Maryland is a small state in area but large in power. Maryland is home to Washington, D. C., which is the basis of government and military might. Maryland contains Baltimore, the seat of business power. Large corporations, both military and business, have home offices in both Washington, D.C. and Baltimore. Many employees who saw the beginnings of these entities were grandfathered in with regards to pensions and benefits, which means that their retirement and benefits packages are exempt from modern day business machinations. Maryland is, in addition, the home base of the space program, medical research facilities, military testing and research facilities, aerospace corporations, to name a few. These entities are heavy hitters, employing thousands of persons. Maryland retirement planning means that when these persons retire, they generally stay in the area to maintain contact with company and medical resources.
Maryland contains medical facilities of world class. Johns Hopkins University Medical Center in Baltimore trains physicians world-wide and is top of the line in medical research and practice. The University of Maryland Medical Center eclipses others in quality medical care. Bethesda Naval Hospital in Washington, D. C. is where the military goes to be treated and is where the President is taken for care should he require such help. Walter Reed Medical Center is also located in Washington, D. C. and gets its share of military and government entities to treat and shares world-class status.
Environment
That’s a lot of power in such a small area. Maryland retirement planning takes into account access to the best available in corporate and medical benefits and how to tap into them. But that’s not all Maryland has to offer. The state is simply beautiful, incorporating sandy beaches on rivers and the Atlantic Ocean with mountainous terrain near the Pennsylvania state line in addition the the beauty found in a country atmosphere close to the West Virginia state line. Getting away from the choking smog of industrial business is a simple matter of driving into the hills to breathe thinner, more healthful air. It is not a long drive and the benefits of country-style living are myriad. With plenty of grass and water to walk on and swim in, a healthy retirement is as close as the Eastern Shore.
Weather and Climate
Retirement in Maryland is about a humid, sub-tropic climate in the summer which is well suited to those with arthritis and other joint problems. Maryland’s winters are usually mild with some snow, despite the 2010 blizzard which dropped 10 1/2 feet of snow on it. With a generally normal climate, Maryland offers comfort to those seeking genteel weather conditions without the extremes in heat of southern states nor the other direction in northern mid-west states. While hurricane conditions can cause some problems occasionally, they aren’t as bad as other east coast states which get hit frequently and violently, which usually means a bit of rain and wind.
Hotspots
Retirement in Maryland is also about entertainment and shopping. Some of the finest acts in the performing arts come to places like the Warner Theater and Wolf Trap for the Performing Arts. If a comedian wanted to fill a stadium, he’d choose Raven Stadium in Baltimore. Musical artists would opt for the Lyric Opera House Theater in Baltimore or Merriwether Post Pavilion in Columbia. For shopping, there is Macy’s, Saks Fifth Avenue and Neiman Marcus. Both Washington, D.C. and Baltimore boast a zoo and museums abound plus the Smithsonian Institute in Washington, D.C. For those more physically inclined, a walking trail twenty miles long extends from the old pier on the Chesapeake Bay in Annapolis into Baltimore. In September the Renaissance Festival is sure to please any who enjoy medieval entertainment.
Locations for Retirement
Popular retirement areas in Maryland include Annapolis, a city quaint with history. The United States Naval Academy resides in Annapolis. It is a quiet little town where people know everyone else and walk around the small area as people do in small towns. Fine dining, sailing and some feral football games in the Naval Academy Stadium are available to residents in addition to lovely parks with walking, swimming and horseback riding facilites. Ocean City, on the Eastern Shore, is a popular retirement area, far from the madding crowd. Salty Atlantic air, the rush of the water in the ears, the feeling of being at the end of the land can be quite attractive to a retiree wanting to see the last of cities, trucks, traffic and crowds. Ocean City is a summer resort but it’s a different lifestyle which could be a draw for a retiree. Salisbury is also located on the Eastern Shore but closer to the Chesapeake Bay and the western shore. A simple country town, Salisbury is quiet and conducive to elegant country living which could be appealing to a retiree tired of cities and the hustle and bustle.
