1 state to retire in, Virginia has taken the top spot this year, according to personal finance website WalletHub's “2023′s Best States to Retire” study. WalletHub evaluated all 50 U.S. states in three key categories: affordability, quality of life and access to health care.
Countries Natixis ranked as secure retirement locations are mostly concentrated in Europe but also include New Zealand and Australia. The top three countries in the rankings are Norway, Switzerland and Iceland, all of which have life expectancies of 83 years, compared to 77 in the U.S. and the world average of 72.
Best Age To Retire for Tax Purposes Super
The best age to retire for tax purposes in Australia when it comes to superannuation is age 60. Generally, all withdrawals over age 60 from superannuation are received completely tax free. The only exception is if your balance includes a taxable (untaxed) element.
67-70 – During this age range, your Social Security benefit, if you haven't already taken it, will increase by 8% for each year you delay taking it until you turn 70.
This obviously depends on what annual income you want to fund but if you want to be able to afford a comfortable retirement—which is an income of just over $48,000 a year for a single according to the ASFA Retirement Standard—then you need a balance of at least $500,000.
“Queensland's known as the Sunshine State. All those rays and the laid-back lifestyle might be among the reasons why it's Australia's happiest state,” Bayliss said.
“U.S Treasury securities are considered the safest investment option, as they are backed by the full faith and credit of the U.S government. These investments come in several forms such as savings bonds, treasury notes, treasury bills, and more,” Chavez said.
Social and Political Climate in Australia
Australia has a low crime rate and is a relatively safe country. However, as with most destinations, retirees should act with caution, especially when out in the city at night. Homes and cars should be kept secured when unoccupied.
Cape Coral, Fla. With its desirable climate and favorable tax status, Florida is filled with popular retirement destinations. Many of our favorite retirement spots in the Sunshine State can be found along the Gulf Coast including St. Petersburg, Sarasota and Punta Gorda.
Virginia. While it may not be the first state that comes to mind when we mention retirement, Virginia has been rated the top state to retire in based on its quality of life, healthcare services and affordability, according to a study done by WalletHub.
1. Mississippi. Coming in as the cheapest state to live in in the United States is Mississippi with a cost of living index score of 83.3. It also has the lowest average housing costs in the nation at 33.7% below the national average.
People seeking a life in Australia have a good reason to put Canberra, the Australian capital city, on their priority list. A new survey by the University of Canberra's Health Research Institute has found that the city's residents are happier on average than people in other Australian cities.
Census data shows more people moved interstate to Queensland than any other state or territory in the five years to 2021.
The most expensive place for housing in Australia is Sydney. Including utilities, it's 48.51% higher than the cost of Adelaide, which is the least priciest capital city.
The worst performing states are Tasmania, with incomes 26% below the national income and wealth average, as well as South Australia which is 19% below the average household income and 20% below the national net wealth.
According to the 4% rule, if you retire with $500,000 in assets, you should be able to take $20,000/ yr for a 30-year or longer. Additionally, putting the money in an annuity will offer a guaranteed annual income of $24,688 to those retiring at 55.
The amount needed for retirement will be different for everyone, but for most people $2 million will be more than adequate. Here's a simple example of how a person could utilise that $2 million dollar amount over a 30-year period (60 to 90 years-old):
Many Americans target $1 million as their "dream nest egg" for retirement, but the truth is that in many states, even $750,000 can be more than enough. Although your longevity and your lifestyle can greatly impact how much you'll need for a successful retirement, the state in which you live can also play a big role.