Happiness, experts say, is U-shaped: generally speaking, we are happy/full of life satisfaction as young adults but, as we reach middle age, we become less satisfied, with a trough in one’s early 50s; from this trough we rebound to ever-increasing satisfaction levels as we age. It’s remarkable, really, considering the physical infirmities we face, plus financial worries, loss of loved ones, and more. What explains this? We become wiser and we are able to see all of life’s ups and downs with a greater sense of perspective.
But what if that’s not true?
A new working paper by Peter Hudomiet, Michael D. Hurd and Susann Rohwedder, researchers at RAND Corporation, suggests an entirely different answer: older individuals have greater life satisfaction because the less-satisfied folk have been weeded-out. And by “weeded-out” I mean that they’re dead or otherwise unable to reply, because the likelihood of dying is greater for those who have less life satisfaction. When they apply calculations to try to strip out this impact, the effect is dramatic: rather than life satisfaction climbing steadily from the mid-50s to early 70s, then remaining steady, they see a steady drop from the early 70s as people age.
Here are the three key graphs (used with permission):
First, life satisfaction plotted by age without any special adjustments:
And, third, the same life satisfaction graph, adjusted to take into account the impact of the disproportionality of deaths:
Life satisfaction adjusted for death rates used with permission
In this graph, the blue line represents the unadjusted outputs from their calculations, the orange line is smoothed, and the grey line adds in demographic, labor market and health controls, to strip out the impact of, for example, people in poor health being less satisfied and try to isolate the impact solely of age.
Here are the details on this calculation.
The data they use for their analysis comes from the Health and Retirement Study (HRS), a long-running survey of individuals age 51 and older at the University of Michigan, sponsored by the National Institute on Aging. It is a longitudinal study; that is, it surveys the same group of people every two years in order to see how their responses change over time, adding in new “refresher cohorts” to keep the survey going. The survey asks about many topics, including income, health, housing, and the like, and in 2008, the survey also began to ask life satisfaction, on a scale of 1 to 5 (”not at all satisfied” to “completely satisfied”).
One simple way of analyzing the data is to look at how life satisfaction ratings vary based on survey participants’ characteristics. The average reported life satisfaction of those between ages 65 – 74 is 3.91, just slightly below “4 – very satisfied.” But those who rate their health as “poor” average out to 3.13, or not much more than “3 – somewhat satisfied,” and those who rate their health as “excellent” average to 4.34. Those who have 2 or more ADL (activities of daily living) limitations some out to an average of 3.32 vs. 3.97 for those with no such limits. Those who are in the poorest quarter of the survey group come out to 3.7 vs. 4.07 for the wealthiest quarter. (See the bottom of this article for the full table; this table and the following graphs are used with permission.)
But here’s the statistic that throws a monkey-wrench into the data:
“On average, the 2-year mortality rate [that is, from one survey round to the next] is 4.4% among those who are very or completely satisfied with their lives, while it is 7.3% (or 66% higher) among those who are not or somewhat satisfied with their lives.”
As a result, “those who are more satisfied with their lives live longer and make up a larger fraction of the sample at older ages.”
Now, this does not say that being pessimistic about one’s life causes one to be more likely to die. Nor does it say that this pessimism is justified by being in ill-health and at risk of dying. But this statistical connection, as well as further analysis of survey drop-outs for other reasons (such as dementia) is the basis for a regression analysis which results in the graph above.
What’s more, the original “inventor” of the concept of the life satisfaction curve, David Blanchflower, published a follow-up study just after this one. One of their key concepts is the notion of using “controls” to try to identify changes in life satisfaction solely due to age rather than changes in income over one’s lifetime, for example, or other factors, and there has been extensive debate about whether or to what degree this is appropriate, given that the reality of any individual’s life experience is that one does experience changes in marital and family status, employment status, and the like.
Having received pushback for this concept, they defend it but also insist that the U-shape holds regardless of whether “controls” are used or not. At the same time, Blanchflower is quite insistent that the “U” is universal across cultures, though (see my prior article on the topic) it really seems to require quite some effort to make this U appear outside the Anglosphere, which is all the more interesting in light of the John Henrich “WEIRDest people” contention (see my October article) that various traits that had been viewed by psychologists as universally-generalizable are really quite distinctive to Western cultures and, more distinctively, the United States.
But here’s the fundamental question: why does it matter?
On an individual level, to believe that there is a trough and a rebound offers hope for those stuck in a midlife rut. It’s a form of self-help, the adult version of the “it gets better” campaign for teenagers.
On a societal level, the recognition of a drop in life satisfaction for the middle-aged might be explained, by someone with the perspective of the upper-middle class, as the result of dissatisfaction with a stagnating career, failure to achieve the corner office, the challenge of shepherding kids into college, and the like. In fact, when I wrote about the topic two years ago, that’s how the material I read generally presented the issue.
But Blanchflower’s new paper recognizes greater stakes: “These dips in well-being are associated with higher levels of depression, including chronic depression, difficulty sleeping, and even suicide. In the U.S., deaths of despair are most likely to occur in the middle-aged years, and the patterns are robustly associated with unhappiness and stress. Across countries chronic depression and suicide rates peak in midlife.” (In the United States, among men, this is not true; men over 75 have the highest suicide rate.)