Maryland is one of the richest states in the Union with a median income of between $70,000 and $100,000 but that doesn’t mean housing is impossible to afford. The further away from Washington, D.C. and Baltimore one gets, the cheaper it is to find affordable housing. Retirement communities populate all Maryland counties and range from single family homes priced at around $200,000 to condominium facilities priced about the same. These prices are cheaper than the usual single family home priced beginning at about $280,000 up to $750,000. Communities furnish home maintenance and repair, entertainment facilities including exercise rooms and swimming pools, while most have access to shopping and other entertainment. All are near medical facilities.
For retirees with a company or military pension or Social Security payments, Maryland retirement planning need only cover their rent and utilities. If their mortgages are paid off, retirees need only pay their property taxes, maintenance and utilities. Their taxes should decrease since they no longer work, so innovations such as reverse mortgages for qualified persons could aid in supplementing their savings. Some retirees find working a part time job helps to provide entertainment funds for dining out and movies, concerts and day trips to the museum. Others use part time jobs to supplement the savings account in the instance disaster happens or their children need help.
Using a Retirement Calculator
A retirement calculator will calculate what the retiree will need to live comfortably in retirement based on pertinent criteria.
Goals
*Current age.
*Desired retirement age. For those born after 1960, retirement age is 67.
*Life expectancy.
*Current income.
*Annual raise.
Savings
*Savings
*Retirement funds, i.e., 401k, IRA
*Company matches
Portfolio
*Ranging from conservative to aggressive
*Includes treasury bills, stocks and bonds
Result
*Your needs, which includes inflation by retirement age
*Your chances of making it, 90% chance and so on
So based on these steps, the retiree, at 51 years of age, who has worked for twenty years has an income of $100,000. His savings after twenty years is $20,000 and his 401k is at $200,000. The calculator says this fellow will need $400,000 in investments to supplement his income in retirement. Part of this need will be filled with Social Security and pensions, if any, but the bulk of the need will require making up in investments. For the retiree with less lofty income and investments, the needs differ. If this retiree, at 51 years of age, only makes $40,000 per year and has worked for twenty years, he may have no 401k and small savings, even if only his life insurance. Using those values, the calculator says that this retiree will need $16,000 per year in retirement. Part of this need will be fulfilled by Social Security, but this guy will need to invest to the tune of $45,000 by retirement in order to live comfortably.
Then there are those who will have no pension to rely upon but must work through their retirement. For these people who have little to no savings, working to pay the rent and utilities is routine and will not change. Savings in later years may be possible because the children will be grown and gone, leaving less to pay for and a little more to save. Taxes will decrease as age increases, making some savings more viable. Suitable wardrobes will be a thing of the past as will be less packed lunches or money to go out to lunch. Expenses will be cut in half, allowing for more savings.
Saving for Retirement
Tips on how to save more money prior to and during retirement could include buying groceries in smaller cans and boxes and then portioning the foods, when cooked, into meals ready to eat. Aluminum or cardboard trays can be found in many dollar stores and food markets and can be used to hold nutritious individual meals that can be reheated in the microwave. This saves on the power bill as well. Washing the laundry will become a once a week thing, now that the children are gone and smaller loads will save money as well. If the retiree spends a lot of time in front of the TV, cable could yield inexpensive entertainment, news and movies instead of paying for dinner and movie tickets. Taking a small stroll down the street or through the park or the mall with the intention of exercise will give the retiree something to do and see that won’t use electricity nor paralyze his knees and will get him some fresh air. Hobbies can be pursued now that couldn’t be kept up with during the working years which will give the retiree not only something to enjoy, but could net him some extra cash if he teaches about this hobby or repairs someone’s pieces of the same hobby. Money saved using these and other savings methods can be used to fund retirement.
