Latest news with #goldenyears
Yahoo
2 days ago
- Business
- Yahoo
I Asked ChatGPT One Commonly Told Myth About Retiring — Here's What It Said
There's plenty of uncertainty around retirement. When is the perfect age to retire? How much money do you need to retire? These are the types of questions you're likely to have when planning out your golden years. Read More: Find Out: But what's one of the biggest myths people hear about retiring? GOBankingRates asked ChatGPT for its take on the subject. Here's what it said. Some Key Statistics About Retirement Before jumping into ChatGPT's response, here are a few statistics about retirement that you might not know. According to the 2024 MassMutual Retirement Happiness Study, the average retirement age in the U.S. is 62. This is a year younger than the ideal retirement age. While most current retirees (60%) view retirement as a time to leave the workforce behind, roughly a third of those (38%) who haven't yet done so see it as the time to shift focus to something more fulfilling or to work less. Last but not least, 35% of pre-retirees believe they don't have enough savings to retire on schedule. Another 34% are considered they outlive their retirement savings. Discover Next: The Biggest Retirement Myth, According to ChatGPT GOBankingRates fed the following prompt — 'What's one commonly told myth about retiring?' — to ChatGPT. The simple response? 'You'll spend much less money in retirement.' This is interesting because it's the opposite of the most recent federal data. According to the Bureau of Labor Statistics, which assessed the typical annual expenditure by age group in 2023, here's what people normally spend in a year: 1997 or later — $52,891 1981 to 1996 — $81,589 1965 to 1980 — $95,692 1946 to 1964 — $70,207 1945 or earlier — $49,206 This is, however, about on par with recent Federal Reserve Economic Data, which found that those ages 65 to 74 spend an average of $65,149 annually. This would include anyone born between 1951 and 1960. There May Be Some Merit to ChatGPT's Response While the numbers are conflicting, there are sound reasons behind the AI tool's response. According to it, many people think they'll spend less in retirement because they won't have to pay for: A mortgage Commuting costs (transportation) Work-related expenses However, AI suggested that retirees often spend either the same amount or more than they did while working. According to it, these are the main areas where costs tend to increase beyond what people expect: Travel and leisure Healthcare Supporting family financially Inflation Much of this tracks. For example, a 2024 TransAmerican Institute study found that 59% of people dream of traveling after they quit working. For those who might not have traveled before retirement, this could easily add hundreds or thousands of dollars to their annual expenditure. Hobbies, entertainment and other leisurely activities can also add up in terms of costs. Healthcare, as ChatGPT pointed out, can be expensive — sometimes unexpectedly so. Just last year, Genworth and CareScout found that the average cost of long-term care is: $70,800 for an assisted living community $26,000 for adult day care $77,792 for an at-home health aide with personal assistance And then there are other costs, like insurance premiums, that need to be considered. These can rack up and fast. The other two areas — inflation and supporting family — can also be costly. The cumulative rate of inflation from 2015 to 2025 was 36.1%. This means that items cost this much more today than they did a decade ago. For those expecting to spend several decades in retirement, costs can rise substantially. As for supporting family, some retirees end up helping out their children or grandchildren financially. Depending on their needs, this can also become a greater-than-anticipated financial burden. What Can You Do To Prepare? When asked what pre-retirees can do to prepare for potentially higher costs, ChatGPT's response was straightforward: 'Account for these potential costs instead of assuming spending will automatically decrease.' As for how to do this, the AI suggested: Create a 6 to 12-month emergency fund and keep it in a high-yield savings account Budget for healthcare and related costs (consider getting long-term care insurance or a Health Savings Account) Diversify your income sources Have a clear, sustainable withdrawal strategy for when you retire Get the insurance you need (homeowners, auto, etc.) Plan for inflation Downsize and pay off debts before retiring Get your estate in order, including your will and any other legal documents Set boundaries for how much you'll financially support your loved ones It can take some time, but getting started now can help set you on the right track to retiring when you want to — without the stress of costs you can't afford. More From GOBankingRates 5 Old Navy Items Retirees Need To Buy Ahead of Fall Warren Buffett: 10 Things Poor People Waste Money On This article originally appeared on I Asked ChatGPT One Commonly Told Myth About Retiring — Here's What It Said Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 days ago