And what of the decline in life satisfaction among the elderly?
The premise that the elderly become increasingly satisfied with their lives as they age is a very appealing one, not just because it provides hope for us individually as we age. It serves as confirmation of a more fundamental belief, that the elderly are a source of wisdom and perspective on life. Although it is Asian cultures which are particularly known for veneration of the elderly, the importance of caring for those in need is just as much a moral imperative in Western societies, even if without the same sense of “veneration” or of valuing them to a greater degree than others in need.
Consider, after all, that the evening news likes to feature stories of oldsters running marathons or competing in triathlons or even just having a sunny outlook on life; no one likes to think of the grumpy grandmother or grandmother from one’s childhood as representative of “old age.” In this respect, “old folks are more satisfied with life” provided an easy to make the elderly more “venerable.” Hudomiet’s research might force us to think a bit harder.
Yes, I’m a nerd, and an actuary to boot. Armed with an M.A. in medieval history and the F.S.A. actuarial credential, with 20 years of experience at a major benefits consulting firm, and having blogged as “Jane the Actuary” since 2013, I enjoy reading and writing about retirement issues, including retirement income adequacy, reform proposals and international comparisons.
So, are you setting yourself up for true happiness as a retiree? Sure, you’re planning the money piece, and that’s important. But, there’s also the personal piece of the retirement equation that’s just as important as the money part. Read more: https://www.wesmoss.com/news/7-skills… The 4% Rule: https://www.wesmoss.com/news/the-new-… Retirement Calculator: https://www.yourwealth.com/retirement… Send me your questions directly at https://bit.ly/3dPKcvd (contact box in top right corner) You Can Retire Sooner Than You Think https://bit.ly/3kiRhXJ Money Matters with Wes Moss podcast https://spoti.fi/3jk9wL8 or on Apple Podcasts https://apple.co/3kwKvhj Twitter: https://bit.ly/2HqnWfe Facebook: https://bit.ly/3kvrHi4 Check out my website for more financial tools and articles: https://bit.ly/3dPKcvd Please note, this information is provided to you as a resource for informational purposes only and should not be viewed as investment advice or recommendations. Investing involves risk, including the possible loss of principal. There is no guarantee offered that investment return, yield, or performance will be achieved. There will be periods of performance fluctuations, including periods of negative returns. Past performance is not indicative of future results when considering any investment vehicle. This information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. This information is not intended to, and should not, form a primary basis for any investment decision that you may make. Always consult your own legal, tax, or investment advisor before making any investment/tax/estate/financial planning considerations or decisions.
It’s true that Scandinavia is one of the most expensive regions in the world to visit. But the real truth is that it’s only expensive if you mimic behaviors from ‘home’ such as staying in hotels, driving everywhere, visiting theme parks and eating out every night. The great thing about visiting Northern Europe is that none of that is necessary. In fact, doing so will limit your experience.
So while Scandinavia will never be a budget travel destination, there are ways to save money while still enjoying the best, authentic experiences.
Embrace slow travel
The concept of slow travel encourages travelers to slacken their pace, re-consider motivations and embrace a “less is more” instead of a “fast is better” ethos. Travel photographer Lola Akinmade Åkerström runs the website Slow Travel Stockholm and says there is a “frustratingly frequent habit of speeding through all the best known landmarks of a city in 24 or 48 hours.”
Given the high prices, that habit is very tempting in Scandinavian cities. Yet with their compact nature, walkable streets, multiple green spaces and plenty of apartments with kitchens to rent on AirBnB, Scandinavian cities are also well-suited for slow travel.
It may seem counter-intuitive to stay for longer when on a budget, but cheaper accommodation, much lower cooking costs and the ability to spend longer enjoying the same attractions can all keep the final bill down.
Embrace the outdoors lifestyle
Speaking of slow travel, nature is the theme park of Scandinavia and wild camping is one of the biggest joys of visiting the region. Not only do you get to explore the spectacular scenery with just wildlife for company, it doesn’t cost you a thing. It’s all possible thanks to allemannsretten, which is the freedom to roam law that preserves the right for anyone to access so much of the countryside. The rules differ slightly, but Norway, Denmark and Sweden all have similar regulations in place.
For a more comfortable yet still budget-friendly option, consider staying at one of the region’s many camping grounds. A tent is the cheapest option, but most campsites rent out cabins, which vary in quality from basic shelter to mountain lodge style luxury. They usually sleep at least four and always offer better value than a hotel. Most also come with at least a basic kitchenette so you can cook your own meals, saving yet even more cash.
Skip Norway
It breaks my heart a little to write this given that I’ve lived in Norway for more than eight years. The country’s natural landscape is simply stunning and there’s so many opportunities to enjoy once-in-a-lifetime experiences. Yet there’s no denying that it’s much easier to rack up a big bill in Norway than it is in Sweden or Denmark.
Denmark’s Copenhagen is not cheap, but your money will go further than in Norwegian cities.
