Crowley a great place to retire
By Katherine Miller
THE POST SIGNAL
CROWLEY – The state of the economy today has tossed an extra problem at many Baby Boomers who have plans to retire over the next few years. Many may find that their plans may soon require changes. Citizens of the city of Crowley, however, may be luckier than some when it comes to retirement.
Ms. Sandy Melancon of First Investment Services, advises that the first thing a person must do before even considering retirement is to sit down with your financial advisor and “put the pen to the paper,” she states. “Make sure that you have enough money to cover your expenses, plus you must plan ahead for at least a three percent increase of inflation each year,” Melancon continued.
Melancon offers a few pointers concerning steps that should be taken a few years before retirement. The first is to know that it will not be cheaper to live in retirement. One of the biggest mistakes people make is overspending during retirement. Make sure to include all travel and big purchases you may intend to spend money on while doing your pre-retirement budget. This idea should always be in the back of your mind, and if you realize that a little extra income will be needed, consider an after retirement sideline job. This may be something done as a hobby, such as arts and crafts to sell, maybe even something that you never had time for before retirement.
The city of Crowley has recently been re-certified as one of Louisiana’s top retirement cities. The city of Crowley offers affordable housing, and some of the best real estate values in the nation. Rich, historic culture can be found in almost every corner that you come around.
The median value of homes in the city is $100,000, and the median rental price is below $400 per month. The current sales tax in Crowley is at 9.5 percent, from which 4 percent is claimed by the state of Louisiana, 1.5 percent is claimed by the Acadia parish school board, the Acadia Parish Police Jury collects 1 percent, and the Acadia Parish Sheriff’s Department claims .5 percent, leaving the remaining 2 percent for the city of Crowley.
Homeowners over the age of 65 in Crowley, who have an annual income under $60,100 may have their assessments frozen. This means that as long as they live in their homes and make no substantial improvements, their assessed value will not increase even though the valuations of property around them escalate. Another benefit of Crowley retirement is that the Louisiana Homestead Exemption allows resident homeowners to exclude the first $75,000 of their home’s value from taxes.
This is good news to Crowley’s economy, and to its residents. For more information about planning for retirement, you may log on to he AARP website, at www.aarpfunds.com, or contact a local financial advisor.