Seneca County listed in study as most affordable place to retire in Ohio
It’s no secret that retirement comes with plenty of expenses.
While some retirees may have paid off their mortgages or car loans, recurring expenses such as property taxes, food and medical costs remain. In a new study, SmartAsset reported Seneca County is the most affordable place to retire in Ohio.
The study measures each county by Social Security income, property taxes, state pensions and living expenses.
First, the study looked at the average Social Security income for each county in the United States. It then calculated Social Security income for each age group by measuring the average Social Security income and age distribution of people collecting Social Security in each county.
Next, it looked at 401K and pension plan statistics for each county, as these plans are designed to help people meet financial goals for retirement. The metrics included for 401K performance were employer contributions, fees and fund performance. Government contribution, fund returns and funding percentage were looked at for pensions.
To assess costs that will affect the affordability of an individual’s retirement, the study analyzed data on the median annual property taxes paid in each county and their respective cost of living, which includes items such as food, medical care and transportation.
It then determined a weighted score for each county’s retirement affordability by evaluating each of the factors above. The study indexed the affordability scores so the values reflect the most affordable places to retire.
According to the results, Seneca County’s cost of living is $30,146 with an estimated property tax of $1,233 and full social security income of $19,362.
The study indicated the following counties were also in the top 10: Washington, Ashtabula, Pike, Putnam, Columbiana, Wyandot, Clinton, Harrison and Geauga, respectively.
Wood County was ranked 50th while Hancock County was ranked 60th.
For more information, visit smartasset.com/financial-advisor/financial-advisor-firms#ohio.