Commentary by Bill Demaree
While many retirees often adopt a snowbird mentality where they spend some, if not all, of their retirement in warmer climates, many individuals and couples are beginning to recognize the benefits of strategically relocating to new areas for reasons other than warmth.
Carmel and its surrounding areas have consistently been recognized as some of the top places to live in the United States, but families and those in the middle of their career aren’t the only ones taking notice.
Retirees living on a fixed income are continuing to find creative ways to maximize their assets, and the metropolitan Indianapolis area, including Carmel, provides ample opportunities for them to stretch their dollar a little further.
One of the big draws for the Indianapolis region is the relatively low cost of living. In fact, in 2013, the Indianapolis region was nearly 10 percent below the national average for cost of living for the entire United States.
Housing prices are also well below the national average. The National Association of Realtors put the median home price nationally in 2013 at $196,900, while the Indianapolis area was nearly $60,000 less at $134,500.
For retirees living on a budget, both of these factors can greatly influence the way they live. Having to spend more on groceries or a mortgage could translate into less money to spend on traveling, hobbies or other personal pursuits. A lower cost of living will help extend the assets that have taken them a lifetime to accumulate, and, for retirees looking to downsize, the Indiana housing market provides much more bang for the buck.
Together, these considerations lead to a higher quality of life and provide retirees with additional resources to better take advantage of local amenities without having to worry about draining their retirement savings or spending outside of their budget.
One thing is for certain, successful retirement takes planning and dedication. It also requires individuals and couples to set goals for themselves regarding the type of lifestyle they want to live when they retire.
Whether they seek an active lifestyle, a peaceful destination or a mix of both, Carmel and surrounding cities in the metro area provide plenty of opportunities for retirees to stretch their assets further and achieve their retirement goals.
Bill Demaree owns Demaree Retirement Services, which specializes in safeguarding and growing assets for clients in or approaching retirement and helping to meet their retirement goals. For more information visit www.demareeretirementservices.com.