Colorado is considered one of the best places to retire due to three determining factors: quality of life, affordability and, not least, healthcare. Older Americans who plan to retire appreciate a low tax burden and the abundance of doctors and quality medical services, which is exactly what they can find here.
Colorado’s affordability largely comes from its overall tax friendliness. For retirees, there is a deduction on all retirement income due to low property taxes. Besides, both medicine and food are exempt from sales tax. However, although statistics show that taxpayers 65 years+ are allowed a significant deduction of $24,000/ year, there are still the normal retirement pitfalls to look out for, even in the Centennial State: borrowing too much, skipping savings altogether, taking social security too early etc.
Even if the market looks good for the moment, it still remains volatile anywhere you are, so do not make the mistake to rely on factors outside of your own control.
Also, keep in your mind that retirement must not mean financial inactivity. You should continue managing your investments and regularly rebalance your portfolio, just to make sure that it keeps reflecting your goals as well as your time horizon.
Promoting lifelong financial responsibility, a credit union near me in Colorado Springs offers access to Financial Advisors. The trusted financial advisor can provide information regarding the best way for you to meet your financial goals and obligations.