If you’re not willing to embrace slow travel or the outdoors lifestyle, or if your idea of Scandinavia is cutting-edge design and urban chic, Sweden or Denmark could be better choices for you.
Plan ahead
If you want to travel quickly around the region and/or you prefer to stay in hotels, all is not lost. It’s still possible to slash the total bill simply by booking and paying in advance. This applies especially to domestic flights and trains, for which prices can be up to half by booking a specific departure at least a week in advance.
If you’re confident you won’t change your plans, savings can be made with some hotel chains by paying upfront. For example, the popular Radisson Blu chain typically offers a 10-15% reduction in room rates when you pay in advance, although the bookings are non-refundable.
I was born in the U.K. but moved to Norway in 2011 and haven’t looked back. I run a website and podcast for fellow expats, authored the Moon Norway travel guidebook, help Norwegian companies with their English, and spend my free time touring the country to discover more about the people and places of this unique corner of the world. I write for Forbes with an outsider’s inside perspective on Norway & Scandinavia.
When Lisa first learned about the financial independence, retire early (FIRE) movement she was stunned that so many people, often younger than her, could possibly save enough to retire. Reading the blogs and first-person stories invigorated her. She wanted to follow suit. It changed the way she and her husband spent money. They cut out restaurants, wore old clothes and avoided coffee shops, funneling all the extra cash into paying down debt and building retirement funds.
“It really did motivate us,” Lisa said.
But as someone who has worked in the pharmaceutical industry for a number of years, she never had a huge problem with her job. The more Lisa saved, though, the more she felt annoyed at going to work. The more she saved, the more she wanted to watch HGTV before bed. The more she saved, the more she couldn’t understand why she should walk around in a coat with holes in it simply to prove that she was good with money.
The whole effort “made me unhappy,” said Lisa, who asked to only use her first name since she’s still working full-time. That’s why, four years after starting her FIRE goal of retiring young, Lisa and her husband decided to abandon the ‘retire early’ portion of their savings plan. Instead, she’s decided to focus on financial independence, but also not worry if they want to eat out on a Friday night.
There’s a fine line between frugality and feeling guilty over every dime that you spend in order to save a little bit more. Those that enter FIRE often ignore that line during the accumulation phase, saving as much as possible without regard to how it makes them feel today while sometimes sacrificing their health or well being. But it’s not a feat for everyone. For Lisa, this excessive frugality only became a hindrance to life.
It doesn’t mean she’s giving up saving. Or now, suddenly, going to rack up credit card debt. Instead, Lisa, who blogs about her experience at Mad Money Monster, is reevaluating her life again, figuring out what to keep and what to ignore when it comes to her financial independence (FI) strategy.
Abandoning Her Great Health Care Wasn’t An Option
As they saved, one factor that grew increasingly concerning was the health and welfare of her mom. “My mother depends on us for help for basic living expenses,” Lisa said. She expects to care for her mother as she grows older. While Lisa was making strides paying back debt under the FIRE plan, she had to spend $2,000 on her mother’s dental expenses.
Usually that cost comes out of pocket, and they expect to have to do the same with vision care and some other wellness needs.
This unknown complicated their financial picture. But also Lisa sees her mom’s situation, and then recognizes her luck with her current health care plan, which she describes as “really good.” The idea that she would walk away from that plan, simply so she could retire early – she’s about 60% of the way to her original FIRE mark – she now views as “selfish.” And she’s not comfortable with some of the other options out there for health care coverage, including the public markets or health shares.
“For me to walk away from that [healthcare] would be kind of dumb,” Lisa added.
Keeping A High Savings Rate
Despite rejecting the idea of early retirement at this point in her mid-40s, she’s made great strides in reshaping her financial situation.
When she learned about FIRE, her and her husband had just walked away from buying a large, expensive home that would have put them in a tricky financial predicament. They thought they needed the big house because that’s what people did after getting married. Instead of getting the house, she’s paid off her student loans, two cars and some credit card debt. The family has also invested in two single-family hoes, which they rent out, covering the mortgages.
Part of the reason Lisa quit her early retirement goal was because she was having to sacrifice too … [+]
Lisa, Mad Money Monster
At the peak of their saving they stashed away about 70% of their income. Now it’s closer to 50%. Still a strong level, but not with early retirement as the goal.
Lisa’s realization that there’s little desire to retire before traditional age has given her the freedom to build wealth for other purposes. She has the financial knowledge now and she’s using it to provide a large inheritance for her daughter one day.
“I want to build legacy wealth for my family,” she said. She has no problem staying at her job to grow that wealth.
But she’s also in a much more secure position, whenever her job does go away.
She’s Not Deprived Of Time
Often when people say they want to retire in their 30s or 40s they have dreams of traveling across the world, seeing new sights and meeting new people. That’s not the case for Lisa. “I’m so content with and entrenched in the adult family life,” she said.
She doesn’t demand much more travel than the summer vacation her family already goes on. Meanwhile, her husband, who works in the film industry, never wants to retire because he’s already found a job he would do even if he didn’t have to work.
“I feel like [we’re] not being deprived of time,” said Lisa.
