By Ray’Chel Wilson
Did you know Ohio is ranked the fourth-best state to retire in? Retirement may be far — or near — on your financial journey. Choosing where to retire sets the stage for your future freedom and happiness, impacting your lifestyle, opportunities, and financial well-being in ways that will shape your entire post-work adventure. Here are five key factors you should consider regarding retiring in Cleveland, Ohio.
- Cost of Living:
Let’s kick things off with a bit of real estate wisdom. In Cleveland, you can snag a stylish lifelong home for a little over $200,000. That’s practically a steal, especially when the national average is double that! Groceries, utilities, and transportation costs? Cleveland has them all, but at prices that won’t make you question your life choices. Even a transit system that’s rated one of the best in the country, for when you can no longer drive yourself. - Healthcare Facilities and Services:
Picture this: retiring in a place where healthcare isn’t just a necessity but a matter of prestige. Cleveland’s healthcare scene, led by the iconic Cleveland Clinic, is arguably the apex of the medical world. They’re setting trends in surgeries like it’s a fashion show! And considering the rising costs of healthcare, Cleveland’s healthcare groove is a soothing melody for the budget-conscious retiree. The best part? You can be part of this health extravaganza. - Climate and Lifestyle:
Retirement isn’t a snoozy ballad; it should be a lively tune, and Cleveland knows how to strike the right chords. Dive into a cultural symphony within the city—from the artistic beats of the Cleveland Museum of Art to the historic melodies of Cleveland’s Playhouse Square. The cultural and recreational opportunities available in Cleveland create a vibrant rhythm that makes every day a masterpiece. - Tax Environment:
Taxes may seem like the party pooper of your savings party, but think of them as the admission fee to a well-organized society, where roads are paved, schools thrive, and everyone gets a slice of the communal cake. Navigating the tax maze can be a daunting dance, but Cleveland has a secret weapon—the “retirement credit.” It’s like having a financial guide, reducing the tax burden on your pension or retirement income. It’s the kind of financial strategy that leaves you with more green in your wallet. - Community and Social Factors:
Cleveland isn’t just a retirement spot; it’s a cultural carnival, including Little Italy for your pasta fix, AsiaTown for culinary adventures, and festivals that make your social calendar look like a top-charting hit. Cleveland’s cultural diversity is a groove for the soul, especially if your family is from the great state of Ohio. Familial support can be extremely important as you age, creating a harmonious backdrop to your retirement symphony. Retirement isn’t just about counting the years; it’s about making every year count.
Retirement planning is the key to your future happiness. Cleveland isn’t just a retirement destination; it’s our shining star of Ohio. Start your financial preparation and get ready for the retirement victory in Cleveland! Your golden years are calling, and Cleveland is the field where your retirement dreams can take center stage.
[skirt] Ray’Chel Wilson, CFEI®, a Toledo native, is the author of the Black Wealth Freedom series and CEO of Raise the Bar Investments, empowering first-generation investors to close the racial & gender wealth gaps through investing.