Texas Retirement Planning

Preparing for retirement in Texas takes planning and upfront research, but enjoying a comfortable retirement in the Lone Star State will be well worth the initial investment of time. Texas is one of the top retirement states in the country boasting a warm climate, many recreational and cultural activities, and a relatively low cost of living. As retirement approaches there are a few necessary questions to consider. What strategies and steps can be taken to ensure a comfortable and enjoyable Texas retirement? What amount of retirement saving will be needed? What makes Texas a prime retirement state, and what specific locations within Texas are most appealing to retirees? Read on to find the answers to these important retirement questions, along with other helpful information about planning a retirement in Texas.

Preparing for a Retirement in Texas

Retirement can often last well over 25 years, so the best way to ensure financial comfort over a span of many years is to start planning now. When planning for retirement, there are several key financial tips and strategies to keep in mind.

Investments and Savings

For starters, investments and savings should be taken out of earnings before anything else is deducted, and living expenses should be reigned in to fit within the remaining post-savings income. Saving and investing are vital to ensuring a comfortable retirement. There are numerous savings and investment options both within a company and without. Employees should always check what benefits and investment options are available through their companies before choosing to invest privately. Many companies will contribute to or match employee savings up to a specific amount.

Pay Attention to Withdraws

Another way to ensure a comfortable retirement is to increase retirement savings with each new raise or pay increase. If at all possible, avoid withdrawing any retirement savings prematurely, as this can negatively impact retirement planning and potentially delay retirement. If these steps haven’t already been taken, begin now to ensure a comfortable Texas retirement.

Adequate financial planning is one of the first, and most important, steps to determining the amount of savings needed to maintain a comfortable lifestyle during retirement. Retirement planning is not an exact science, so it is important to continually review all retirement and financial plans. As retirement approaches, retirement savings and projections will become much more predictable and stable.

Creating a Retirement List

The first step to estimating a savings amount needed for retirement is to prepare a list, or budget, of any and all expenses that will be carried over to retirement. A good estimate for retirement planning is to save enough to provide a retirement income that is 75-85% of current income. It is also a good idea to list information detailing all current assets and liabilities. Determining housing and living expenses, along with deciding how many cars to keep, will help in setting realistic and attainable savings goal. It is beneficial to consider what leisure activities, lifestyle changes, and added luxuries will be added or removed during retirement. Decide how much travel will be desired during retirement, and if any financial support for adult children will be needed. It is important to think of anything extra that may require additional funds during retirement, and add it to the retirement planning budget. Health care and other cost-of living increases should also be taken into consideration during retirement planning.

As planning progresses, consider what is already available through social security, pension plans, and other benefits and savings before figuring what is still needed to accomplish specific retirement planning goals. Set a reasonable and attainable retirement goal, and stick to the plan. Retirement plans should be reviewed often to keep track of any important changes. Proper retirement planning will ensure a comfortable and enjoyable Texas retirement.

Choosing to Retire in Texas

In Texas, everything is larger than life, and and there is plenty of room to roam and explore. Texas is the second largest state in the country, and a prime retirement location. It is comprised of many unique large cities, quaint small towns, and everything in between. Texas has a wide array of scenery including spectacular mountains, coastal beaches, plains, deserts, prairies, rolling hills, grasslands, bayous and canyons. Texas offers an abundance of attractions including arts and culture, beaches, fine dining, theme parks, historic sites, museums and art galleries, outdoor activities, golf, ranches and rodeos, shopping, professional sports, musical venues and much more.

Tax Options

There are no state taxes, state inheritance taxes or estate taxes in Texas. State sales tax rates range from 6.25% to 8.25%. Cost of living is low, and housing is affordable.

Retirement Communities

As of 2010, there were 35 desirable, certified retirement communities in the state of Texas with new communities being added regularly. These communities can be found in many locations including

• Lufkin
• Athens
• Nacogdoches
• Cuero
• Longview
• St. Augustine County
• Odessa
• Winnsboro
• Palestine
• Panola County
• Duncanville

Health Care Benefits

Texas has one of the best healthcare networks in the country. From large, state-of-the-art hospitals and facilities to highly rated private practices, Texas has an enormous selection of medical facilities. Regional medical centers, located all across the state, give all retirees access to fast, high quality medical care. Warm weather and mild winters make Texas a great state for outdoor activities such as golf, fishing, tennis and boating. In many southern cities golf is played year round.

Top Places to Retire in Texas

Texas has many exciting big cities as well as charming small towns making it the perfect retirement location for any taste or style. The biggest cities in Texas include Dallas, Fort Worth, Houston, Austin, and San Antonio. There are many great retirement spots in Texas, but a few of them are consistently rated among the top locations to retire. With many activities and planned communities for seniors, low costs of living, great climates, and numerous attractions, it’s not hard to understand why. Listed below are a few of the many popular locations for those planning to retire in Texas.

Austin

Austin, TX is first on the list. Austin was recently rated #9 in Money Magazine’s 2010 list of ‘Best Places to Retire’. Austin, the capitol of Texas, has a population of approximately 800,000 people, and 22% are over age 50. Best known for it’s wide variety of cultural offering, Austin is bursting with music, film and other fine arts. The University of Texas at Austin offers opportunity for life-long learning through its enrichment classes and travel opportunities offered to retirees. It is also home to the Texas Longhorns. Austin is considered a “green” city, and is home to Dell Computers. There are numerous active adult communities located around Austin, TX.

