Planning a comfortable retirement isn’t just about savings and smart investment. It’s also looking at expenses alongside the benefits of living in your current city. Retirement doesn’t mean the same thing across the country and being flexible and open to a change of address might mean you’re able to do more in your golden years. Whether you’re a current resident of Kansas City starting retirement planning or you crave a change of scenery, we’re highlighting the top five reasons to retire in KC.
#1. Low cost of living.
By avoiding a major metro area, you can make your retirement savings go a lot further. If you’re looking for a larger home, a downtown loft, or better amenities, you simply get more for your money in a mid-sized city like Kansas City.
Median home price: $202,000
Median Rent: $894
$1 million in assets will last over 25 years.
The national average for retiring with a million in assets is just over 20 years, so you’re able to make your dollar go further.
#2. A vibrant downtown area with arts and culture.
If you’re currently living away from a cultural center in your state, you can move to the heart of a vibrant arts scene without cutting into your retirement savings.
Nelson-Atkins Museum of Art: this remarkable museum has free admission, tours, classes, and ongoing lecture series.
World-class dining: whatever you’re in the mood for, from brewpub to fine dining, Kansas City is emerging as a national culinary hotspot.
Arvest Bank Theater: catch touring comedians, musical artists, and local talent at this historic downtown theater.
There’s plenty to keep retirees busy in Kansas City, but if travel features heavily in your retirement plans, you’re in luck.
#3. Easy coast to coast travel.
A central location is one of Kansas City retirement planning’s best features if you have children and grandchildren spread across the country. The international airport offers direct flights to over 50 destinations, and most flights are under three hours. If you’ve been waiting for retirement to travel and explore the country, Kansas City is a great hub.
#4. Top ten ranking for senior healthcare.
No matter how good your health is, medication and doctor’s visits are just a fact of aging. Most retired seniors spend over a third of their income on healthcare. Both Kansas and Missouri rank highly in the best states for senior healthcare. Kansas City hospitals rank in the top 50 for geriatric, oncology, cardiology, cancer, and diabetes. It’s rated at the top of the country for affordability, accessibility, and preventative care.
#5. An active community of seniors.
If you have no plans for slowing down in your retirement, consider Kansas City for its vibrant community of over-60 entrepreneurs. “Seniorpreneurs” flock to KC because of the low cost of living and access to networking opportunities. There are foundations devoted to helping retirees find their “encore career” and stay engaged with their passions in life.
The earlier you start planning, the more comfortable your golden years will be. But you don’t have to figure out your wealth management alone. By talking with a financial planner experienced in retirement, like the team at OWLFI, you’ll have better options and more security come retirement.
The foundation of all OWLFI services is client education. They make sure you understand how your money is working for you and how it will continue to support you through your retirement years. Do more than save; maximize your wealth potential through smart money management now. If you’re looking for a partner in coordinating your fiscal planning for retirement, get in touch with OWLFI.