What is the definition of retirement today? The old notion of juggling work and leisure with grandkids is becoming increasingly obsolete.
Many are working longer both through side jobs and full-time work, whether it's due to rising medical costs and inflation or the willingness to travel. According to the Labor Department, 1.5 million Americans who retired between 2020 and 2022 reentered the labor market.
Edward Jones's research found that 59% of Americans nearing retirement age in 2022 have postponed plans to do so.
Some, in turn, see retirement as a time to not work at all, but as an opportunity to pursue more interesting pursuits or a business.
This Is Where You Should (And Shouldn't) Retire.
Where one decides to retire can make a huge difference in whether or not those savings will last long or one will have to take on a side job just a few years later.
Realtor.comidentified Michigan's Traverse City as the number one place in the country for retirees, and the resort town was also on the same list of fast-growing retirement communities in 2021.
Realtor.com is a website specialized in selling properties.
The average single-family home's median listing price in the last 12 months was $390,000, while people over the age of 55 enjoy a vacation feel and many recreational activities.
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"House hunters who want to get into that snowbird lifestyle or who don't mind the cold can find terrific properties that are well priced, such as this wheelchair-accessible three-bedroom manufactured house for $234,000 or this downtown three-bedroom bungalow with a fabulous front porch for $399,900," according to the report.
Portland, Maine, and Salisbury, Maryland, respectively, are next on the list. While their median list prices are higher at a respective $469,000 and $430,000, both cities sit on the ocean and offer the sort of sit-by-the-water-and-write-a-brilliant-book feeling many dream about during the working years.
Possibilities open up when you look Away From Florida.
The perfect marriage of picturesque (which, to many, means by the water) and affordable is the theme across most of these lists.
Port St. Lucie, Florida, is a 195,000-person community situated at the foot of Treasure Coast and Savannas Preserve State Park. It is considerably less expensive than some of the more popular retiree hotspots. The median listing price in the last 12 years was $377,000.
When it comes to affordability, places like South Carolina's Myrtle Beach and Illinois' Bloomington outperform Port St. Lucie, but that "retirement means Florida" attitude is a difficult one to break.
Fear of cold weather might, as a result, be causing some to miss out on opportunities that allow one to trade in for a lower-cost home and extend that investment.
"Living in a sunny location with fantastic weather like Florida, California, or Arizona is still a must-have," said Realtor.com's senior economic research director.
LIST OF AFFORDABLE REIREMENT LOCATIONS CAN BE VISIT HERE.