Silvia Ascarelli

Questions about where to retire? Email HelpMeRetire@marketwatch.com.

Dear Market Watch,

I am a single 50 year old bicultural gay male considering early semi-retirement due to professional ageism. I have a taxable investment of $3.5 million (including the appraised value of my home) and would like to grow this as much as possible. Can you recommend some US cities that offer a robust medical infrastructure, active cultural activities, a mild climate (no snow or humidity), an LGBTQ+ friendly environment, and a moderate left-wing demographic?

Airbnb could be a side income option when I own a home. And it would be nice to have a tax-friendly place for retirees.

A place with welcoming, community-minded, educated locals would be great.

Wai

dear wai,

I’m sorry you feel kicked out of your job. We hope that at least you have enough savings that it gives you options and less stress.

Given your wish list, you’ll be heading to the big cities or their suburbs, unless you’re willing to compromise a little. It’s easy to check out a few big, expensive cities like San Diego and Denver, but I want to show you a wider range of possibilities.

I hate to repeat myself, so if you’re interested in the Pacific Northwest, I’ve put the spotlight on Eugene, Corvallis, Salem, and the Portland suburbs of Vancouver, Washington. please. These days, there is the risk of smoke from wildfires.

You can read more about three LBGTQ-friendly suggestions here. You can also consider cheap college towns that don’t have great weather. you retire For example, you don’t have to go anywhere when it’s snowing. MarketWatch’s “where to retire” tool can help you identify the right county.

As you know, COVID-induced workplace disruptions are causing a bidding war in some housing markets, so it’s good to be willing to rent first. Still, given your desire to eventually buy a new home and expand your finances, take the time to plan your expected expenses, including medical expenses before Medicare, and plan your annual budget and your budget. Come up with limits. final home purchase.

Be conservative. There are always unexpected costs and the stock market may not cooperate with your dreams.

Given that your sources of income are different and of course tax laws change, your retirement taxes will look different. Get an idea of ​​what you look like in different states with this tax calculator from SmartAsset. You can also consult a tax expert.

Here are three possibilities to get you started.

Tucson, Arizona

We looked to the Human Rights Campaign and its Local Government Equality Index as suitable for LBGTQ+. The HRC, a leading gay rights advocacy group, has identified whether the city has anti-discrimination laws regarding housing, the Human Rights Commission, the mayor’s office, whether there is an LGBTQ contact point, and services and services for LGBTQ seniors. We are considering factors such as whether it is supported or not. .

Tucson is one of three cities in Arizona to receive a perfect score (Phoenix and Tempe also scored 100). Home to the University of Arizona, Tucson is a bit cooler and cheaper than Phoenix. About 540,000 (just over a million in Pima County) compared to Phoenix’s 1.65 million (in Maricopa County he’s nearly 4.5 million).

Finally, when I turned to MarketWatch’s “Where Should I Retire” tool, it also scored highly.

Learn more about Tucson and its cultural attributes here.

Tucson has some of the best hospitals in the state, according to US News & World Report rankings, but there are many more in the Phoenix area, including the Mayo Clinic, which is about two hours away from Tucson.

The trade-off for moving to the southwest is less humidity, but still hot. His average July high in Tucson is 100 degrees for him and it seems to be getting hotter. In addition, there is a risk of water shortages in the coming years.

Like MarketWatch, the median listing price for a home for sale in Tucson in August 2021 was $299,900, according to News Corp-owned Realtor.com.

Asheville, North Carolina

Surprisingly, liberal Asheville, a city of 95,000 in the Blue Ridge Mountains, has no HRC rating. But unlike many other counties in western North Carolina, Buncombe County casts blue votes.

Long on our list of the best places to retire, Asheville is known for both its craft beer (the highest number of breweries per capita in the US) and its music scene. So it’s no surprise that the region receives millions of tourists every year. As long as you abide by the city’s rules, it might suit Airbnb’s wishes.

Also, if you’re looking for a robust healthcare infrastructure and that’s the direction you want to explore, you’ll find plenty of entrepreneurs. students, and there is also the Osher Institute for Lifelong Learning for retirees.

The climate is mild in all four seasons. Snow is expected, but average winter highs are in the high 40s or low 50s. Average summer highs are in the mid-80s.

If you want to go beyond the area’s many outdoor options, you can fly in from the Asheville Regional Airport or choose the airport in Charlotte, two hours away.

You’ll hear complaints about Asheville being too crowded, different, and too expensive. You have to decide for yourself. Start your home search in the West Asheville and River Arts districts. All in all, the median list price for Asheville homes in August 2021 was $389,900, according to Realtor.com. Here is what is currently on the market.

If Asheville isn’t right, consider Hendersonville, described here, and Brevard, described here.

Covington, Kentucky

This was my wildcard choice, and you can imagine the skepticism. He was one of the first cities in Kentucky to adopt the LBGTQ anti-discrimination measure called the Fairness Ordinance and has a 96 from the Commission on Human Rights. That’s nothing new either. Covington claims to be the only library in the South that has never been segregated.

This city of 40,000 has a walkable downtown (including newer housing) and a historic district that includes a revitalized 19th-century German Mainstrasse with bars, restaurants and historic homes. Another historic district faces the Ohio River. Of course, you’ll also hear about the Bourbon Trail in the area.

With all the comforts of a big city, Cincinnati is walkable across the John A. Roebling Suspension Bridge (think of it as the original Brooklyn Bridge).

When you turn 65, you can take classes for free at Northern Kentucky University, which has 14,000 students.

Unlike Asheville, there are no mountains on your doorstep here. Instead, enjoy nature in the hills of Devou Park and explore Bender Mountain Nature Preserve on the Ohio side of the river 12 miles away and Shawnee Lookout further west.

Similarly, there are no chain stores. Chain stores are concentrated in several suburbs of Florence.

Agree that summer humidity and average summer highs are several degrees warmer than Asheville, averaging about a foot of snow each year (similar to Asheville) and average winter highs of about 40. is needed.

The tradeoff is the much more affordable housing market. According to Realtor.com, the median home price in August 2021 was $169,900. Here is what is currently on the market.

That’s not it? What about college towns like Bloomington, Indiana, home of Indiana University?

Where should Wai retire? Please leave your suggestions in the comments section.

More articles in MarketWatch’s “Where Should I Retire” series

You want to retire to a delightful lake house, but you also want city amenities. The budget is 4.5 million. where should i go?

We want a $250,000 house within an hour of the mountains and the ocean.

I want to retire in a “liberal thinking area” for $3,000 a month including rent, where can I go?

– Silvia Ascarelli

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