Mississippi Retirement Planning

Mississippi is an ideal state for retirees, offering the friendliness and hospitality of the deep south. The state has a total of 21 counties certified as retirement cities. To be considered as a retirement city each of these towns underwent a three month process given by Hometown Mississippi Retirement, the state’s retiree attraction program. Many considerations are taken for these cities to be included, such as affordable cost of living, low taxes, low crime rate, outstanding medical care, recreation events, education opportunities, and a welcoming community for seniors. Those 21 counties are: the Mississippi Gulf Coast, Aberdeen, Madison, Hattiesburg, Laurel, Clinton, Columbus, Picayune, Oxford, Booneville, Natchez, McComb, Brookhaven, Corinth, Starkville, Tupelo, West Point, Southaven, Vicksburg, Merdian, and Brandon. Once you have decided it is time to retire in Mississippi, the most important decision ahead is deciding the city that is right for you. All of the state’s certified cities offer small town living allowing you to live the golden years in contentment and tranquility. Oxford is home to the University of Mississippi, and Hattiesburg is often found at the top of many lists of “Best Places to Retire”. Pristine beaches are a top attraction for those retiring in the Mississippi Gulf Coast.

Area Attractions

The Landscape

Mississippi has beautiful country settings that will capture your heart, even in the larger cities. The state has greenery that stretches for miles, with large captivating trees and freshly cut lawns. You may find that sitting on the front porch drinking a glass of sweet ice tea is just as enjoyable as anything you have ever done; and when you are ready for entertainment, there is plenty to choose from throughout the state. Mississippi boasts 140 public and private golf courses throughout, along with professional hockey in baseball teams to entertain the sports fanatics. 706,000 acres of recreational water allow for many great adventures, such as boating, fishing, and swimming, and with the 28 campgrounds in the state, the outdoorsman will fondly take to Mississippi living. Hunting, hiking, and biking are all enjoyed by Mississippi residents as well. The state has more than one million acres available for public hunting, with nine National Wildlife Refuges and 36 state wildlife areas. Mississippi wilderness offers deer, squirrel, turkey, duck, geese, rabbit, quail and dove for hunters.

Low Housing Rates

Mississippi has one of the lowest per capita incomes of any state, at just $19,000. Home prices in the state are also among the lowest you will find in the United States, with the average home price of $152,900. These low rates are great news for retirees, as the state also has one of the lowest costs of living figures as well. The average cost of living in Hattiesburg(one of the 21 certified retirement cities) is 5.7% less than the national cost of living. Housing prices are also far below the national average, 8.7% to be exact. Health care costs are an important issue for retirees, and Mississippi offers health care costs that are 11.1% less that national averages.

Low Tax Rates

Combine these figures with the states lucrative tax figures meant to attract retirees to the state and you have a win-win situation! There is no taxes on qualified retirement income, including Social Security benefits. There is a bonus exemption on property taxes for people 65 and over, and the state has one of the lowest income tax rates that vary from 3 to 5%. Prescription drugs, utilities, fuel, newspapers, health care services, and payments made by Medicare and Medicaid are all exempt from the state sales tax that is set at 7%. Mississippi is rated sixth in the country for lowest taxes for retirees by Kiplinger’s Personal Finance magazine, and number one in the Sun Belt . With rates so low, Mississippi retirees have found a great way of life in the state, with more money in their pockets for the fun things in life that they have waited so long to do.

Favorable Weather

Temperatures in the state vary from one area to the other. Summers tend to be very humid, with temperatures averaging 80 degrees to 82 degrees. Because of the Gulf of Mexico on the southern coast of the state, this region tends to be warmer in the winter, with temperatures averaging 52 degrees for this area. Other parts of the state see temperatures of around 40 degrees during the winter. Precipitation in the state also varies according to area, with between 53 inches per year to 62 inches per year. Any time of the year is a fine time to enjoy the state. Weather in the state is one of the many reasons people choose to retire in the state.

Best Ways to Plan Your Retirement

While most people do not even like to hear the word retire, it is something that should be planned for well in advance. It is never to early to start planning for retirement, even for those in their 20’s. In order to retire at the common retirement age of between 62 and 65 years of age, a total of 65% to 70% of your current working earnings need to be saved. Consider the things that you want to do when you retire when deciding the amount of money you would like to have for retirement, as well as other expenses that you may have at the time, such as mortgage payments, medical bills, and car payments. If possible, pay all of these debts off before retirement. Social security payments, pensions, and savings are the three sources of income that you will have once you retire. Keep in mind that each year the cost of living expenses do increase, and that Social security benefits are never guaranteed monies, and these benefits average only 40% of your working pay, not nearly enough for retirement. You should also include money you will want for recreational activities. An online calculator can assist you in determining the amount of money that you will need to save each month based on your age. Remember, start saving for your retirement as early as possible!

A Savings Plan for When You Retire

Investing in an IRA or 401K plan is suggested. An IRA, or Individual Retirement Account, is also a fantastic tool to use to plan for retirement. An IRA is a personal savings account that provides income tax advantages to individuals saving money for retirement purposes. There are a total of five different types of IRA’s. Contributions are made to the IRA account, up to the yearly allowable amounts. 401k plans are tax-sheltered savings plans that can be started by your employer. Many 401K retirement plans will match the contributions that you make to it. A 401K retirement plan can be started as early as 25 years of age, and you are free to add any amount that you are comfortable with each pay period or each month. IRA’s, or Individual Retirement Accounts, are also fantastic tools to use to plan for retirement. Each of these retirement plans can be hard to understand, and the assistance of a Financial Adviser may be needed to help you fully understand the benefits of each of these.

Find a Financial Advisor in Mississippi

Retirement in itself can be complicated, and a Financial Adviser can help you understand the other financial aspects of retiring as well. Financial advisers in the state of Mississippi are certified and trained to help in the retirement process. They can answer all questions that you may have as well as help you plan a strategy for a perfect retirement in the state.

Mississippi has a large number of well known, qualified retirement planners and Financial Advisers in all areas that can assist you with all of your needs.

Morton Law Firm

One of those planners, Morton Law Firm, are experts in the field. The group has been in business for more than 13 years, offering top notch service in several of the retirement ares in the state.

Church, Devoe, and Associates

Church, Devoe, and Associates is another excellent choice, offering locations in multiple Mississippi cities for your convenience. Church, Devoe and Associates has been a trusted Mississippi retirement planning service since 2000, offering more than 20 years of experience in the area.

Medley & Brown

Medley & Brown is yet another fine choice to assist with all of your retirement planning and needs. Medley & Brown was founded in 1988 and is registered with the Securities and Exchange Commission as an investment adviser.

Legacy Wealth Management Group

Legacy Wealth Management Group is another company that can fully assist you with retirement planning. Legacy Wealth Management Group is based in Hattiesburg, and offers a full line of services including 401K retirement plans and HUD reverse mortgages. These companies are some of the best available in the state of Mississippi.

Whether you choose to use the services of a Financial Adviser or go it alone, retirement can be an exciting time in your life. Plan and prepare so that you are able to enjoy the time as it is meant to be enjoyed. Start saving each month, and take advantage of an retirement calculator so that you know what you should be saving now. Mississippi offers everything you could want and more in a retirement state, and you will never think twice about your decision.

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