Retiring to a College Town

Kevin McCormally: I am Kevin McCormally of Kiplinger's and I am here with Jane Clark, an Associate Editor of Kiplinger's Personal Finance Magazine to talk about retiring to a college town. Jane, folks can retire at any place in the country that they want to, why would they choose a place where there is a College or a University? Jane Clark: Well, Colleges really throw off a lot of cultural energy that infuses the town with a little extra something and they also offer an opportunity for people to take classes, they often give retirees a discount on classes. And there is usually good healthcare attached to a University and also retirees or anyone in the town can take advantage of the on-campus activities. So there are just a lot of things in a College town. Kevin McCormally: So it sounds like a lot of great opportunities, I understand Kiplinger just reviewed College towns around the Country and came up with some of their favorites. What are your favorite College towns for retirees? Jane Clark: Well Athens, Georgia which is home to the University of Georgia is really well known as a music venue, it has got Jazz, Blues, Rock. It is a place where anybody can go out and enjoy a really great evening listening to music. And, of course, it also has a fantastic sports team, so and a beautiful historic Downtown, so there are a lot of things going on in Athens. Kevin McCormally: What about Florida, people think of retiring to Florida? Is there a place in Florida for retirees and college come together? Jane Clark: Yeah, Tallahassee is a great College town. It has got good weather, the climate is great and also the physical landscape is beautiful down there and also, of course, it has the seminals for people to root for. Kevin McCormally: What about Arizona, another place that a lot of people retire to? Again, is there an intersection between the retirees and college there? Jane Clark: Right, Flagstaff is a great place to retire in Arizona, it is a historic town and it has got lot of cultural activities there. So that is a good place too. Kevin McCormally: Next question, are you going to pay and arm and leg to retire to a College town? Jane Clark: Actually Flagstaff is expensive; it is about 19% above the national average for cost of living. But the people there think it is well worth with it, it is a great place to live. The other cities are about average and, of course, in Florida, there is no state income tax, so you are ahead of the game there. Kevin McCormally: But I one can get nailed on property taxes in any of these states? Jane Clark: You have to really look into that because states do offer breaks on property taxes for retirees, so it just depends on where you are heading. Kevin McCormally: Okay, thank you Jane.