And now that she has clarified her goals, it makes going into work much easier.
‘Time poor’ is the catch-cry of our era, and yet end-of-life retirement means we have an average of two decades of feeling time rich to look forward to… when we’re old. In this talk, Lacey shares how combining financial independence and mini-retirements is one way to bring that time rich feeling into our youth. Lacey Filipich started her entrepreneurial journey with a hair wrap stall at 10 years old. Today, she is the co-founder and director of two successful businesses; Money School and Maker Kids Club. Between hair wraps and start-ups, Lacey graduated as valedictorian from the The University of Queensland with an Honours degree in Chemical Engineering. She moved to Australia’s ‘wild west’ to begin her career in mining, rising quickly through the ranks. A health scare and her sister’s suicide opened Lacey’s eyes to the world beyond work, leading her to redesign her life and take five mini-retirements in the next five years. This was achievable because of Lacey’s financial position: she started investing at 19 and now earns a passive income. Lacey considers herself time rich: able to choose if, when, where, how, on what and with whom she works. Her story is one of many in the Financially Independent Retiring Early (FIRE) movement supporting the idea that end-of-life retirement is optional. This talk was given at a TEDx event using the TED conference format but independently organized by a local community. Learn more at https://www.ted.com/tedx
Want to be happy in retirement? Then cultivate relationships and spend more money on leisure activities—at least that’s what new academic research (as well as common sense) suggests.
To help you with the leisure part, Forbes presents its 2019 list of 25 great places to pursue seven retirement passions: arts, fine dining, lifelong learning, volunteering, outdoor activities on water, outdoor activities on land and (in its own category) golf.
Most are recommended for multiple passions and two—Seattle and Austin, Texas—excel in all seven categories. Our picks are spread across 21 states in all four continental time zones.
While our flagship Best Places To Retire list highlights locations that offer the best retirement value for the buck, our passions list doesn’t disqualify places simply because they’ve got high costs or taxes. Athens, Georgia, our most affordable passions pick, has a median home price of just $178,000, while San Francisco, our most expensive, has a median home price of $1.36 million. Although high costs (or high taxes) won’t keep a city from making this new list, we do take into account such practical quality of life factors as air quality, crime, doctor availability and how walkable and bikeable a city is. You can read more about our selection method here.
Legend:
Arts 🎨
Fine dining 🍴
Lifelong learning 🎓
Volunteering ❤️
Outdoor activities on water ⛵
Outdoor activities on land 🍁
Golf ⛳
Annapolis, Maryland
The Naval Academy Dome and the Maryland Statehouse buildings show up left in the Annapolis Skyline
Getty
PASSIONS: ❤️ ⛵
Great for volunteering and outdoor water activities
POPULATION: 39,000
MEDIAN HOME PRICE: $428,000
Water on three sides, good air quality and a moderate climate make this charming historic Chesapeake Bay city an ideal spot for those who love boating, fishing or a waterfront view. For the newbie, the city offers lots of recreational boating schools and chartering opportunities. There’s a high rate of local volunteerism and the downtown area, which doubles as Maryland’s state capital (and was the U.S. capital for a year starting in 1783) is very walkable. Doctors per capita are at the national average. Elevation is 40 feet. On the downside, cost of living is 41% above the national average and the crime rate is above the national average. Taxes are on the high side, too; while Social Security benefits are exempt from tax, the top state/local income tax rate is 8.31% and the state has both an estate and inheritance tax.
Ashland, Oregon
A path meandering beneath a vibrant Japanese maple tree. This Japanese Garden is located within Lithia Park, a historic public park in the city of Ashland, Oregon, USA.
Getty
PASSIONS: 🎨 🎓 🍁
Great for arts, lifelong learning and outdoor land activities
POPULATION: 21,000
MEDIAN HOME PRICE: $462,000
Located 285 miles south of Portland, this cultural outpost offers art galleries and the nine-month a year Oregon Shakespeare Festival, all set amid scenic mountains and forests. Southern Oregon University hosts an Osher Lifelong Learning Institute and allows free auditing of regular college classes. The highly walkable downtown (elevation: 1,950 feet) is set in a moderate climate with little snow, good air quality, a low serious crime rate and a high number of doctors per capita. Nature trails are just outside town. But the cost of living is 40% above the national average and Oregon makes up for its lack of a sales tax with an income tax rate that hits 9% at just $50,000 of income (with Social Security excluded). There is also a state estate tax.
Athens, Georgia
Athens, Georgia, USA downtown cityscape.
Getty
PASSIONS: 🎨 🎓 🍁
Great for arts, lifelong learning and outdoor land activities
POPULATION: 127,000
MEDIAN HOME PRICE: $178,000
This affordable college town, just 70 miles east of Atlanta, has a vibrant arts scene. The University of Georgia hosts an Osher Lifelong Learning Institute, plus offers seniors free admission to regular classes. Mild terrain and climate (the nation’s first garden club was founded here in 1891) and good air quality are all conducive to warm-weather outdoor activities at an elevation of 600 feet. The ratio of doctors per capita is sufficient. Cost of living is 7% below the national average and the serious crime rate is low. Georgia doesn’t tax estates or Social Security benefits and offers a generous additional break for other retirement income. Top state income rate is 5.75%. One notable downside: Not very walkable.
