With its low cost of living, low home prices, and wide range of things to do, Columbia, South Carolina, is a fantastic spot for retirees. While it is a great spot to retire to, there are several steps to take to ensure that you have a solid retirement plan and are set to retire comfortably and enjoy all of the great things that Columbia has to offer.
Consulting one of the Global-View financial planners in Columbia, SC, is a great way to ensure that you have outlined all of the necessary contingencies to prepare for retirement and you have hit all of the steps in your retirement checklist.
No matter how far out you are from retirement, Global View's financial advisors in Columbia, SC, can help you at whatever stage you're at. Reach out today
A lower cost of living
Columbia is a fabulous place for retirees, and a lot of that is due to its lower cost of living.
Columbia's housing expenses are 25% lower than the national average, making housing extremely affordable. The transportation costs like bus fares and gas prices are 22% lower compared to the national average.
For retirees concerned about healthcare costs, the cost of healthcare in Columbia is a full 18% lower compared to the national average.
The Palmetto state as a whole has some of the lowest property taxes in the country, and Richland county, where Columbia is located, is no exception. The average effective rate is 0.87%.
The average home in Columbia costs $239k, which is significantly cheaper than the national average of $348,079 in 2022. Affordable housing is just one of the many great attributes of retiring in South Carolina's capital.
No shortage of activities for retirees
Columbia is a welcoming and diverse community with plenty to offer its residents, and especially its retirees. Its mild climate is ideal for those who aren’t fond of frigid winters and sizzling summers. Columbia boasts over 50 museums, galleries, and other cultural attractions which are mostly concentrated near the Congaree River off Main Street.
The Riverbanks Zoo is the oldest zoo in the state, and its 170 acres is home to over 2,000 animals! The Columbia Museum of Art has over 8,000 pieces of art, and is free of charge to everyone.
Congaree National Park is a gorgeous wilderness area that was designated by Congress as America’s first national preserve, and covers 1,500 square miles of the South Carolina Lowcountry. There is over 100 miles of trails in the park which can be enjoyed year-round due to the temperate climate. There are at least 25 endangered species that call the park home, including the red-cockaded woodpecker; the park is one of only two known active colonies in North America.
Columbia is a great place to retire, and for more than just the fact that it’s easy on the wallet. There is plenty to enjoy in the Palmetto State’s capital for everyone, especially for its retirees.
The importance of a retirement plan
In order to enjoy all of the great things that Columbia has to offer in retirement, you need to have a solid retirement plan in place to ensure that you can retire comfortably and enjoy all of the great benefits. From estate planning, investment management, and overall financial planning, your retirement plan is comprised of many moving parts that need to work as efficiently as possible.
A good retirement plan will consist of tax planning too; whether or not you will be in a higher or lower income bracket will play a significant role in how you plan your retirement distributions and strategies. Understanding this is also crucial in developing what your budget will look like when you retire so you can know in advance that you can afford the lifestyle you want and retire comfortably.
Regardless of how close or far you are away from retirement, the planning that goes into it is for the long-term and is something that takes time and careful planning. Retirement planning is comprised of more than just things that involve financial purposes only. There are many lifestyle questions you need to consider, such as when you want to retire, what you want to do (travel?), if you will work at all, and what your life expectancy looks like. Although life expectancy can be a touchy subject for some, one of the biggest concerns that Americans have regarding their own retirement is running out of money. Although they may be uncomfortable, these are some of the most important questions and concerns that you need to consider when retirement planning if you want to cover all of the bases.
Don’t forget to review your plan!
Retirement planning and wealth management are things that take a fair amount of planning and can take decades of time. Do not forget to do your due diligence and review your plan regularly.
A great time to do this is around important life events. Marriages, divorces, the birth of children and grandchildren, and significant fluctuations in wealth are all perfect times to check up on your plan to ensure that everything is in order and you’re on track to meet your goals.
For example, generally speaking, people get more risk-averse as they age. Especially true for people close to retirement who want to protect their savings, their risk profiles generally change. This is why it’s important to review your plan, especially after significant life events, to ensure that your risk profile is up to date. If something is out of balance, then it is going to be much more difficult for you to reach your financial and retirement goals. Furthermore, your goals for retirement, as well as your overall financial goals and portfolio, are likely to change over time as well. The only way to ensure that you are on track to meet these goals is by regularly reviewing your plan.
Our certified financial planners at Global View provide all of our clients with a wide range of financial services, including comprehensive retirement planning. Contact us today and see how we can help you retire comfortably in Columbia.