- Business
- Yahoo
2 NJ towns make list of fastest-growing retirement hotspots, according to GOBankingRates
It appears that 2025 is the year for retirement. According to a GOBankingRates study, seniors heading into their golden years are flocking to retirement hotspots across the country. The population in these locations has increased more than 20% since 2018. The personal finance website sourced data from the U.S. Census Bureau to analyze growing cities for ages 65-plus. Cities with a population of 7,500 needed higher than national averages in the one-year and five-year percent change in population to be considered on the list. Key findings: Leesburg, Florida, and Goodyear, Arizona, take first and second place in the rankings, each with retirement populations that have boomed over 54% since 2018. Five surprising non-Florida hotspots, including two Arizona cities, rounded out the top 10. They are Goodyear (No. 2); Peoria, Arizona (No. 4); Lacey, Washington (No. 6); Galveston, Texas (No. 9); and Vestavia Hills, Alabama (No. 10). Galveston is the only Texas city to break the top 50. Two cities from the Garden State are included on the list of towns with retirement cities. New Jersey retirement cities Clifton, New Jersey Population 65+ (%): 18.3% 1-Year Population Ages 65+ Increase (%): 4.3% 5-Year Population Ages 65+ Increase (%): 26.7% Hackensack, New Jersey Population 65+ (%): 17.1% 1-Year Population Ages 65+ Increase (%): 4% 5-Year Population Ages 65+ Increase (%): 24.1% This article originally appeared on Asbury Park Press: Top 10 retirement hotspots includes these New Jersey towns Solve the daily Crossword
The Sun
5 days ago
- Business
- The Sun
Top 20 countries to retire that could save you cash in your golden years – including island with 300 days of sun
THE top 20 countries for Brits to retire abroad have been revealed - and they could save you cash in your golden years. Experts looked at factors including affordability, the cost of buying a home, lifestyle, healthcare and safety. 3 3 Spain and France might be the first destinations that come to mind if you're thinking about where retirees will flock to. But Ireland has been named the ideal overseas destination, according to analysis carried out by wealth management firm Hoxton Wealth. Each country was ranked with a score from 1 to 100 - and Ireland scored an impressive 85. That's partly because of the ease to migrate there legally post-Brexit. Ireland scored the highest of all countries for visa access and residency pathways because UK citizens have unique rights under the Common Travel Area (CTA) agreement. It means UK can live, work, retire, and access public services in Ireland without restriction, unlike any other EU country following Brexit. Plus, it's easier to integrate because everyone speaks English and it's still close to the UK. In joint second place were Portugal and Cyprus, which both scored highly on lifestyle and safety. People thinking of a move to Portugal can enjoy mild winters and hot summers, as well as its relaxed and outdoor-oriented lifestyle. Popular expat areas include on the Algarve, the Lisbon coast, the Silver Coast, and on Madeira. I explored the tiny European country with underground cities and little-known islands Portugal is also consistently ranked among the best places to live for retirees globally. Cyprus was also highly rated for its climate and its relaxed, beach-oriented lifestyle. It's known for being expat-friendly, especially around areas like Paphos, Limassol and Lanarca - which all offer great outdoor living year-round. The top 20 countries ranked and how they scored 1 - Ireland = 87 2 - Cyprus = 85 3 - Portugal = 85 4 - Malta = 83 5 - Malaysia = 81 6 - Panama = 81 7 - Spain = 81 8 - Greece = 80 9 - Mauritius = 80 10 - Turkey = 80 11 - UAE = 80 12 - France = 78 13 - Italy = 76 14- Uruguay = 76 15 - Canada = 73 16 - Japan = 73 17 - Thailand = 72 18 - New Zealand = 70 19 - USA = 69 20 - Australia = 68 UK baseline = 77 Malta was next on the list as it has structured and accessible residence schemes for British retirees. Everything is also accessible there as English is an official language. The country has been picked out for its affordability, including affordable healthcare, transport and dining. Property prices are rising in areas like Sliema and Valletta but there's still excellent value in smaller towns and in Gozo. Plus, it's said to have a huge 300 days of sun per year. Although Spain has typically been seen as a haven for expats, it's now slipped down the rankings because Brits are regarded as third-country nationals. You would need a visa to stay there for any longer than 90 days in any 180-day period. Retirees can get the Non-Lucrative Visa (NLV), but you'd need to show a passive income of €28,800 (£24,370) a year per person. Still, Brits could be drawn to the Spanish lifestyle - including its sunny Mediterranean climate - as well as the well-established expat hubs in places like the Costa Blanca, Costa del Sol and in the Balearics. The countries rated best for cost of living were Malaysia, Turkey and Thailand, with Canada, Japan