15 Best Places to Retire in Delaware

Talha Zubair
10 min read

In This Article:

This article looks at the 15 best places to retire in Delaware. If you wish to skip our detailed analysis of healthcare expenses and the advantages of retiring in Delaware, please proceed directly to the 5 Best Places to Retire in Delaware.

On Retiring to Delaware

The economic hardships of retirement are one of the biggest challenges for Americans today. However, this concern isn’t limited to individuals looking to retire in the next decade. According to Lincoln National Corporation (NYSE: LNC), having enough money in retirement is the second biggest concern for consumers of all generations. The Charles Schwab Corporation (NYSE: SCHW) reports that 99% of Gen Z workers say they are facing obstacles to saving for their golden period. Simultaneously, the amount of money people feel they will require to retire comfortably has increased tremendously since the start of the pandemic.

According to Northwestern Mutual, the average American now believes they need $1.46 million to retire comfortably in comparison to $951,000 in 2020. Understandably, Corebridge Financial, Inc. (NYSE: CRBG) reports that only 27% of Americans are very confident or extremely confident that they won’t outlive their retirement savings. Inflation and rising housing costs are two factors that have enabled Americans to come to terms with the reality of how expensive retirement will be. However, one factor that continues to be overlooked is medical care.

Medical Expenses in Retirement

According to Ben Storey, Director of Retirement Research at Bank of America Corporation (NYSE: BAC), healthcare is the biggest retirement expense that people fail to account for. People tend to overlook the fact that Medicare fails to cover around one-third of all medical expenses, and these costs place a significant strain on retirement earnings.

“[People believe that] Medicare is going to pay for everything but, in reality, it only covers about two-thirds of your costs. Retirees counting on Social Security to supplement their retirement income are often surprised to learn that most of it may need to be used for healthcare.”

According to the Employee Benefit Research Institute, couples enrolled in a Medigap plan with average premiums will need to have saved $234,000 to have a 50% chance of covering their medical expenditures in retirement and $351,000 to have a 90% chance. These figures may stretch even further as the average retirement period increases across the country. Corebridge Financial, Inc. (NYSE: CRBG) reports that 54% of Americans aim to live to the age of 100, yet 40% of all Americans plan on retiring between the ages of 65-69. This adds up to nearly 3 decades of retirement, due to which 66% of Americans fear running out of money more than death, per Corebridge Financial, Inc. (NYSE: CRBG).

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