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Insurable Interests

Bensman Risk Management, Inc.
2333 Waukegan Road Suite 275
Bannockburn, IL 60015
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Insurable Interests may offer general financial, insurance, tax and business ideas. However, due to the ever-changing tax laws as well as the complexity of the financial industry, you should seek professional advice before implementing any of the ideas contained in this newsletter. The Bensman Group, Bensman Associates Ltd., Bensman Risk Management, Inc. or Schemata, L.L.C. assumes no liability whatsoever in connection with the use of this newsletter.

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Insurable Interests

Vol. 9, Issue 5January 2014

FINANCIAL INTERESTS

Retiring on $30,000 a Year

The recession put a major crimp in the retirement plans of many people. However, there are still cities where you can live well on relatively little. AARP lists 10 U.S. cities where it is possible to live comfortably on $30,000 a year:

Daytona/Deltona/Ormond Beach, Fla., population 514,450. Home costs are low, with a median home price of $108,900 and a median annual property tax of $1,161. In addition, there is no state tax on Social Security or pension income. And retirees can enjoy the sunny weather and a wealth of outdoor activities.

Pocatello, Idaho, population 88,500. The median mortgage payment is $487 a month, and the median property tax is $1,179. The state does tax pension income, with some exceptions, but it does not tax Social Security. And Idaho State University’s New Knowledge Adventures allows people 50 or over to take unlimited classes for a small fee.

Bangor, Maine (pictured), population 149,630. There is no state tax on Social Security, and home ownership costs – including home prices, mortgage payments and property taxes – are low. Plus, the natural beauty is exceptional, and the annual American Folk Festival is free.

Greenville, S.C., population 628,600. In addition to low housing costs and no state tax on Social Security, Greenville offers several freebies, including admission to the county art museum, trolley rides and wi-fi in the downtown area.

Grand Rapids, Mich., population 782,100. With a median home price of $114,200 and no state tax on Social Security, Grand Rapids helps retirees stick to their budget. In addition, there are a number of free or inexpensive cultural and sports activities.

South Bend, Ind., population 316,900. The site of the University of Notre Dame, South Bend also offers low home prices (median $82,500) and property taxes (median $846). Plus, there is no state tax on Social Security. And because of Notre Dame, famous entertainers often visit the city.

Erie, Pa., population 278,500. Erie has no state tax on Social Security or pensions, as well as low housing costs. And it is the site of Presque Isle State Park, a beautiful peninsula of Lake Erie beaches.

Louisville, Ky., population 1.25 million. Most famous as the site of the Kentucky Derby, Louisville also has 18 parks designed by Frederick Law Olmsted, who also designed New York’s Central Park. In addition, there is no state tax on Social Security, and the median home price is $128,200.

Sherman/Denison, Texas, population 120,600. With a median home price of only $79,400 and no state tax on Social Security or pension income, your money can go a long way in these Texas towns. You also can get in free at the Hagerman National Wildlife Refuge, which has hundreds of kinds of birds, mammals, reptiles, amphibians and fish.

Pueblo, Colo., population 158,000. Although there are state taxes on Social Security and pensions, the median home price is only $102,600. And you can view the Pueblo Mural Project, which at 3 miles holds the Guinness record for longest continuous painting.

This article was created by Osmosis Digital Marketing for use with permission by The Bensman Group.

Photo: iStockphoto.com

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