Austin, Texas
A large crowd attending a festival in Austin, Texas.
Getty
Passions: 🎨 🍴 🎓 ❤️ ⛵ 🍁 ⛳
Great for arts, fine dining, lifelong learning, volunteering, outdoor water and land activities and golf
POPULATION: 950,000
MEDIAN HOME PRICE: $369,000
Sunny capital of Texas offers scores of dining and entertainment venues (including the annual SXSW festival), plus learning opportunities at the University of Texas, all surrounded by dozens of golf courses. The city boasts a high number of physicians per capita, good air quality, a good economy and a high rate of volunteering. The impressive state capitol building is higher than the one in Washington, D.C. At an elevation of 300 feet, the city is very bikeable and somewhat walkable. While there is no state income or estate/inheritance taxe, the cost of living is 30% above the national average and the serious crime rate is slightly above the national average.
Bend, Oregon
Fly Fishing in Bend Oregon
Getty
PASSIONS: ⛵ 🍁
Great for outdoor water and land activities
POPULATION: 98,000
MEDIAN HOME PRICE: $440,000
Lots of snow guarantees vibrant downhill and cross-country skiing in this scenic “Outdoor Playground of the West” 160 miles southeast of Portland. Other outdoor pursuits at an elevation of 3,600 feet around the north-flowing Deschutes River include fishing, tubing, hiking, rock climbing, bicycling and paragliding. Besides good air quality, a low serious crime rate and a high number of doctors per capita, the area boasts a strong economy. But Oregon makes up for its lack of a sales tax with an income tax rate that reaches 9% on just $50,000 of taxable income (which excludes Social Security). There’s also a state estate tax. The town itself is not very walkable. Cost of living is 34% above the national average.
Boise, Idaho
Spirit of Boise Balloon Classic being held at Ann Morrison Park in Boise
Getty
PASSIONS: 🎓 ❤️ 🍁
Great for lifelong learning, outdoor land activities and volunteering
POPULATION: 227,000
MEDIAN HOME PRICE: $299,000
The surprisingly mild climate in Idaho’s capital city, nicknamed “City of Trees,” is conducive to outdoor land activities, while Boise State University hosts an Osher Lifelong Learning Institute and offers free auditing of regular classes for seniors. Other pluses include a high level of volunteerism, a high number of physicians per capita, a low serious crime rate, good air quality and a good economy. With an elevation of 2,700 feet, the city is very bikeable, though not as walkable. Cost of living is only 7% above the national average. There is no state income tax on Social Security earnings, nor a state estate/inheritance tax. Idaho’s income tax rate for married couples is 6.925% on taxable income above $23,000.
Boston, Massachusetts
Community Boating, Boston
Getty
PASSIONS:🎨 🍴 🎓 ❤️ ⛵ 🍁
Great for arts, fine dining, lifelong learning, volunteering and outdoor water and land activities
POPULATION: 685,000
MEDIAN HOME PRICE: $604,000
This buzzy historic coastal state capital city of 685,000 offers a wealth of cultural. and educational activities. Not too surprising, considering there are more than 50 area colleges. Boston has good air quality, abundant doctors per capita, and a good economy. At an elevation of 140 feet, the city, named for an English town, is both highly walkable and bikeable. The top state income tax rate is only 5% and there’s no state income tax on Social Security earnings. On the negative side, there’s a state estate tax and a higher than average serious crime rate. But the big downside is the cost of living: 82% above the national average.
Boulder, Colorado
Rock climber at Flagstaff Mountain in Boulder, Colorado.
Getty
PASSIONS: 🎨 🎓 ❤️ 🍁
Great for arts, lifelong learning, volunteering and outdoor land activities
POPULATION: 107,000
MEDIAN HOME PRICE: $742,000
This city, 30 miles northwest of Denver, is at the center of a huge recreational open space abutting the Rockies at 5,400 feet of elevation, which can be enjoyed in 10 months of annual sunshine. It’s also the home the University of Colorado, which allows seniors to audit courses for free. Boulder is a walkable and bikeable city with a low serious crime rate, good air quality, abundant doctors and a strong economy. Volunteering is a way of life here. While there is no state estate/inheritance tax, the state income tax (a flat 4.63%) does hit Social Security benefits. One big downside is the cost of living: 87% above the national average.
Chandler, Arizona
Golf in Chandler, Arizona.
US PGA TOUR
Passions: ❤️🍁 ⛳
Great for volunteering, outdoor land activities and golf
POPULATION: 235,000
MEDIAN HOME PRICE: $317,000
This Phoenix suburb, named for Arizona’s first veterinary surgeon, offers myriad outdoor activities, including 185 golf courses in the region. There’s a low serious crime rate, a good economy and a high rate of volunteering. With an elevation of 1,200 feet, the city is very bikeable, although not all that walkable. There is no state income tax on Social Security earnings and no state estate/inheritance. The sate income tax rate tops out at just 4.54% on a married couple’s taxable income above $317,900. On the downside, the number of doctors per capita is below the national average and the air quality is poor. Cost of living is 23% above the national average.
