3 reasons to retire in a city

Many workers imagine themselves retiring and living along sandy beaches, or in quiet, wooded areas offering optimal peace and quiet. Others, meanwhile, dream of retiring in cities and enjoying the vibrancy that tends to come along with them. If you’re still on the fence about where to retire, here are a few good reasons to consider settling down in a city.

1. Lower transportation costs

It costs $8,700 a year, or $725 a month, to own a vehicle, according to AAA, and that’s just an average. Given that seniors are often subject to higher insurance premiums, and that cars tend to require more maintenance as they age, if you’re planning to retire someplace where you’re reliant on your own car to get around, it could end up putting a strain on your limited retirement budget.

That’s why it often pays to retire in a city with public transportation. If you’re able to make good use of a bus or subway system, you stand to save a bundle at a time in your life when you could most likely use the money.

As an example, it costs more to commute via public transportation in Washington, D.C., than any other major city in the country — but even then, you’re looking at spending $237 a month, as opposed to the $725 you’d spend on your own vehicle. That’s over $5,800 a year in savings.

Another thing to consider is that as you age, your driving abilities might decline. Living in a city with public transportation could therefore take a huge amount of stress out of the equation and help you get around safely.

 

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Credits: Maurie Backman, The Motley Fool
Source: http://www.businessinsider.com

About the Author

stephen-kelley
How can you know what you should do if you don’t know what you can do? Author, radio personality, educator and financial planning pioneer Stephen Kelley shares his secrets to More Now, More Later™ retirement income planning. Most planners regard income planning as a “zero‐sum game,” a “Rob Peter to pay Paul” exercise. In these self‐serving, Wall Street‐dictated scenarios, people must limit the amount of income they receive to ensure they don’t run out of money in retirement. But there is an alternative to this “less now, more later,” or “more now, less later” mentality. Using state‐of‐the‐art income planning techniques, and his own trademarked “Last Things First™” planning process, Stephen Kelley blows the lid off the traditional Wall Street‐serving methods and brings retirement planning home to the individual retiree. In his books you will learn how to: - Unleash as much as 3 times the lifetime income using half the money with Kelley’s trademarked planning process, Last Things First™ - Ensure your Social Security benefits enhance, rather than impede, your plan. - Reduce, or even remove, taxes and fees from your retirement plan. - Maximize market returns while minimizing market risk. - Regain control of your pension so you not only get all the income you can, but so you can also leave it to your heirs. - Take control of the planning process so you can spend freely without worry. - Much, much more.

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