Missouri ranks well for retirees

Feb. 12--For the millions of people choosing to retire each year, many decisions, including financial plans and where to live, can impact success and enjoyment, including access to health care, affordability and quality of life.

"What people are worried about is running out of money, health-care costs, which relates to running out of money, and a frustration that retirement is not what they thought it was going to be because of these different worries," said Dave Thompson, founder of the St. Joseph retirement planning company It's Your Money. "That manifests itself in lots of different ways with different people."

An estimated four million people retire each year, and about 80 million are expected to retire between 2014 and 2034. According to the U.S. Bureau of Labor Statistics, retired households spend an average of $40,938 per year.

"A lot of people know they need to do something. They know they want to preserve the money they've worked so hard for, but in general it's in some environment where it can go down in value," Thompson said. "There are answers to almost everything someone could worry about. You've just got to be proactive."

Heather Herring, co-producer at It's Your Money, said people tend to have similar concerns about planning for retirement.

"One of the most common things is that they are frustrated with being at risk. They've worked so hard for so long to accumulate their accounts and they are getting ready to retire and they are getting really scared with the market. They say 'What do we do?'" Herring said. "They don't want to outlive their money."

Financial planning for retirement is vital, regardless of a couple or individual's financial situation, Herring said.

"It's for people who have $2 million, or $500,000 or $50,000 saved up. Every single person, there's something they need to be doing if they are not," she said. "It goes for everybody."

In addition to financial choices, choosing where to retire can effect enjoyment and overall outcome. Missouri was ranked 14th nationwide for overall quality of retirement living, according to a WalletHub study that looked at aspects including affordability, quality of life and health care. Kansas was ranked 27th.

"Retirement can differ significantly based on where you live," said Jill Gonzalez, analyst with WalletHub, "so it's important to do your research before moving, or even before staying put."

The study looked at the adjusted cost of living, cost of in-home services, population aged 65 and older, violent crime and property crime rates, health-care providers per capita, life expectancy and other factors. Missouri ranked 22nd in the nation for affordability, 18th for quality of life and 28th for health care.

"The state has the 10th lowest adjusted cost of living and the 13th lowest annual cost of in-home services at $42,603," Gonzalez said. "In terms of quality the life, Missouri has a fairly high percentage of senior citizens, at 15 percent of the total population, so the retirement community is fairly large."

Kansas ranked 34th in the nation for affordability, largely because of a tax environment that "is not friendly toward retirees as both pensions and Social Security incomes are at least partially taxed," Gonzalez said.

"The state's quality of life is quite good, as just 7 percent of residents aged 65 and older are living below the poverty line," she said. "Also, Kansas has the third-highest number of museums and the 18th highest number of golf courses nationwide."

Kansas also reported the eighth highest number of health-care facilities and seventh highest quality of public hospitals in the nation. Missouri ranked high nationwide with 116 family and general physicians per 100,000 residents.

"People should consider a state's affordability, as well as amenities and opportunities that make for a healthy and active lifestyle," Gonzalez said. "... Both states have their pros and cons, but based on our findings, Missouri is a better place for retirement than Kansas."

Deciding where to retire and how to handle the financial requirements of retirement can help prepare people for the next decades of their lives, with hopefully less stress and more security, Herring said.

"Retirement should be about not worrying. That's the time to relax," she said. "If you are not feeling better and less stress, then something needs to be changed."

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