If you ask someone what retirement is all about, you’re likely to get a pretty accurate answer. Retiring means finally taking a good, long break after working all your life. Of course, you’ve got to make sure you’ve saved enough money after retirement to afford to live off your savings and still get to do all those things you’ve always wanted to enjoy. That’s why so many seniors think long and hard about where they’re going to retire to, so their nest egg will go a long way.
There’s no doubt about it – choosing the best location for your retirement can make your savings go much further than if you choose a place that’s more expensive to live in. If you’re considering a move to Media, Pennsylvania, one of the most popular places to retire in the Mid-Atlantic region, you’re in for some good news. This retirement-friendly Philadelphia suburb is one of the best places to retire if you want your retirement savings to go far. Here’s what you should know.
Having “Enough” is Relative
Financially, everyone wonders how much they need to retire and when they have enough to do so. The truth is that “enough” is always going to be relative, as economic conditions change rapidly. For example, the post-COVID landscape in America tends to be quite volatile, leading you to question whether you can afford to retire at all, much less in Media. On the other hand, housing prices are so far through the roof that you could add a huge chunk to your nest egg by selling your house now and moving into a retirement community that will protect your long-term financial stability.
There are ways to prepare yourself for retirement so that you can and will indeed be able to afford to live in a place like Media. Talking to financial advisors and using retirement calculators can help put your mind at ease, especially when you take into account the rest of the good news we’re about to give you about this wonderfully affordable and highly popular Pennsylvania retirement neighborhood. After this, you’ll likely realize that your “enough” for living in Media is going to be much lower than you were expecting!
Media’s Overall Affordability
There are dozens of factors that go into the overall affordability of a certain place. The cost of living in one region of the country isn’t set in stone – it will differ from nearby towns and cities and can fluctuate wildly. When it comes to saving money after retirement, Media comes out ahead in most of these comparisons, as the cost of living associated with this Pennsylvania town is very attractive. In fact, Sperling’s Best Places rates Media at 122 for affordability, which is only slightly above the U.S. average of 100.
Does that seem distressingly high? It might unless you view this figure in the light of day. You need to compare this to other places you might live, or where you’re living now. If you’re considering relocating from nearby New York City, for example, you’ll be gratified to know that Best Places rates NYC at 187.2. In other words, it costs so much less to live in Media that each and every dollar of your retirement savings will go much further than it would if you decided to stay in New York for your retirement. If you’re already coming from the area, you’re probably already in a really good place when it cones to cost of living.
Other Bright Spots in Media’s Affordability
If you’re looking to save money in retirement, Media already comes highly recommended if you’re already living in a region that’s got a higher cost of living. There are plenty of other bright spots to living in Media when it comes to stretching that almighty retirement dollar, though! In fact, in many cases, you might still want to consider moving to Media even if its cost of living isn’t that much of an advantage over where you’re currently living.
Much of the advantages of Media come from its prime location as a suburb of Philadelphia. The number of amenities you’ll have access to is astounding, especially when you consider important factors like healthcare, transportation, and even entertainment and culture. Plus, the popularity of Media as a retirement Mecca has created an entire neighborhood of truly stellar and affordable retirement communities like Lima Estates, loaded with on-campus amenities that expand your quality of life without inflating your price tag. In fact, if you move to Lima Estates, you’ll get to ditch your property taxes and expensive home maintenance, and indulge in a single, reasonable monthly fee to cover amenities, activities, hobbies, dining, gym membership, and so much more.
How Media Helps You Save Money After Retirement
Retirement will always be one of the most crucial life changes. Sure, other huge events in your life are big, but even getting married, starting your own family, or buying your first home aren’t as important as choosing the perfect place to retire. You need to ensure you find a home that will offer you the perfect balance of amenities at a price point that you can afford to live there for as long as you want, and all without sacrificing anything that you enjoy.
While many retirees can look forward to selling their existing home prior to a move and using the proceeds of the sale to bolster their retirement savings, you do need to ensure you then leverage that savings properly. Using it to find a new place to live that will be affordable and have everything you need is sometimes a challenging task; that’s why we stressed the importance of speaking with a qualified retirement advisor before you make a solid decision on where you’re going to retire. Your finances need to be in order well before you punch your time clock for the last time, as maximizing your retirement savings means that you’ll be able to enjoy bigger and better experiences during your retirement. In this case, choosing Media, Pennsylvania as your new retirement neighborhood can and will maximize those retirement savings so that you can live retired life with no regrets and to the fullest!