Is Lake Geneva a good place to retire?
I read an online MarketWatch Wall Street Journal report the other day that mentioned Eau Claire, Madison, Lake Geneva and Bayfield as good places to retire. Keep in mind the report’s readership—the wealthy and investors who make a habit of reading our nation’s leading daily business newspaper.
Regardless, the story is a feather in the cap of the lakefront community in our eastern neighbor of Walworth County.
The story in MarketWatch’s “Retire here, not there” series notes that more than 36 million Americans will turn 65 in the next decade and be choosing retirement spots. It mentions Wisconsin’s low unemployment rate and topnotch university system as compelling reasons to retire here. It also suggests our communities are warm and neighborly, but, in contrast, notes that our climate, particularly winters, are one drawback to retiring here. Another is the Badger State’s high income tax rate.
Another thing that makes Wisconsin inviting to well-to-do retirees is our more than 500 golf courses. That’s one thing the story noted about Lake Geneva, too, That area has 22 golf courses.
The story points out that Lake Geneva’s location just two hours from Chicago made it attractive to “captains of industry,” including the Wrigleys and Maytags. The lake’s clean, clear and vibrant blue hue made it similar to Lake Tahoe.
Lake Geneva’s tourism industry remains robust, the story says. This “Newport of the West” offers prices nowhere near its East Coast cousin, what with the median home costing less than $175,000 and the cost of living just a tick over the national average.
I know Lake Geneva isn’t an option in my retirement future. But if a few more rich retirees want to settle in that inviting lakeside community and spread more of their money around the local economy, what’s not to like?
Where would you like to retire? Would you consider Wisconsin? If so, why and where?
Greg Peck can be reached at (608) 755-8278 or gpeck@gazettextra.com. Or follow him on Twitter or Facebook
Jan 10, 2013 at 1:04 p.m.
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good call frogger, well the western part at least, the eastern part is just the part of kansas and nebraska that squeaked in.
Jan 10, 2013 at 12:11 p.m.
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Like most said. Sure if you are rich. I think Colorado would be pretty. Water, mts etc.
Jan 10, 2013 at 11:59 a.m.
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cynicaleye, not surprising I lived in California and proportionally the property taxes here are much higher even than there.I have friends with a home valued at 500,000 their property taxes were around 3300 last year in San Diego county, what would a 500,000 home near Madison or Milwaukee get taxed at?
Jan 10, 2013 at 11:16 a.m.
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mgcarguy - Great points. I lived in Arkansas for three years and wish I had stayed rather than moving back to Wisconsin. Much more affordable living the in this state. The property taxes in Wisconsin are absurd. I had a two bedroom house on 13 acres of wooded land and my last year there my property taxes were $285.00. That's correct, $285.00. I was 7 miles from town but so what. It was affordable.
Jan 10, 2013 at 10:56 a.m.
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mgcarguy, you bring up many reasons people leave WI not just for retirement.
Jan 10, 2013 at 10:21 a.m.
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When I read that Lake Geneva was named as a good spot to retire I was surprised because it would not be a place I would consider, nor would Wisconsin or any other town in the north. We chose Arkansas for several reasons. Our children and grand children live here. There were a lot of outdoor activities available. Housing and taxes were in our price range. The medical facilities were what we were looking for and there were many opportunities for volunteer work. We live in a four bedroom house on an acre of land in a small community six miles west of Little Rock. Our taxes are just under $ 1,000.00 per year. Our SS checks cover most of our living expenses. We walk outdoors on a path everyday, at least one mile. We have about 10 days each year where the weather is not favorable to be outdoors. We are no more than 45 minutes from a very large lake, forests and mountains and the state parks here are free and most have restaurants with a chef. We love the people here and we are really happy. When people think about retiring it is important to think about ten or fifteen years down the road. Life at 80 is far different than life at 65 and living in a one story house in a neighborhood without hills near shopping and medical facilities is really important. Walking in the park becomes more enjoyable than riding a surfboard. We do not have good public transportation but driving a golf cart is an option when the day comes that we cannot drive a car. We have a long way to go before we are 80 but times does fly when you reach retirement age.
Jan 10, 2013 at 10:14 a.m.
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Geneva residents have their noses too high in the air.
Jan 10, 2013 at 7:46 a.m.
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We can only attract more wealthy retirees to Wisconsin when the Gov and legislation reform retirement earnings tax laws.
Jan 10, 2013 at 6:06 a.m.
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We lived in Madison for awhile but the property taxes are horrendous! You'd have to be pretty wealthy to afford that city in retirement.
Jan 9, 2013 at 4:57 p.m.
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When I retire I'm going to buy a big gravel pit with lots of old junk, and live in it. No lawn to mow, no snow to shovel, and anything I throw on the ground will only make it look better.
mgcarguy - Thanks for stopping by again :-)
Jan 9, 2013 at 1:40 p.m.
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Whatever floats your boat. ( Even though I am not answering blogs, I just had to say that.)
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