Chapel Hill, North Carolina
The cherry blossoms at the start of spring on UNC-Chapel Hill’s campus.
Getty
PASSIONS: 🎨 🍴 🎓 🍁
Great for arts, fine dining, lifelong learning and outdoor land activities
POPULATION: 60,000
MEDIAN HOME PRICE: $376,000
The home of the University of North Carolina, which offers free auditing of classes for senior citizens, this college town has been called America’s “foodiest small town” for its range of culinary options. It also has a high number of physicians per capita, good air quality, a low serious crime rate, a strong economy—and quirky blue fire trucks. There’s no North Carolina income tax on Social Security benefits and no state estate/inheritance tax. The state income tax rate is a flat 5.499%. At an elevation of 500 feet, the city is somewhat bikeable, but not very walkable. Cost of living is 30% above national average.
Charleston, South Carolina
St. Michaels Church from Broad St. in Charleston, South Carolina
Getty
PASSIONS: 🎨 🍴 ⛵ ⛳
Great for arts, fine dining, outdoor water activities and golf
POPULATION: 130,000
MEDIAN HOME PRICE: $322,000
This historic coastal city brims with activities, both indoors and out. (The first game of golf in the U.S. took place here.) Pluses include a high number of doctors per capita, good air quality and a good economy. There’s no state estate/inheritance tax, no state income tax on Social Security benefits and there are additional tax breaks on pension income. But the state income tax rate tops out at an above average 7% on taxable income of just $14,860. At an elevation of 20 feet, the city is somewhat bikeable, but not very walkable. Cost of living is 22% above national average.
Dallas, Texas
Getty
PASSIONS: 🍴 ❤️ ⛳
Great for fine dining, volunteering and golf
POPULATION: 1.34 million
MEDIAN HOME PRICE: $217,000
Scores of public golf courses plus fine dining (far beyond the nation’s first drive-in restaurant, which opened here in 1921) and what is said to be the nation’s largest arts district distinguish the Big D. At an elevation of 430 feet, the city is somewhat walkable and bikeable and has an adequate number of physicians per capita and support for volunteering. Atop of a strong economy, there is no state taxation of income, estates or inheritances. Cost of living is only 8% higher than the national average. On the downside, the serious crime rate is above the national average and the air quality is poor.
Fayetteville, Arkansas
Rowers on foggy Lake Fayetteville, Fayetteville, Arkansas.
Getty
PASSIONS: 🎓
Great for lifelong learning
POPULATION: 85,000
MEDIAN HOME PRICE: $219,000
The University of Arkansas offers free tuition to senior citizens at its flagship campus in this Ozarks city 200 miles northwest of Little Rock. Besides a cost of living 1% below the national average, other pluses include good air quality, adequate number of physicians per capita and a good economy. At an elevation of 1,400 feet, the city (originally named Washington) is somewhat bikeable, although not that walkable. There is no state estate/inheritance tax and there’s no state income tax on Social Security benefits, plus there’s a small additional break for pension income. But the state income tax reaches 6.9% on a married-couple’s income above $35,099. The serious crime rate is above national average.
Las Vegas, Nevada
Mountain bikers, Las Vegas, Nevada
Getty
PASSIONS: 🎨 🍴 ⛵ 🍁 ⛳
Great for arts, fine dining, outdoor water and land activities and golf
POPULATION: 2 million (Las Vegas Valley)
MEDIAN HOME PRICE: $277,000
World-class entertainment centered around the hotels and casinos, famous chefs, and nearby water and land activities, including golf, grace this exploding desert valley. (In 1900, the population was just 18.) While summers are hot and dry, the other nine months are quite pleasant, and sun is year-round. At an elevation of 2,000 feet, the area is somewhat walkable and bikeable. A good economy is bolstered by no state income or estate/inheritance tax. Downsides include poor air quality, low ratio of physicians per capita and a high serious crime rate. Cost of living is 18% above the national average.
Los Angeles, California
Getty
PASSIONS: 🎨 🍴 🎓 ⛵ 🍁 ⛳
Great for arts, fine dining, lifelong learning, outdoor water and land activities and golf
POPULATION: 4 million
MEDIAN HOME PRICE: $686,000
The City of Angels has multiple colleges and universities offering reduced-price programs for senior citizens, world-class restaurants, numerous performance venues, a wide range of outdoor activities and many golf courses. Pluses include 28 days a year of sun, sufficient physicians per capita and a strong economy. Despites its reputation as car dependent and congested, the city, with an elevation of 300 feet, is both very walkable and bikeable (despites safety concerns for bikers). There is no state tax on Social Security benefits, estates or inheritances. But the state income tax hits a hefty 9.3% on taxable income above $150,000 per couple and goes up to 12.3% for the very wealthy. Among the drawbacks: poor air quality (although better than it used to be) and a serious crime rate above national average. Cost of living is 95% above national average.
