One of the biggest concerns with retirement is having enough money saved to be able to do it. Many people do not think about retirement until they are well into their 30′s and 40′s, and at this point, they need to work extra hard to save enough money to retire at the retirement age of 65. Retirement is something that should be well planned for, and started in your early 20′s, if at all possible.
Be Financially Prepared for Your Retirement
Experts agree that you will need to save at least 70% of your employment earnings in order to retire and maintain the current lifestyle that you have. While it is true that Social security benefits may be offered, these benefits usually pay only 40% of your employment earnings, leaving you to cover the additional 30% of the money. Take into consideration debts that you may also have upon reaching retirement, including mortgages or car payments. The amount of money needed to retire on should also include expenses for medical bills, prescriptions, traveling, and entertainment. It is always best to try to have these debts paid before retiring, if at all possible. To help you better understand the amount of savings you need to accumulate each month, online calculators are available. Retirement specialists are also available to assist with the sometimes complicated financial aspects of retirement.
Retirement Savings Plans
Many people choose to take out 401K retirement plans or IRAs to assist them with their savings goals for retirements. Each of these are designed specifically to offer retiring persons a way to save money once they reach the glory years. 401K retirement plans are available through most employers. If a 401K retirement plan is not available through your employer, ask your employer to start one. These plans can also be obtained through law firms and other retirement specialists throughout the state. Five different types of IRAs are available, and can be made through your employer or a Financial Adviser in the state. Each of these retirement plans create an easy way for you to save for retirement, and both offer tax advantages for doing so. Many employers will odder an additional percentage to help contribute to your savings plan.
Why Retire in West Virginia?
West Virginia is one of just two American states formed during the American Civil War in 1861 and is the only state to form from a Confederate state. The history of the state was affected by the glorious mountains and beautiful terrains, which are still present today, and just as important for those wishing to retire in the state.
The place of retirement is another important consideration that you must make. The area you choose should be friendly for retirees and offer, amongst many other benefits, a low cost of living. West Virginia offers affordable housing as, low cost of living, and many other desirable factors for retirees. Cost of living rates are recorded as 23% less than the national average. The entire state has low crime rates, something that is always desirable amongst retirees. Currently there are six cities in the state certified as Retirement communities. These cities include Morgantown, Mountain Lakes, Nicholas County, Mercer County, Mountain Roads, and Summers County. Nearly 35,000 retirees have chosen one of these wonderful West Virginia cities to retire in. Morgantown was recognized as the number one metropolitan area for health care services for retirees, and the town also offers five top quality health care facilities in the area.
The Natural Beauty
In addition West Virginia is one of the most beautiful states that you will ever set eyes upon. The entire state is full of natural beauty, mountains, and culture experiences to fall in love with. Studies have shown that many West Virginia towns offer a higher quality of life than typical in the United States. For those looking for quiet, relaxing, comfortable days, West Virginia is not as populated as many other states. In fact, the state is 12.8% less populated than most U.S.cities.
Weather
Weather is also another factor bringing retirees to the great state. West Virginia has four seasons, with warm summers and cool winters. The average temperatures in the state reach 72 degrees in the summer and 32 degrees in January. Temperatures can slightly vary according to the area of the state.
Taxes
Taxes are also important for retirees, and in West Virginia, tax rate is six percent. Food for home consumption is taxed at a rate of three percent. Prescription drugs, including insulin, and purchases made with food stamps are exempt from these sales taxes.
Activities
Once retirement age has come, enjoying the years is just as important as anything else. West Virginia offers an abundance of activities seniors will enjoy participating in. For retirees who enjoy the great outdoors, there could not be a better choice than the wonderful state of West Virginia. Outdoor activities are in full force in West Virginia. There are many lakes to enjoy water activities such as boating, fishing and white water rafting for those who enjoy an active lifestyle. Other outdoor life is found in West Virginia. There are many wilderness trails perfect for hiking or camping. Golf enthusiasts will fare well in the state, with many golf courses throughout to catch a bit of time on the green. Many retirees in the state find that enjoying a nice, quiet, and relaxing evening at home is one of the best things to do in the state, and you can rest assured that a beautiful West Virginia day offers plenty of peace and tranquility, just what you need once you have reached the golden days of retirement.
Along with the many outdoor activities and fun at home, West Virginia offers plenty more for those who choose to retire in the state. From college sports to art and museum, their is always plenty of activities to keep the days and nights full of entertainment.
Who Can Help Me With Retirement Planning in West Virginia?
Choosing to rely on professional assistance from a retirement specialist or Financial Adviser in the state is a choice many retirees make. These people are trained to help make the best decisions for your retirement, and can also answer all questions that you may have regarding the financial aspects of West Virginia retirement.
Morgan Financial Group
Morgan Financial Group is an excellent choice to assist you with retirement planning. Located in Martinsburg, West Virginia, Morgan Financial Group is dedicated to serving the retirement community with professionalism and knowledge that is much needed during this time. The company offers several different types of IRA’s, 401K planning, retirement planning, and many other services needed by retirees.
Retirement Planning Specialists
Retirement Planning Specialists is another great choice for those seeking financial advice concerning their retirement. Customized programs are available to address each person’s specific needs and concerns regarding their retirement. Retirement calculators are available to help you accumulate how much money you will need to save each month to comfortably retire on, as well as many other services for retiring seniors, including 401K and tax forms. The organization brings more than 20 years of professional service, with thousands of satisfied clients with it.
Hoxton Financial
Hoxton Financial is one of America’s leading comprehensive wealth management firms. Customized programs are designed to improve your long term financial success. The company is committed to client’s goal, and objectives are customized to suit each client’s needs. The company offers more than 15 years of experience to the West Virginia area, with professional, friendly, and knowledgeable employees for all of you retirement planning needs. The company or person that you have chosen should also be someone that you are comfortable with; a very important factor in any relationship, especially when money is involved.
There are many other financial advisers in the state to choose from. The adviser that you choose should be chosen based on a number of different criteria, including the willingness to answer all of the questions that you may have, there license in the state, and their willingness to work on a one on one basis with you to serve your needs individually.
Is West Virginia Right For Me?
West Virginia is a state offering so much for those who have reached retirement age. From the many excellent activities available year round to top of the line health care and activities to suit any interest, West Virginia is a state many seniors are proud to call home. The place that you choose for retirement should be based on personal preferences, as well as cost of living. Hundreds of thousands of people can not be wrong in choosing West Virginia for their retirement community.