Looking to Retire Soon? Best Not Do It in Washington State
Having just turned 50 years old in December, the specter of retirement is beginning to rear its head. The folks at AARP (American Association of Retired Persons) already have me with one foot in the grave -- at least that's what it seems based on the volume of mail and solicitations I'm getting from them!
I think most Americans still believe that being able to, some day, retire and enjoy the "Salad Days" is very much part of the American Dream. Based off of info I read recently from our good friends at WalletHub.com, however, it looks as though it is becoming increasingly more difficult for some to make that dream into a reality.
According to a recent report by said website, "26% of all non-retired adults have no retirement savings or pension and a quarter of Americans expecting to delay their retirement due to the economic impact of COVID-19."
Wow! Not good.
A few years back, I started getting nervous as to whether or not there would be anything left from Social Security Insurance when I got closer to retiring -- even though I have been contributing to it since I was 15 1/5 years-old. It scared me so I started contributing to a 401k and now also have a couple of IRAs as well. My wife and I then started adhering to financial guru Dave Ramsey's "baby steps" to get out of debt. Since then, I've tried to diversify as much as possible, investing in hard money (silver) as well as cryptocurrency. I'm looking to invest in property and mutual funds in the near-future as well so that I can, someday, be able to retire.
When will that be? I do not know. Where will my wife and I settle down? That's a good question, too. After reading the results from this report, my beloved Evergreen State might not be the best option!
Washington State ranks in the bottom half at #31 based on their data. How do Washingtonian's stack-up against our brethren in the Pacific Northwest? Use this interactive map and scroll over neighboring states to find out! (Idaho or Montana, anyone?!?!)
While our state does rate highly in a couple of categories like Quality of Life and overall Health Care...
...it is mitigated by the WORST ranking for the cost of in-home care (hospice, etc.)
Maybe the thought of retiring anytime soon seems to be off in the distance for you. If you are currently having trouble making ends meet and are looking for work or a side-hustle to supplement your income, make sure to check-out our weekly updates of available jobs in Yakima.
For more interesting tidbits and factoids about the Yakima Valley, our state of Washington and the Pacific Northwest in general, opt-in for our "Alerts" via our free mobile app!
Rock on! \m/ \m/
Todd E. Lyons, Esquire