Camp Hill, Pennsylvania
While most people may not have heard of it, Camp Hill, Pennsylvania, could be the perfect small town for retirees. Located in Cumberland County, Camp Hill boasts a low cost of living, a safe environment, and a high livability score.
A recent report by GoBankingRates.com analyzed small towns with populations between 1,000 and 10,000, considering factors like cost of living, crime rates, and amenities. Camp Hill emerged as the top contender, surpassing other contenders like Northville, Michigan, and Fort Mitchell, Kentucky.
With a population of just over 8,000 and a median household income of $105,000, Camp Hill offers affordability. Residents can expect to spend around $3,360 per month on living expenses, significantly lower than the national average.
Beyond affordability, Camp Hill provides a vibrant community atmosphere. The town features a thriving small business scene, primarily owned by women, and boasts the award-winning Cleve J. Fredricksen Library. Residents can also enjoy a weekly farmer's market from May to October.
However, the reality of retirement for many Americans is less idyllic. A significant portion of the population lacks retirement savings, forcing them to work past the age of 65. According to a Credit Karma survey, 27% of individuals aged 59 and older have no retirement savings.
Furthermore, only 10% of Americans between 62 and 70 are both retired and financially secure. The remaining retirees either experience a decline in their living standards or continue working due to financial constraints.
While Camp Hill may represent an ideal retirement destination for some, it's crucial to acknowledge the financial challenges faced by many Americans approaching retirement. Planning and saving are essential to ensure a comfortable and secure retirement.