and Australia scoring the best for economic and political stability. The UAE was rated best for taxation with no income tax on individuals, no inheritance tax and no tax on pensions or investment income. Chris Ball, CEO of Hoxton Wealth, said: "Places like Spain, France, Australia, and the like have long been seen as safe, sunny, and straightforward. But the world has changed. "Rising living costs, shifting visa rules post-Brexit, evolving tax landscapes, and new global lifestyle trends mean the decision of where to retire or relocate now involves far more than sunshine and property prices. "UK residents considering retiring abroad need to look beyond purely the climate or cost of living." Best places in the UK to retire If you're planning to stay in the UK, there are also plenty of great options. A recent study by Legal and General ranked the " wine capital" of Britain on its list, as well as areas of Surrey and Buckinghamshire. Chesham and Amersham took the top spot as the best place in the UK to spend your golden years. The area – popular for its transport links to London, its charming and historic streets, and for being a gateway for walkers and cyclists to the picturesque Chilterns – was ranked the highest in L&G's index. The picturesque town of Beaconsfield, also in Buckinghamshire, came in second place, while Dorking and Horley in Surrey was third. Also in Surrey, Goldalming and Ash was fourth, while Mid Sussex completed the top five. West Sussex - which is part of the wine capital of the UK and produces more wine than any county - also made the list, with East Grinstead and Uckfield coming in 10th. They were ranked on access to healthcare, opportunities to build social connections, access to nature, local amenities and financial security.
Daily Mail
29-05-2025
- Business
- Daily Mail
Revealed: Surprising destination named as best place in the world to retire
An unexpected destination has taken the crown as the world's best place to retire. According to a new report on retirement by International Living, a Central American country is officially the globe's best place to spend your golden years in. The International Living Annual Global Retirement Index looks for countries where retirees can 'live a healthier and happier life, spend a lot less money and get a whole lot more'. And this year's winner? Panama. The Central American country is known for its beaches while the capital city, Panama City, is a hub for casinos and nightclubs. Jess Ramesch, a U.S expat who lives in Panama, says her friends' 'jaws drop' when they see what the Central American country is really like. She tells International Living: 'As we leave the airport, that incredible city skyline comes into view, mirage-like over the shimmering waters of the warm, tropical Pacific. '[My friends] boarded a plane to a little Central American republic, but suddenly they're wondering: "Did we somehow land in Manhattan?" When their jaws drop, I have to laugh.' Jess Ramesch, a U.S expat who lives in Panama, says her friends' 'jaws drop' when they see what the Central American country is really like The expat claims that Panama is a 'safe, stable and wealthy country' where a person can live a 'comfortable lifestyle' on $2,400/£1,780 a month. And expats who are willing to spend $2,900/£2,152 a month can 'live a life that feels positively luxurious'. Jess adds that Panama 'doesn't charge tax on foreign-earned income' and property tax is just 0.5 per cent for primary residences. Retirees can qualify for a pensioner visa in 'as little as six months' if they have a pension of at least $1,000/£742, claims Jess. Pensioners can also pick up some enticing discounts in Panama, including 25 per cent off their power bill, 50 per cent off cinema tickets and 25 per cent off restaurant meals. When it comes to lifestyle, Jess reveals that Panama's warm temperatures mean that residents can play golf, tennis and pickleball 'all year long'. The expat explains that she lives in Coronado, a coastal city and resort, just 54 miles/87km southwest of Panama City. She says: 'I chose Coronado for the gorgeous breezy weather and the ocean views. I bought my apartment (1,130 sq ft) - my happy place - in 2022 for $155,000/£115,029. Expats who are willing to spend $2,900/£2,152 a month can 'live a life that feels positively luxurious' 'My building is in a coveted location on a golf course and beautifully maintained. We have a large social area and pool on the ground level, as well as three rooftop levels with more common areas, another pool, a gym, a game room, and a sauna.' Jess adds that Coronado is 'welcoming' to expats with 'overwhelmingly kind' locals who are happy to help non-English speakers. To claim its place at the top of the podium, Panama beat out tough competition from other expat hotspots including Spain, Portugal, Italy and Thailand. Jess concludes: 'Fitting in and staying busy is almost ridiculously easy. That's the nature of a well-established expat destination - where you can live an active, social, comfortable life without reinventing the wheel. 'Simply put, that's Panama. And no other country offers so much.'
