Retiring with a budget of $7,000 a month may seem challenging, but there are still plenty of options available for those looking to maximize their retirement savings. MarketWatch recently received a letter from Russ, a retiree-to-be from Los Angeles, who is seeking advice on where to retire that would appeal to both him and his children and grandchildren. With $800,000 in savings and a monthly income of $7,000, Russ and his wife have some flexibility in choosing their retirement destination. Let’s explore some suggestions that may fit their criteria.
Firstly, Russ mentioned that he wants to avoid high-humidity summers and desert heat. He also expressed a desire to stay away from shoveling snow. Based on these preferences, it’s clear that the South and Southwest are not suitable options for them. However, there are still plenty of alternatives to consider.
One suggestion is Salem, Oregon. With a population of 175,000, Salem offers a pleasant climate without extreme humidity or snowfall. The city is located near the Willamette River, providing fishing opportunities right within city limits. For outdoor enthusiasts, Silver Falls State Park and Detroit Lake offer hiking and boating options just a short drive away. Salem is also surrounded by vineyards, indicating that gardening is viable in this region. Housing costs in Salem are slightly above the national average.
Another option is Johnson City, Tennessee. Located in northeastern Tennessee, this area provides ample opportunities for fishing and hiking. The Blue Ridge Mountains are close by, offering scenic trails for outdoor enthusiasts. Johnson City has a moderate summer climate with average snowfall, making it an ideal choice for those who want to avoid excessive shoveling. Moreover, Tennessee has no state income taxes and housing costs in Johnson City are below the national average.
Lastly, Columbus, Ohio offers a unique mix of urban amenities and outdoor activities. The capital of Ohio, Columbus has a rapidly growing population and is known for its job opportunities. The city is home to several corporate headquarters and is quickly becoming a popular destination for millennials. Despite being located in the Midwest, Columbus offers a variety of outdoor activities, including boating in Griggs Reservoir and hiking in nearby nature reserves. The city experiences four distinct seasons, with moderate humidity and average snowfall in the winter. Housing costs in Columbus are reasonable, making it an attractive option for retirees.
Ultimately, the decision on where to retire depends on Russ and his wife’s personal preferences and priorities. It’s important to consider factors such as climate, outdoor activities, job opportunities for future generations, and cost of living. Exploring these three options – Salem, Oregon; Johnson City, Tennessee; and Columbus, Ohio – may help Russ and his wife narrow down their choices. However, it’s always a good idea to research more options and consider factors that are most important to them before making a final decision.
Retirement is an exciting time filled with new opportunities and adventures. With careful planning and consideration, Russ and his wife can find the perfect retirement destination that suits their budget and lifestyle.
