Connecticut retirement planning is important for seniors so they can enjoy their golden years. There are many important aspects of retirement planning, including choosing the right place to live as you get older. For people who live in the West Hartford area, the news is good: you are already in one of the best places to retire, according to a report from Patch.com.
The place where you live is going to have a big impact on your quality of life during retirement, but other issues also matter as well. For example, it is important to make sure that you have saved enough money to retire comfortably and it is essential to ensure that you have taken steps to protect your assets in case you or your spouse have to go into a nursing home and you face costly nursing home bills.
Nirenstein, Horowitz & Associates can help you with these aspects of planning for retirement, and with taking many other steps to get ready for the aging process. We provide assistance to people of all ages, so give us a call at 860-548-1000 to speak with a Connecticut retirement planning lawyer who can help you.
West Hartford Named a Top Place to Retire
According to The Patch, Connecticut has been ranked as the third-worst state in the United States for retirement. Connecticut has a reputation as a difficult place to retire because of the high cost of living in the state and because it is one of just 14 states in the United States that taxes Social Security benefits. Pension income may also be taxable in Connecticut as well, which can eat into the money a retiree has to live on.
While it may be expensive to live in Connecticut during retirement, one reason why it is expensive is because it is a desirable place to live. Connecticut is very close to New York City, with all of the entertainment, cultural, and dining options that New York City provides. The close commute to New York City brings in people with some of the nation’s highest incomes, which means that the price of real estate in places like Fairfield County is astronomical.
Connecticut is also a costly but desirable place to live because there are more than 100 miles of coastline in Connecticut along the Long Island Sound. This provides beautiful views and opportunities for outdoor water activities. The downside is, the water proximity also makes the cost of living around 30 percent higher in Connecticut than the national average cost of living.
Despite the reputation as a high cost area, however, Connecticut still has some spots in the state that are ranked highly in terms of being attractive to retirees. The Patch lists the top 100 towns and locations within the state of Connecticut, with the assessment of how desirable a place is for retirees based on factors such as weather, healthcare access, number of retirees, and access to entertainment. West Hartford came in at number 36 on this list, putting it in the top 50 of the locations in the state which is best for retirees.
Among the other top locations included Heritage Village, which was number one, as well as Essex which was number three and Berlin which was number 10. The complete list can provide you with insight into which locations in Connecticut may be your best options for enjoying your retirement within the state.
Getting Help from A Connecticut Retirement Planning Lawyer
Nirenstein, Horowitz & Associates can provide you with assistance determining how much money you need to retire comfortably in the places in Connecticut where you would most like to live. The sooner you begin making your plans for where to retire and for what you want to do during your retirement, the more easily you will be able to accomplish your goals. Knowing what you need to have saved in order to have a secure retirement can make it possible for you to set up your savings planning early and for you to take advantage of tax-deferred accounts while using compound interest to help your money grow.
Nirenstein, Horowitz & Associates also provides help to retirees in making their money last and in protecting their valuable assets so they can enjoy their golden years. To find out more about the ways in which we can help you during retirement and about the importance of retirement planning, join us for a free seminar. You can also give us a call at 860-548-1000 or contact us online to speak with a member of our legal team for personalized help.