Whether you’re currently a Connecticut resident or you’re planning to move there when you retire, it’s important to do your research and ensure that you’re financially prepared for the realities of living in the state on a fixed income. Here are five facts about retirement in Connecticut:
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1.
Fair and Balanced Retirement Plan - The state is currently conducting a study to develop recommendations about a fair and balanced retirement plan for state residents. While the Connecticut Legislature rejected Senate Bill 249 last year, which would have made it mandatory for businesses in the state to provide a retirement plan for employees, a committee of lawmakers, regulators, and retirement plan providers is exploring alternate solutions to make retirement in Connecticut more affordable.
2.
Lots of Coastline - Connecticut is a great retirement choice if you want to live near the water. And your options aren’t limited just to the ocean. In addition to hundreds of miles of coastline, the state is crisscrossed by four major rivers and contains a bevy of inlets and bays. Whether you like relaxing with a cocktail on the beach or you’re a water sports enthusiast, retirement in Connecticut delivers.
3.
Good Company - According to the U.S. Census Bureau, 15.2 percent of Connecticut’s population was older than age 65 in 2013 (the most recent year for which data is available). This is above the national average percentage of seniors which is 14.1 percent.
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4.
One of the healthiest states in U.S. - Connecticut is ranked fourth for the health of its residents, based on 26 factors measured by United Health Foundation. Despite this, however, there are still significant challenges; 10 percent of adults in the state have diabetes, with almost 60 percent categorized as overweight or obese.
5.
Improving Lives of Seniors - The state’s Legislative Commission on Aging is charged with providing more “livable communities” for older adults, including factors like affordable and accessible transportation, housing, and public spaces and diverse options for community support and engagement for those older than age 65.
Despite the challenges of retirement in Connecticut such as a high cost of living and high tax area, these factors may persuade you to plan ahead and save so that you can take advantage of Connecticut's unique opportunities for seniors.
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