Texas Border Business
SmartAsset finds $369,587 nest egg sufficient
McAllen– Year-round sunshine, low costs of living and even lower taxes make McAllen the best place in the country to retire, according to personal finance website SmartAsset’s analysis of retirement locales across the United States.
“In McAllen, we welcome human capital to our City, and we are fortunate that we can offer a quality lifestyle at an amazing price. This is another example of why McAllen is a great city to live, work or play,” said Richard F. Cortez, Commissioner District 1.
SmartAssets found that a nest egg of $369,857 would be sufficient to enjoy a comfortable retirement in the City of McAllen. SmartAsset used cost of living and tax rates to come up with their figure that indicated how much an individual would need in their retirement account to live off social security and savings money alone.
Thousands of retirees have flocked to the McAllen area for decades, mostly from the Midwest. The RGV has typically a more central, less expensive option for seniors from states like Iowa, Illinois, Wisconsin and Minnesota. McAllen City Manager Roy “Roel” Rodriguez said it was important that McAllen is now getting the recognition for being such a great place.
“While McAllen continues to grow and increase the number of amenities to make us attractive, it’s good to know that we’re recognized nationally for being affordable and price conscious for retirees,” said Rodriguez. “McAllen has one of the largest public libraries in Texas, miles and miles of hike and bike trails, free events and concerts year round, an outstanding parks system, great weather and one of the lowest property tax rates in the state. McAllen’s price point is great.”
