Tags: Retirement | retirement | Connecticut | myths

4 Myths About Retiring in Connecticut

By    |   Saturday, 30 May 2015 08:09 PM

While it’s true that retirement in Connecticut is more costly than in most other states, there are many prevalent myths about what life is really like for seniors who live there. Here's the truth behind four oft-repeated “facts” about retiring in the Nutmeg State:
    Free Retirement Calculator: When Can You Retire? — Click Here to Find Out

  1. You Have to be Rich to Retire in Connecticut - The fact is that many seniors living in the state are of modest means. According to a report by the Commission on Aging, Social Security is the only income for one in five seniors in the state, and 40 percent of those are women. With just a single income stream, it can be difficult for those older adults to meet basic standards of living. The good news is that the commission is actively working on an initiative to provide economic security to all seniors retiring in the state.
  2. There’s No Affordable Housing For Seniors - While many areas of the state are quite pricey, if you do your research you can find plenty of livable towns where housing prices and other living costs are lower than the state average. These include East Lyme/Niantic, if you’re interested in retiring in a shore town; New Milford, if you’re interested in small town life with plenty of cultural offerings; or Middletown if what you’re looking for is a close knit community with easy access to all the state has to offer. 

  3. How Soon Can You Retire? Free Test Shows You When — Click Here

  4. Buying a Home is Cheaper Than Renting - This is only true in Connecticut if you have already paid off your mortgage (a smart move if you’re striving for retirement). The Commission on Aging estimates housing costs that are substantially higher for those adults who still have a mortgage payment compared to those who rent; however, rural communities are your best bet if you are looking to save on housing costs and do not own your home outright. 

  5. Connecticut is the Worst State in Which to Retire - While much is made of the high living costs of retirement in Connecticut and the state’s larger than average tax burden for retirees, it’s also one of the states that’s making the most innovative progress in financial reform for seniors. The state is currently researching a plan that would provide state-funded pensions for all of its residents. 

Though retiring in an expensive state can be challenging, these facts show that retirement in Connecticut might be more attainable than you think.

An Extremely Simple Way to Determine If You're Ready to Retire — Find Out Now

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While it's true that retirement in Connecticut is more costly than in most other states, there are many prevalent myths about what life is really like for seniors who live there.
retirement, Connecticut, myths
461
2015-09-30
Saturday, 30 May 2015 08:09 PM
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