Financial Planners in Maryland
Maryland is home to many financial institutions as well. Wealth management, college tuition funding, investments, retirement planning all fall under the aegis of financial management. Some heavy hitters in financial management in Maryland are listed below.
Legg Mason
Begun in Baltimore in 1899, Legg Mason has grown into a global entity with affiliates world wide. With over $668 billion in managed assets worldwide, Legg Mason and its affiliates manage both individual and corporate entities. Its managing partners include banks, insurance companies, stock brokerage firms. and individual advisors.
*Legg Mason trades on the New York Stock Exchange (LM).
*Legg Mason has two divisions: Americas and International
Legg Mason is a group of asset management firms, or affiliates, who has proven their investment expertise. The investment affiliates of Legg Mason are among the leaders in their areas of specialization, with unique investment approaches. The Legg Mason affiliates provides clients with equity, fixed income, liquidity and alternatives solutions, from mutual funds to college savings plans to retirement funds. Legg Mason affiliates operate exclusively, with each affiliate pursuing its own investment philosophy and process. These provide value for their clients. Legg Mason provides global distribution.
Edward Jones
Edward Jones was founded in 1922. It currently has over 12,000 offices across the country, staffed by one broker and one general manager. Edward Jones serves both individual investors and small businesses. It is not publicly traded, but a limited partnership. With more a small-town atmosphere, Edward Jones serves individual investors with programs for investments, retirement, education, savings, estate planning and much more. Edward Jones has consistently amassed awards by top publications for over 15 years.
Money Plans
Money Plans is located in Silver Spring, Maryland. Run by two ladies highly educated and qualified in financial planning, from college funds to retirement funds. Peg Downey and Denise Leish focus on a customer relationship, treating their accounts as sacred. Your financial plan will encompass income, taxes, insurance, education, health and wellness and much more with a comprehensive savings plan in mind. Working with each individual investor means a more personal relationship, with your portfolio of paramount importance.
Citibank
For those retirees preferring the solidity of banks, Citibank is available with a financial plans package tailored to either the individual managing his finances or an advisor managing them. Using the same products, Citibank manages everything from wealth management to education to retirement. Citibank trades on the New York Stock Exchange and has 1.1 trillion in assets. Branches everywhere can help the retiree formulate a plan and invest it.
If a business doesn’t have a page online, it soon goes out of business, since many things are done online nowadays. It’s a digital world and the retiree would profit from conducting his retirement financial management online. Advisors exist who can walk the retiree through the company’s pages and can advise the retiree on buying and selling of stocks in his portfolio. The retiree enjoys a hands-on management of his personal finances with more of a say in how that management profits him. This can be quite attractive to someone recently freed from corporate life.
Conclusion
Maryland retirement planning is about dreams. It’s about living in a place surrounded by the beauty and bounty of nature in addition to being surrounded by the power of military, government and big business might. It’s about tapping into the medical knowledge abounding in Maryland and tapping into the entertainment to be found there. Retirement in Maryland means no hustle and bustle anymore; it means watching the traffic go by while sitting on the veranda enjoying coffee and croissants. Sounds a bit like Tara? Well, why not?
The retiree has something at his disposal that will manifest those croissants on the porch of Tara; he has experience. He has picked up along the way tips and secrets of saving and implementing his plans for retirement from co-workers, his bankers and his family. He has many more tips and secrets at his disposal from online sources and may implement them himself or he may opt for an advisor and just sit back, watching the zeros accumulate.
Retirement is because the retiree is now free from schedules and the out basket. He can enjoy his time and foster a new relationship with his family. Planning for that magic time need not be a cause for worry even if the retiree had no pension nor viable plan beforehand. Retirement can mean a simpler lifestyle drawing social security benefits while still working a part time job, lecturing as a guest speaker concerning his former career or area of specialized knowledge, or making profitable his hobbies. Retirement plans exist through many institutions and can be implemented at any time for the retiree’s comfort and knowledge. Tara’s veranda will be within reach.