When you scan the country's state mottos -- from Rhode Island's "Hope" to California's "Eureka" -- few are as imploring as New Hampshire's "Live Free or Die." Even fewer so accurately capture the way of life for many residents. "Natives have an independent streak," says Mary Krempels, a 61-year-old retiree in Portsmouth. "There's an attitude of, 'Don't tell me what to do.'"
Also SeeRetire Here, Not There: State-by-State Forget your parents' retirement destinations. These less-known gems offer lower prices and peppy economies.
Getty ImagesFor a growing number of retirees, the Granite State offers much more than free-spirited living. Namely, lower expenses than many of its New England neighbors. Living costs in Massachusetts and New York, for example, are roughly 10% higher than New Hampshire, according to Sperling's Best Places. Meanwhile, the median home runs $243,000, compared to $302,900 for Massachusetts and $276,700 for the Empire State. Another plus: The state's income tax of 5% only applies to dividends and interest, and there is no sales tax.
Retirement PlannerAre you on track?Current Salary$Annual Savings10% Total Assets$Can you afford to retire? Enter your info to find out.
What's This?Input Error:
The state also boasts natural highlights that rival the best in New England, says Kathleen Thomas, an Ameriprise Financial adviser based in New Hampshire. The White Mountains offers top-notch skiing, with the 101 trails in the Bretton Woods section and 77 trails at Attitash Bear Peak. (The densely forested mountains also have over 1,200 miles of hiking trails.) For lovers of boating and fishing, the Lake Region, located in the center of the state, has a whopping 273 lakes and ponds.
Like any state, there are drawbacks. Property taxes run high in many areas, and some of the best-known retiree hotspots are pricey. In Hanover, for example, home to the prestigious Dartmouth College, the cost of living is 60% higher than the national average and the median home costs nearly half a million dollars.
But the state has plenty of gems for retirees on a tighter budget, say financial advisers. Here are three that boast many of the cultural attractions and natural beauty of Hanover, at a discount.
Portsmouth Steve Broer / Shutterstock.comThe third-oldest city in America -- settled in 1623 and home to the country's first Naval shipyard -- has plenty of history and small-town charm, says Doug Roberts, the owner and publisher of PortsmouthNH.com. In fact, in 2008, the National Trust for Historic Preservation put Portsmouth on its list of "Dozen Distinctive Destinations." The town itself has dozens of historic red-brick buildings, which were built after a huge fire ravaged the city in the 1800s, and is located on the mouth of the Piscataqua River and just miles from the border of Maine.
By the numbers- Population: 20,298
- Median home cost: $301,100
- Cost of living: 32.7% higher than average
- Unemployment: 4.1%
- Source: Sperling's Best Places
"You feel like you're a part of the place, a part of its history, and there's a wonderful arts community," says Mary Krempels, a retired medical device sales professional, who moved to Portsmouth 10 years ago from nearby Hampton. She and her husband live in a home built in 1796 and regularly see concerts and plays at the Music Hall, a functioning theater since the late 1800s, which attracts world-renowned musical guests, authors, actors and comedians, like Al Green and Salman Rushdie.
The cost of living in Portsmouth is slightly higher than New Hampshire as a whole. But residents say the town's proximity to the state's 18 miles of Atlantic beach coastline makes it worth it. Newcastle Beach, a small beach with a lighthouse, is a popular picnicking spot for locals, while the much larger (and more touristy) Hampton Beach is packed with shops, restaurants and other attractions.
Manchester Wikimedia CommonsVerizon Wireless Arena
If you're considering working or launching a business during "retirement," advisers recommend Manchester. The unemployment rate here is one of the lowest in the nation -- under 6% -- and the city is just an hour from Boston, and all its work opportunities. Many of the old mills that used to dominate the town have been taken over by small businesses, lured to the state by the favorable tax climate, says Robin Comstock, the CEO and president of the regional Chamber of Commerce.
By the numbers- Population: 108,895
- Median home cost: $192,100
- Cost of living: 0.4% lower than average
- Unemployment: 5.7%
- Source: Sperling's Best Places
The town's nickname, "ManchVegas," was coined after the city busted a series of illegal video poker machines in local bars and restaurants in the late 80s and early 90s. Soon, residents began using the name ironically because there was so little to do in town. But locals say that's changing. Today, residents enjoy nationally recognized performers like James Taylor and Carrie Underwood at the 10,000-seat Verizon Wireless Arena; works by renowned artists like Picasso and Monet at the Currier Art Museum; and plays and ballets like the Nutcracker, Grease and Footloose at the Palace Theatre, an 840-seat performing arts theater. "If you live downtown, you have dinner at a great restaurant, do some shopping and see a play -- and walk to it all," says Comstock.
It's also close to the slopes. The McIntyre Ski area is a small resort right in town and there are a number of larger resorts within about an hour's drive.
Plymouth Wikimedia CommonsThe White Mountains
With some of New Hampshire's hottest destinations too pricey for many retirees, Plymouth offers a budget conscious alternative. The cost of living is 8% above the U.S. average, compared to 22% for the entire state. But the town still offers many of the arts and cultural attractions of its higher-priced neighbors -- including the Silver Center for the Arts, which hosts artists and their works from around the world, and the Flying Monkey Movie House & Performance Center, which presents live bands, comedians and films.
By the numbers- Population: 4,058
- Median home cost: $153,900
- Cost of living: 7.8% higher than average
- Unemployment: 4.8%
- Source: Sperling's Best Places
For some retirees, the town's tiny size may be a drawback -- it has a limited number of restaurants and shops -- but residents point out that bigger cities like Manchester and Boston are just an hour or two away. There are also many volunteer opportunities for retirees in the town's museums, as well as in surrounding towns, says Scott Stephens, the executive director of the Plymouth Regional Chamber of Commerce.
But perhaps the biggest draw for retirees is Plymouth's easy access to the state's Lakes Region to the south and the White Mountains to the north. There's excellent trout and salmon fishing in Newfound Lake and Squam Lake, both less than a half hour from town. There are four prominent ski resorts -- Cannon Mountain in Franconia, Loon Mountain in Lincoln, Ragged Mountain Ski Resort in Danbury and Waterville Valley Ski Resort in Waterville Valley -- all within roughly half hour from town. And you can canoe right in town down the Pemigewasset River and the Baker River.
No comments:
Post a Comment