New York, New York
Central Park in autumn, New York City
Getty
PASSIONS: 🎨 🍴 🎓 ⛵ ⛳
Great for arts, fine dining, lifelong learning, outdoor water activities and golf
POPULATION: 8.6 million
MEDIAN HOME PRICE: $682,000
Dozens of colleges, fabulous arts and dining, and even golf courses accessible via subway can be found in the country’s largest city. Pluses include a high number of physicians per capita, good air quality and a strong economy. With an elevation of 30 feet, the Big Apple is very walkable and bikeable, despite concerns about bicyclist safety. There is no state income tax on Social Security benefits, plus there are additional state tax breaks on pension income. But there is a state estate tax, the combined state and city income tax rate can reach a whopping 12.696% and the cost of living is 109% above national average.
Pinehurst, North Carolina
Shady square on Cherokee Rd in the North Carolina Sandhills town of Pinehurst
Getty
PASSIONS:⛳
Great for golf
POPULATION: 13,000
MEDIAN HOME PRICE: $281,000
Some 40 golf courses, led by famous century-old Pinehurst Resort, plus golf schools surround this scenic village 90 miles east of Charlotte. Pluses include an extremely low serious crime rate, above-average rate of doctors per capita and good air quality. At an elevation of 600 feet, the town, originally named Tuftstown, is somewhat walkable and bikeable. There are no state taxes on Social Security earnings, estates or inheritances. The state income tax rate is a flat 5.499% and the cost of living is 11% above the national average.
Portland, Maine
Tandem sea kayaking, Portland, Maine, USA
Getty
PASSIONS: 🍴 ⛵ 🍁
Great for fine dining and outdoor water and land activities
POPULATION: 67,000
MEDIAN HOME PRICE: $314,000
This coastal city offers a wide variety of water and land recreation, including boating, kayaking, rafting, cross-country skiing, hiking and bicycling. There’s a good restaurant scene, a low serious crime rate, a high ratio of doctors per capita and good air quality. The city—named after an island in the English Channel—has an elevation of 60 feet and is very walkable and bikeable. There is no state income tax on Social Security earnings, but there is a state estate tax. The state income tax rate reaches 7.15% at taxable income above $103,400 for a couple. The
Portland, Oregon
Multi-ethnic fast-food vendors in downtown Portland, Oregon
Getty
PASSIONS: 🎨 🍴 🎓 ❤️ 🍁 ⛳
Great for arts, fine dining, lifelong learning, volunteering, outdoor land activities and golf
POPULATION: 648,000
MEDIAN HOME PRICE: $426,000
City affords wide range of pursuits, including free senior citizen auditing of classes at Portland State University. Pluses include a high ratio of physicians per capita, good air quality, a high rate of volunteering and a good economy. At an elevation of 50 feet the city—named after Portland, Maine—is highly walkable and bikeable. The state makes up for its lack of a sales tax with an income tax rate that hits 9% on just $50,000 of income (with Social Security excluded). There is also a state estate tax. Cost of living is 48% above the national average.
—
Salt Lake City, Utah
Hiking the Bonneville Shoreline Trail in the Wasatch Foothills above Salt Lake City, Utah
Getty
PASSIONS: 🎓 ❤️ ⛵ 🍁
Great for lifelong learning, volunteering and outdoor water and land activities
POPULATION: 201,000
MEDIAN HOME PRICE: $402,000
Mountains, lakes and rivers create a choice of outdoor activities, including skiing, bird watching and fishing around this state capital city. Indoors, the University of Utah offers courses a wide range of courses for seniors in concert with the Osher Lifelong Learning Institute. The city has a high rate of volunteering, a high rank on the Milken Institute list of best cities for successful aging and a strong economy. At an elevation of 4,300 feet, it is very walkable and bikeable. There is no state estate tax, but the state income, levied at a flat 4.95% rate, hits Social Security benefits. The cost of living is 27% above the national average.
San Francisco, California
Hikers on Muir Woods Redwood Creek Trail, minutes north of San Francisco, Calif.
Getty
PASSIONS: 🎨 🍴 🎓 ⛵
Great for arts, fine dining, lifelong learning and outdoor water activities
POPULATION: 860,000
MEDIAN HOME PRICE: $1.36 million
Surrounded by water, this scenic city is a mecca of culture and food, with 57 Michelin starred restaurants (compared to 76 in 10 times more populous New York). Opportunities for senior learning are offered at an Osher Lifelong Learning Institute at San Francisco State and at other venues. There’s a high ratio of doctors per capita, good air quality and a strong economy. Despite the famed hills, the city, with an elevation of 50 feet, is very walkable and bikeable, with both trails and protected bike lanes. There is no state estate/inheritance tax and no income tax on Social Security benefits, but the state income tax rate is a hefty 9.3% on income above $150,000 per couple and goes up to 12.3% for the very wealthy. The serious crime rate is above the national average, but the biggest downside is the cost of living: a stunning 205% above the national average.
Santa Fe, New Mexico
Hiking in Kasha-Katuwe Tent Rocks National Monument, Close to of Santa Fe, New Mexico.
