If you are 55+ and call Bethlehem home, you should be giving yourself a well-deserved, congratulatory pat on the back. If you are not a Bethlehem-er, or, in technical denizen jargon, a Bethlehemite, you need to become one, and fast!
Forbes Magazine recently confirmed what those who call Traditions of America at Saucon Valley home already knew, when it unveiled its notorious Top 25 Places to Retire List and the city of Bethlehem – for the first time – was chosen as one of THE BEST places to retire in the United States.
To develop their list, Forbes sifted through data on 550 communities in all 50 states (even Alaska), identifying places that provide the best retirement value—and, not surprisingly, housing costs and taxes weighed heavily in their selections. However, it was a combination of many factors that pushed Bethlehem into the upper echelon of this ranking, including its low cost of living (6% below the national average), a median home price of $152,000 (which is below the national average), good air quality, high walkability index, low crime rate, high physicians per capita ratio, and state income tax benefits (Social Security and most other pension and IRA payouts are exempt from state income tax).
Digging deeper, we learn that Forbes’ review of economic factors is broad. According to the article:
“Since most Americans now say they expect to work for pay at least part-time in retirement, we look for places with low unemployment and a solid, preferably growing economy. That’s a good thing even if you don’t want to work, since it tends to support rising home prices, which will matter should you ever sell your home. So, we take into account both unemployment rates, as compiled by the U.S. Bureau of Labor Statistics, and future economic growth prospects as gauged by a Milken Institute study of 401 metro areas.”
Forbes strongly considers the tax climate for retirees when creating this list. Fortunately, Pennsylvania stands out as an exception to the norm in this category when compared to its neighbors in the Northeast. In Pennsylvania, social security income is not taxed, withdrawals from retirement accounts (401(k)s and IRAs) are not taxed, and public and private pension income is not taxed. In addition, the average total sales tax rate in Pennsylvania is among the 20 lowest in the country.
It’s hard to quantify the “intangibles” – the cultural attributes and scenic beauty of an area – but to make the Top 25 list, a city must have “something else” going for it besides the numbers. Forbes admits to a slight penchant for college towns, which usually translates into increased cultural and learning opportunities. Not surprisingly, the picturesque gem of Bethlehem, which is lucky to be home to Lehigh University and Moravian College, fit the bill in this category, too!
Across the US, Baby Boomers are fast approaching retirement age – a unique and exciting time because it provides the chance to relocate to a city or town with lower costs and one that better suits a new lifestyle—an ACTIVE lifestyle focusing on recreation, culture, education, volunteering, being closer to family, or even working part time.
Discover for yourself what makes Bethlehem special when you visit our active adult community Traditions of America at Saucon Valley.
See the full Forbes list here.
by Betsy McCarthy, Traditions of America Marketing
