Retirement life is all about doing your own thing and enjoying all the perks that come from putting in a full lifetime of hard work. You’ve been saving your entire career for when you can finally punch that time clock for the last time, put your feet up, and relax. But how do you know that you’ve saved enough for retirement? More specifically, how do you know if you have enough to retire to a Philadelphia suburb like Media, Pennsylvania, one of the most attractive and retirement-friendly neighborhoods in the entire Mid-Atlantic? Don’t worry — we’ve got some helpful answers to these questions and more.
How Do I Know If I Have Enough to Retire?
With the economic landscape in constant flux nowadays, it can be challenging to determine if you can indeed afford to retire in the first place, much less retire to Media, PA in particular. Outside of savings accounts (or having a literal mattress stuffed with cash), you’ve got to rely on investments that you’ve made in the past and that have, hopefully, increased in value since then. Additionally, what passes for “enough” for some retirees isn’t for others, depending on your preferred lifestyle. If you’re looking forward to a nice, quiet retirement where you get to dote on your grandkids and putter around the garden, you’re not going to need nearly as much income as you plan to travel across the globe.
There are a number of different resources you can use to determine if you have enough to retire. There are dozens of online retirement calculators out there that you can plug your own financial numbers into in order to get a good idea of where you stand. Each one of these calculators works slightly differently, however, so be sure to check more than one. A more complete way to understand your finances is to speak to a financial adviser specializing in maximizing retirement income, who will show you how the type of retirement you choose can influence your retirement resources.
Media Is Above the National Average — But Not By Much
Part of figuring out if you have enough to retire in Media is understanding the cost of living for the area. In this case, it requires understanding the important realities about the overall cost of living in Media, PA. When compared to national averages, Media is slightly to moderately higher when it comes to the cost of living, with BestPlaces rating Media at 122 (anything over 100 is considered above average). That number might seem excessively high, but let’s put that in perspective: BestPlaces rates the cost of living in New York City, for example, at a whopping 187.2. This shows the stark difference between “slightly higher than average” and exorbitant.
So yes, the cost of living in Media can be considered high, but that’s because of the benefits that are considered part of the package of living in this area of the country. All four seasons of weather, but rarely devastating extremes of heat or cold; a relativity slim chance of earthquakes, tornadoes, or other natural disasters; close proximity to Philadelphia, New York, Washington D.C. and other great locations; natural beauty including woodland areas and rolling hills; and much more. There are also plenty of amenities, resources, and benefits for older adults available in Media. Plus, if you’re considering returning in Media, PA, it’s likely because your family lives here.
So, Is Looking to Retire in Media Still a Good Idea?
The answers to questions regarding whether you should or should not look into retiring in a specific town or region, or “do I have enough to retire in Media, PA” are always going to be complex ones. Is the cost worth it to you for the heightened quality of life, or increased proximity to your family, or other reasons you’re considering this area? Are you retiring from this area or another that already has a high cost of living, so it doesn’t really impact your level of savings?
There’s more than just cost of living to consider too, of course. Access to important amenities like transportation, shopping, culture, entertainment, and hobbies, adequate medical care, and many other aspects are just as crucial as how much it costs to live in a region. It’s no good if you find a highly affordable retirement home if all the amenities you need are too far away to visit them conveniently! Thankfully, this is where Media shines as a community, as its status as a close-by suburb of Philadelphia means that you’re never far from the action but still detached enough to have some peace and quiet when you need it. These benefits show that cost of living and quality of life are two very different, and very important, sides of the same coin.
The First Step to Planning Your Retirement:
Understanding Your Finances
Retirement is one of the biggest steps you’ll take in your lifetime. It’s up there with buying your first home, starting or growing your family, running your own business, and any number of other major milestones. Being able to afford retirement is therefore crucial to your ability to enjoy your retirement years — and that means you need to not just have the savings and income in place, but also the right location lined up as well.
It’s worth stating again: it’s always recommended to speak with a retirement adviser to determine if you have enough to retire and what you may need to do to strengthen your savings before you retire. If part of that includes relocating to a new neighborhood, Media, PA deserves to be near the top of your list!
And as one last piece of advice, you may want to consider moving to a retirement community in Media. Retirement communities are surprisingly cost-effective considering all the amenities (and healthcare options depending on the type of community) included. For instance, our Lima Estates community offers lifelong healthcare that never increases in cost just because your medical needs change. That ends up becoming a huge long-term factor in whether yu have enough to retire to this area.