San Antonio

San Antonio, home to over 1 million people, has been ranked #4 in Fortune’s, ‘5 Great Places To Retire’ list. San Antonio has an average of 225 blue-sky days per year. There are several military facilities in and around San Antonio, making it a popular retirement location for veterans. Property values in San Antonio have been nearly untouchable throughout the nation’s current housing and economic troubles. Southern Living Magazine named San Antonio the best southern city in the U.S. to spend the holidays. One of San Antonio’s most popular attractions is the River Walk which boasts an array of restaurants and shopping, along with a museum, art displays, river boat cruises, and lush landscapes. The Alamo is just a short drive from San Antonio. San Antonio is a wonderful Texas town in which to retire.

Corpus Christi

Corpus Christi has a population of around 300,000 and has regularly been included in several ‘best and most affordable places to retire’ lists. Located on the southern coast of Texas, Corpus Christi has several popular beaches and a warm, coastal climate. Outdoor and water related activities can be found everywhere in Corpus Christi, with golf being especially popular year round. Corpus Christi is growing rapidly due to its low, stable housing costs and casual, laid back lifestyle. There are numerous retirement options in Corpus Christi from active retirement communities to older, restored homes in the city.

The Woodlands

The Woodlands is a fast growing community located about 30 miles north of Houston. It offers numerous master planned communities and a charming Town Center. The smallest of locations listed, The Woodlands population comes in at just under 100,000 people. Shopping, dining, golf and waterways are among the attractions found in The Woodlands. Houston, a short drive away, is an amazing city offering many more attractions. The Woodlands is the perfect escape from big city life.

Rio Grande Valley

The Rio Grande Valley, an area comprised of many small towns, is another popular retirement spot located on the southern tip of Texas. Less than an hour from South Padre Island, the Rio Grande Valley is bordered by both the Rio Grande and the Gulf of Mexico. Bird watching is a popular pastime in the Rio Grande Valley as is swimming, fishing and other water related activities. There are many popular beaches and average home prices fall below $100,000 making it a very affordable place to live. Rich Hispanic cultural influences can be found throughout the Rio Grande Valley. Many retirees remain busy by volunteering in this popular retirement location. Warm weather, culture, affordability, and coastal environment make the Rio Grande Valley a great place to retire.

Texas Financial Retirement Specialists

Finding a reputable financial retirement planner is vital to maintaining a comfortable and sustainable retirement plan. Good retirement planners are trustworthy and continually strive to put their clients first. Word of mouth referrals are a great way to find reputable retirement planners, and most highly regarded planners receive the majority of their new clients from referrals of happy customers. When picking a retirement planner consider their credentials along with their experience. It is also wise to find out whether a retirement planner’s compensation is commission based, fee-based, or fee-only. Listed below are several reputable retirement planners serving the state of Texas.

Safeguard Retirement Planning
Sixth Floor
Arlington, TX 76006
Map and Directions
Phone: (817) 303-2177
Fax: (817) 582-0025
www.safeguardrp.com

Senior Retirement Planners, LLC
6040 Camp Bowie Blvd. Ste. 3
Fort Worth, TX 76116
Phone: (817) 569-7600
Fax: (817) 377-3381
SRPlanners@hotmail.com

EAGLE Wealth Management Group, LLC
620 North Main Street
Taylor, TX 76574
Phone: (512) 309-4364
Toll Free: (888) 357-3245
Fax: (888) 668-0681
bomckinney@eaglewmg.com

Louis Kokernak CFP, CFA
Haven Financial Advisors
210 Lee Barton Drive, Suite 211
Austin, TX 78704
Phone: (512) 791 4335
Toll-free: (800) 898 5480
Fax: (800) 888 5480
louis@havenfinancial.com

Pensionmark Houston
9253 Elizabeth Rd
Houston, TX 77055
Phone: (832) 397-6942
Fax: (888) 340-7397
www.pensionmark.com

Retirement Investment Advisors, Inc.
6136 Frisco Square Boulevard, Ste. 400
Frisco, TX 75034
Phone: (972) 377-2850
Fax: (972) 377-2855
erin@wealthtrac.com

Robert L Wenske
Wenco Financial Advisors, Inc.
909 NE Loop 410, Suite 300
San Antonio, TX 78209
Phone: (210) 841-5680
Fax: (210) 828 8066
www.wenco-financial.com

Perry Curtis
Wells Fargo Advisors
4900 N 10th Street
Northtowne Center
McAllen, TX 78504-2781
Phone: (956) 686-0566
Fax: (956) 618-4302
g.perry.curtis@wellsfargoadvisors.com

Jeffrey G. Rhame, CFP
Miller-Green Financial Group
1330 Lake Robbins Drive, Suite 360
The Woodlands, TX 77380
Phone: (281) 364-9100
Fax: (281) 364-9101
service@miller-green.com

Sue Ricker
Ricker Retirement Specialists
6600 Naaman Forest Blvd.
Garland, TX 75044
Phone: (972) 840-3764
Fax: (972) 271-0534
sue@rickerretirement.com