5 Considerations For Deciding Where To Retire
Deciding where to retire can be challenging. There are many factors to consider when thinking about where to spend your next phase in life. The answer is always personal and can be affected by a multitude of motivations.
When considering where to retire, there are a few major thoughts to ponder – retirement savings is not the singular concern that will drive this decision. If you’re thinking about resettling somewhere during retirement, here are the top 5 things to think about:
1) Friends and Family
Life is more about relationships than location. Since retirement is just another phase of life, friends and family will continue to play a big role. You may be able to see your loved ones more often if you live nearby. Ask yourself how important is it to be able to visit them frequently. If they aren’t close by, do you enjoy making new friends?
2) Cost of Living
For most people, affordability is the single biggest factor in deciding where to live during retirement. If your current locale is too expensive, consider other areas of the country – or even out of the country. Some of the more affordable US retirement spots can be found here: Best Retirement Spots: Cost of Living & Taxes during Retirement by State
If you like mild winters, the South is much better than New England or the Midwest. If you’re shooting for cooler summers, a northern location may be more advisable than Phoenix, Arizona. Whatever your thoughts on climate, do your research before buying into a community. You’ll want to like it year-round unless you intend to migrate with the seasons. Here are some good lists: Money’s Top 100 Best Places To Live & Money’s 25 Best Places to Retire
4) Cultural Activities
One of the major differences that retirement affords is time. Now that you’re not working a full complement of hours, you’ll have time to take in more leisure activities, volunteer, or do other things that you couldn’t during your working years. If you like to travel, make sure you’re near an airport. If you like the opera, then Lubbock, Texas may not be the optimal place for you. Check out the activity options in your chosen location before you call a realtor.
5) Proximity to Healthcare
Unfortunately, the older we get the more medical attention we require. Often the care we need is more intense and urgent than when we were younger. Living in the mountains or on a secluded beach may look great in pictures, but make sure you are not putting your health in jeopardy by being too far away from quality medical care. Consider what medical facilities you may need during retirement.
These are some general guidelines to consider if you’re thinking about relocating during retirement. To get even more specific, check out US News’ Best Places to Retire Tool.