Retiring in Louisiana has been steadily increasing in popularity over the years. Not only is it a sportsman's paradise, thanks to all the fishing and hunting opportunities, there is also a sedentary lifestyle to be found. Many retirees find the overall atmosphere of the state to be quite relaxing, making it a great place to plan your retirement.
If Louisiana is your state of choice when it comes to your retirement, there are a few facts that you need to be aware of, and we've taken out the guesswork for you.
There's a Good Chance You Will Live Longer
In the past twenty years, the average lifespan of an American citizen has risen dramatically. It wasn't so long ago that 45 to 50 was the norm, but now that number is closer to between 78 and 80. The reasons for this include better lifestyles for many Americans as it relates to their health, plus huge advancements in medical treatment and technology. And now that you're going to live a longer life, you need to make sure that you're taking that into consideration when making plans for your future.
Staying Active Can Be Beneficial
Although Louisiana is a sedentary state for many, a place for retirees to relax and enjoy the simple life, there are plenty of things to do. Hunting and fishing are quite popular in most areas. If you decide to stay active, you're looking at living a longer, more healthy lifestyle. This also goes with the life expectancy mentioned above. If you live longer, which is the obvious goal in taking care of yourself and remaining active (not to mention overall enjoyment), your money will need to stretch further than it has before, so you must take this into account while planning your finances.
Think Carefully Before You Retire Early
Retiring early sounds like a great idea, especially when you've decided to make Louisiana your place of residency. But keep in mind that if you were born after 1960, your full retirement age is now 67, not 65. This means that if you decide to collect on your Social Security early, your payments will be less than if you had delayed your retirement. Also keep in mind that you cannot qualify for Medicare until the age of 65, and you'll need to cover health care insurance until then, or be subject to astronomical out of pocket costs.
A Solid Retirement Plan is Essential
This sounds obvious, but you would be surprised how many people do not have a solid financial plan in place. You simply cannot afford to "wing it." You need to decide where in Louisiana you'd like to live and do some research on the costs of living. Take these costs into consideration as soon as possible. Make them a part of how you plan your financial contributions to an IRA or 401k. Avoid being like the millions of Americans who take retirement plans for granted. You don't want to retire without a solid financial plan in place.
Expect Your Standard of Living to Decrease
This is not a sure thing, but it is very possible that when you retire to Louisiana, or any place for that matter, your standard of living will suffer. Sometimes, a retiree can lose up to 50 percent or more of his or her current finances. If you're getting close to retirement, you must face this fact sooner or later. Your best defense is to create a solid retirement plan, along with choosing a location in Louisiana that is right for you.
Source: http://firstsecurityfinancialshow.com/blog/bid/103154/Retiring-in-Louisiana
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