choosing a town where the cost of living is relatively affordable for them. Morgantown has a fairly low cost in terms of living standards with a mean standard of 99.5 which is relatively lower compared to the national average which stands at 140 (Beehr, 2014). A town with a cost of living above 100 is considered extremely high while a cost of living below 100 is consider affordable or cheap cost of living. A lower cost of living means that people living in the town are able to afford services such as housing and healthcare (Beehr, 2014). The national average for cost of living in the United States currently stands at 94 points, thus making Morgantown a competitive destination among retirees. This means that retirees do not have to dig deep into their pockets in order to purchase housing facilities in Morgantown. In addition, house rent in Morgantown is partly subsidized by the state thus making retirees pay less compared to other towns (Beehr, 2014)

Morgantown has a vibrant economy that is able to sustain the residents and also enable the maintenance and expansion of infrastructure. The state has adequate railway and airport network for the different parts of the state. This implies that compared to other places, Morgantown has relatively lower transport costs which provides mobility for retirees (Smith & Cartlidge, 2011) Retirees require a town with good infrastructure development to support their traveling to holiday destination as well as connection to major cities. In addition, unemployment levels in Morgantown currently stands at 6 percent with a job growth of 0.72. The job growth is projected to increase in to 30.4 in the next two years which means that retirees can find meaningful employment or carry out business in the town (Smith & Cartlidge, 2011) Morgantown has a tax index of 6 percent which enables retirees to enjoy a tax relief. Income per head in the city currently stands at 21400 US dollars while the average income is stands at 32400 US dollars. These figures provide the best income for retirees and their families. Additionally, it means retirees and their families are able to obtain additional income to finance their daily budget and other financial commitments.

The vibrant economy of Morgantown means the town provides a conducive atmosphere for retirees to cultivate personal growth and gratification after many years of hard work. With an average income of 27800 US dollar, retirees are able to have sufficient funds to finance their ventures as well as save in order to counter uncertainties. As a result, Morgantown provides one of the best enabling environments to improve and boost the lifespan of retirees (Smith & Cartlidge, 2011). The natural environment and town’s hygienic conditions provide a peaceful and friendly place for retirees to live in. The state has implemented policies to make the financial burden for retirees and residents fairly manageable in addition to providing social amenities to support retirees. Other cities that are ranked among the highest in terms places to live for retirees include Orlando and Florida due to the availability of housing facilities as well as recreational facilities.

On the contrary, CNBC ranks Newak , Providence and Detroit as some of the worse places to retire. The ranking took into account important aspects that retirees considered when searching for the places to retire such as cost of living, availability of homes, healthcare facilities, social amenities including gaming and museums.

In conclusion as many workers approach the retirement age, it is becoming increasingly difficult to make a decision on which place to retire. In terms of cost of living, healthcare costs and housing costs, Morgantown is one of the best destinations for retirees. However, other cities such as Florida and Orlando provide attractive packages for retirees (Smith & Cartlidge, 2011). These cities provide retirees with a safe environment and health care services to take care of aging retirees.

Works Cited

Beehr, T. (2014). To retire or not to retire: That is not the question. Journal of Organizational Behavior, 35(8), pp.1093-1108.

Smith, J. and Cartlidge, M. (2011). Place attachmentamong retirees in Greensburg, Kansas. Geographical Review, 101(4), pp.536-555.

November 09, 2022

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Personal Finance Learning

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