Why You Should Retire in East Tennessee

East Tennessee is known for its spectacular rolling hills, the Great Smoky Mountains, bluegrass and country music, and barbecue hot off the smoker. Retirement in Tennessee has so many benefits including quality of life, housing affordability, and budget-friendly retirement perks.

Quality of Life

At just under 2.5 million residents, East Tennessee provides a good balance between mid-size city amenities and a relaxed small-town life. 

• History: From the Civil War to the Atomic City, the area is rich in history and steeped in tradition. With seven historical sites within the City of Knoxville alone, a quick drive gets you access to Civil War forts, historic gardens, and landmarks from pioneer days.
• Outdoors: The Great Smoky Mountains National Park is consistently the most visited national park in the country. The park boasts 150 official trails, is home to more than 100 waterfalls, and offers breathtaking views of seven states from Clingmans Dome on a cloudless day.
• Weekly Life: East Tennessee experiences four seasons throughout the year offering activities and events year-round. From crafts and fresh produce found at weekly farmers’ markets to concerts for every music genre, the area has something for everyone. If sports are your thing, the University of Tennessee always has a team for you to cheer for with the Volunteers topping the 2023 Annual CBS Sports Best in College Sports rankings across all sports.

Housing Affordability

Tennessee has one of the lowest costs of living in the United States, at 10% lower than the national average. Everything from housing, groceries, and healthcare have lower costs in Tennessee than in other states, even in big cities like Knoxville, which has the lowest cost of living of the larger cities in the state. 

If you are considering downsizing in retirement, you can potentially unlock home equity and reduce your housing expenses, which can free up retirement income. When looking at real estate options, be sure to consider property taxes, HOA fees, utilities, and insurance costs as well. In East Tennessee, these costs are often much lower than in other large cities throughout the U.S.

You may also wish to survey retirement communities, senior apartments, and condos providing amenities tailored for older adults at various price points. Compare the costs of living across Tennessee cities and towns to identify areas aligning with your budget and lifestyle needs.

Budget-Friendly Retirement Perks

Tennessee does not have a state income tax. So, your Social Security benefits, pension payments, IRA distributions, and 401(k) withdrawals can provide you with maximum value. 

Tennessee also doesn’t have a state inheritance tax, making this a great place for retirees to ensure that their hard-earned legacy goes to their heirs and not to the government. If you are planning for retirement in Tennessee, you’ll want to get the most out of your retirement savings and income.

We at Brogan Financial are all about planning your finances strategically so you can stretch those retirement funds even further. 

Get on the Right Path to Your Tennessee Retirement

Maximizing retirement income requires a customized strategy based on your situation and goals. However, coming up with a sound financial strategy on your own without expert guidance can be quite difficult. At Brogan Financial, we can help put you on the path to achieving your dream retirement. Book your complimentary review and let us help guide your retirement journey.