Area counties among best places to retire
Several counties in the region were ranked in the top 10 places in Idaho to retire, according to a study by SmartAsset.
Bonner County was ranked second and Kootenai County was ranked fifth. Also in the top 10 were, in order: Twin Falls, Nez Perce, Bonneville, Bannock, Gem, Ada, Gooding and Cassia counties.
The analysis considers four criteria, including tax burden, access to medical care and opportunity for recreation and social activity. Counties that ranked the best across these metrics were the counties that ranked highest in the study.
To find the best places to retire, SmartAsset gathered data on three separate regional factors that affect the quality of life for retirees, including tax-friendliness, medical care and social opportunities.
First, SmartAsset officials looked at state and local tax rates, considering two types of taxes: income and sales. The financial data website calculated effective rates based on a retiree earning $35,000 annually (from retirement savings, Social Security and part-time employment). Analysts then subtracted income taxes paid from the gross income to determine disposable income. Sales taxes paid were calculated based on the disposable income being spent on taxable goods.
Next, analysts determined the number of doctors’ offices, recreation centers and retirement centers per thousand residents in each location. Finally, we measured the number of seniors in each city as a percentage of the total population.
"In our final analysis, we ranked each location on these three factors," SmartAsset officials said. "Then we calculated an average ranking for each area and weighted the three factors equally. The areas with the highest average ranking were determined to be the best places to retire."
In Bonner County, the tax burden is estimated at 14.6% with 1.7 medical centers per 1,000 population, a rating of 0.62 recreation centers per 1,000 population and 0.15 retirement communities per 1,000 population. About 24.8% of the county's population is estimated to be a senior citizen.
In Kootenai County, the tax burden is estimated at 14.5% with 1.86 medical centers per 1,000 population, a rating of 0.69 recreation centers per 1,000 population and 0.14 retirement communities per 1,000 population. About 18.9% of the county's population is estimated to be a senior citizen.
The ranking was included as part of a retirement calculator on the group's website, which notes that, for many, retirement savings are lower than what they should be and significant numbers of Americans have no retirement savings at all.
"For a working person, the golden years of retirement can be both easy and difficult to imagine," SmartAsset officials note on the website. "We may fantasize about international adventures or beachside escapes, but rarely do we lay the groundwork for realizing our retirement dreams financially."
SmartAsset officials recommend sitting down and looking at the lifestyle you want in retirement and building a retirement plan, looking at current savings, estimating how much you'll need to meet your needs and how many years remain before you plan to retire.
"The answers to those questions will determine how much work you have to do to reach that mountaintop. If you’ve saved plenty and you’re still young, great—you’re well on your way. If you’ve saved nothing and your 60s are just around the corner, not so much," SmartAsset officials said.
Planning and a diverse strategy are the smart approaches to retirement planning, they note.
"The unexpected can happen, and often does. The best you can do is to develop a solid plan based on the information you have now. Don't let retirement savings statistics get you down," SmartAsset officials said. "A retirement calculator can help you see how you are doing so far and what you need to change to make your retirement goals. By setting goals and meeting them, you give yourself the opportunity for a rich and rewarding retirement."
