For many people, retirement offers the time and opportunity to travel and explore new endeavors they never had the time for during their working years. If you share the same wish, you likely want to move to a location that provides a thriving, diverse community with multiple activities and relatively nice weather year-round. As one of the best places to retire, Houston, Texas, fits this description as well as a big city can. Discover five reasons to consider relocating to Houston as part of your retirement planning strategy.
1. Cost of Living
Compared to similar cities in other states, Houston offers a much more affordable cost of living than the national average. While some smaller Texas cities are less expensive, they may not have the same opportunities as Houston.
Texas also doesn’t levy individual income tax, as doing so is against the state constitution. In other words, your retirement benefits, such as your pension, 401(k), and social security income aren’t subject to income tax. What’s more, groceries, medications, and similar necessities don’t incur sales tax, further lowering your cost of living.
2. Climate and Environment
If you want to get outside more and explore natural beauty during retirement, moving to a big city like Houston may seem counterintuitive. While it certainly has metropolitan areas, Houston also offers many natural settings. Houston Parks and Recreation Department runs hundreds of parks and greenscapes, as well as more than one hundred miles of trails for hiking and biking.
Additionally, Houston maintains warm weather nearly all year. This climate provides more time to devote to outdoor hobbies, like hiking, gardening, or setting sail for a relaxing boat ride on the water. While it can get hot in Houston, it’s a dry heat, not the muggy heat that makes going outside uncomfortable. Living in a warm climate may also persuade your children, grandchildren, and other friends and family to visit more often, especially if they live in a state prone to cold and snowy winters.
3. Attractions and Activities
From museums to shopping centers, Houston offers enough activities that retirees can find something new to explore virtually every day. It also makes it more fun to plan days with your grandchildren when they visit. The following are just some attractions to explore in the city:
- The Museum of Fine Arts, Houston
- Houston Museum of Natural Science
- Houston Space Center
- Houston Zoo
- Downtown Aquarium
- Minute Maid Park
- Toyota Center
- The Galleria
Like other big cities, Houston is close to small towns that offer unique attractions. You can set up day trips with new-found retired friends to visit these cities and explore what they offer.
4. Dining Options
Outside of hobbies and attractions, a significant part of new experiences is trying out different food. Houston boasts thousands of restaurants that feature a variety of cuisines, from traditional Southern food to upscale dining to international fare. Some Houston restaurants have also won awards or made lists for the top establishments in the area.
5. First-Rate Healthcare
A key aspect of retirement planning is healthcare planning — will you have the financial resources to cover medical costs in retirement? Those who relocate to Houston can rest easy knowing the city has the largest medical complex worldwide, Texas Medical Center (TMC). Outside TMC retirees, will find many hospitals close to home that employ some of the most qualified doctors and specialists in many fields.
Seek Retirement Planning Guidance from Park Place Financial
Is Houston a good place to retire? While there’s no doubt the city offers numerous benefits for retirees, the answer ultimately depends on your specific needs, wishes, and projected income. For sound retirement planning services, turn to the certified financial planners at Park Place Financial. Our team uses a well-constructed process to make the most informed recommendations, which includes:
- Establishing the client’s financial lifestyle by reviewing their spending habits or income tax return, factoring in inflation where necessary
- Analyzing employer-sponsored retirement plans, social security, and other guaranteed income sources to determine how to optimize them
- Weighing lifestyle spending against guaranteed income to figure out how much is needed in accumulated assets to make up the difference
- Also involves a careful assessment of the investment risk required to meet lifestyle spending
- Selecting investments that have the most potential to meet lifestyle spending needs with guaranteed income
We work collaboratively at Park Place Financial, allowing clients to take advantage of diverse expertise and perspectives. As fiduciaries, we always place our clients’ interests above our profits and operate with the highest level of transparency in all our dealings. Contact us for help creating a customized retirement plan, or schedule your complimentary financial checkup today.
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