Burnet and Fredericksburg scored high enough in amenities for seniors to make an appearance in the top 10 places to retire in Texas, according to a recent study by a financial advisory website.
SmartAsset performs the study annually by looking at tax friendliness, healthcare availability and quality and other metrics to determine where retirees will find the most quality of life post employment.
Fredericksburg was named number four on the list; and Burnet came in at seventh.
SmartAsset explains their methodology in the study. The organization gathered data on regional factors that affect the quality of life for retirees, including tax-friendliness, medical care and social opportunities.
“First, we looked at state and local tax rates, considering two types of taxes: income and sales,” the website states. “We calculated effective rates based on a retiree earning $35,000 annually (from retirement savings, Social Security and part-time employment). We subtracted income taxes paid from the gross income to determine disposable income. Sales taxes paid were calculated based on the disposable income being spent on taxable goods.
“Next, we determined the number of doctors’ offices, recreation centers and retirement centers per thousand residents in each location. Finally, we measured the number of seniors in each city as a percentage of the total population.
“In our final analysis, we ranked each location on these three factors. Then we calculated an average ranking for each area and weighted the three factors equally. The areas with the highest average ranking were determined to be the best places to retire.”
Burnet scored a lower tax burden than Fredericksburg – 13.8 percent to 14.3 percent – but lagged behind in the doctors office per 1,000 people and recreation centers per 1,000 people metrics. Burnet’s tax burden is the lowest of all cities named in the top 10.
Burnet also received favorable marks in the retirement centers per 1,000 people category with 0.6, which is the most of all cities in the top 10.
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