Getty
PASSIONS: 🎨 🍴 🍁
Great for arts, fine dining and outdoor land activities
POPULATION: 84,000
MEDIAN HOME PRICE: $397,000
Scores of art galleries, fine restaurants and museums, plus world-class skiing, distinguish this scenic state capital mountain town (elevation 7,200 feet), 60 miles north of Albuquerque. Somewhat walkable and bikeable, the city has a high number of doctors per capita, good air quality and a low serious crime rate. There is no state estate tax, but the state income tax does hit Social Security benefits. The state income tax rate is 4.9% on taxable income of married couples above $24,000. The cost of living is 21% above national average.
—
Sarasota, Florida
Sunset walk in Siesta Key, near Sarasota, Florida.
Getty
PASSIONS: 🎨 🍴 🎓 ❤️ ⛵ 🍁 ⛳
Great for arts, fine dining, lifelong learning, volunteering, outdoor water and land activities and golf
POPULATION: 57,000
MEDIAN HOME PRICE: $261,000
Nearby beaches, fishing, boating, a big arts/cultural scene and 30 golf courses dominate this Gulf Coast city 60 miles south of Tampa. With an elevation of 16 feet, the area is very walkable and bikeable, with good air quality, a strong economy and an adequate number of physicians per capita. The cost of living is only 9% above national average. There is no state income or estate tax. One downside: a serious crime rate above the national average.
Seattle, Washington
Kayaking at Lake Union in Seattle, Washington
Getty
PASSIONS: 🎨 🍴 🎓 ❤️ ⛵ 🍁 ⛳
Great for arts, fine dining, lifelong learning, volunteering, outdoor water and land activities and golf
POPULATION: 725,000
MEDIAN HOME PRICE: $730,000
Still-booming Puget Sound city offers all the passions, including an Osher Lifelong Learning Institute at the University of Washington. At an elevation up to 500 feet, the city is extremely walkable, bikeable and even boatable, with good mass transit. Other pluses include good air quality, a high ratio of doctors per capita, a very strong economy, and a good volunteering culture. There is no state income, estate or inheritance tax. But the cost of living is a whopping 104% above the national average and the serious crime rate is also higher than average.
Traverse City, Michigan
Ships and pier on West Bay in Traverse City, Michigan
Getty
PASSIONS: 🎨 🍴 ⛵ ⛳
Great for arts, fine dining, outdoor water activities and golf.
POPULATION: 16,000
MEDIAN HOME PRICE: $255,000
Frontage on Lake Michigan, the famed Interlochen Center for the Arts, 50 area golf courses and a reputation as a top foodie town all make his city, 250 miles northwest of Detroit, a top passions choice. There’s good air quality, above-average doctors per capita and a decent economy. At an elevation of 600 feet the city—center of the nation’s largest area for growing tart cherries—is very walkable and bikeable. Cost of living is only 2% above national average. There’s no state estate or inheritance tax and no tax on Social Security benefits, plus additional breaks for pension income. The state income tax rate is a flat 4.25%. One downside: The serious crime rate is above the national average.
A journalist for nearly five decades, I’ve written for Forbes since 1987. I’ve covered personal finance, taxes, retirement, nonprofits, scandals and other topics that interest me. I also am the author of a novel, OFFSIDE: A Mystery. Email me at: wbarrett.forbes@gmail.com .
The World’s Retirement Havens – Top 10 Best Places To Retire In The World For 2018. ============= ► Subscribe for latest video ! ► https://goo.gl/lOasu9 ► Follow me on Twitter: https://goo.gl/srKHao ► Facebook: https://goo.gl/yB9XvG ============= Today, retiring abroad is about launching a new life in a new country, starting over someplace sunny and exotic with white-sand beaches or Old World culture. But there is no one way to determine the best place to retire for every person. And with a seemingly endless amount of choices, how will you ever find the right one for you. International Living’s most recent Annual Global Retirement Index 2018 compares 24 countries that give you the maximum return for your money and promise to deliver a better quality of life. Overall, the Index is based on ratings in 12 categories: buying and investing, renting, benefits and discounts, visas and residence, cost of living, fitting in, entertainment and amenities, healthcare, healthy lifestyle, development, climate, and governance. Here are the 10 retirement destinations in the world for 2018: 1. Costa Rica – The World’s Best Retirement Haven 2. Mexico – Convenient, Exotic, First-World Living 3. Panama – Friendly, Welcoming, and Great Benefits 4. Ecuador – Diverse, Unhurried, and Metropolitan 5. Malaysia – Easy, English-Speaking, and First World. 6. Colombia – Sophisticated and Affordable 7. Portugal – Europe’s Best Retirement Haven 8. Nicaragua – Best Bang-for-Your Buck in Latin America 9. Spain – Romance, History, and Charming Villages 10. Peru – Low Cost Living, Vibrant, and Diverse. Thanks for watching this video. I hope it’s useful for you. (This article is an opinion based on facts and is meant as infotainment) ============= If you have any issue with the content used in my channel or you find something that belongs to you, please contact: ►Business email: truthseekerdailys@gmail.com Music by: Nicolai Heidlas (https://soundcloud.com/nicolai-heidlas) Title: 50 New Cities
