Many people start planning and saving money years before they retire to ensure that they can pursue their vision for the future. One important consideration is where you’ll live once you leave the workforce. Several factors will affect which locations make sense for you, including the following:
- Age
- Budget
- Health
- Lifestyle/hobbies
- Family commitments
- Quality of life
You’re about to start a new, exciting chapter of your life, but that’s no reason to rush into something. Here are seven things to think about before you settle down after retirement.
Cost of Living
Unless you’ve stockpiled a great deal of wealth during your working years, you’ll have to follow a relatively fixed budget during retirement. To be sure you can live within your means, research how much money you’ll need for daily expenses in the cities you’re interested in. For example, Toledo, OH; Charlottesville, VA; Rochester, NY; and Satellite Beach, FL are all cities with a low cost of living.
Florida is one of the most popular retirement destinations in the country because of its affordable housing options and sunny beaches. If you’re tired of long, cold winters, you should look into a beachside apartment or condo and settle down somewhere that your whole family will love visiting.
Quality of Life
When you retire, you’ll have more time to do the things you enjoy. Choose a destination that will enable you to participate in your favorite hobbies and activities, regardless of your preference for an urban or rural environment. Staying active is essential, so make sure there’s plenty of free entertainment in the area, like community centers, public events, and outdoor scenery.
Factor Travel Plans Into Your Budget
If you plan to retire in a location that’s far away from your family, your budget should include the money you’ll need to visit them.
Another way to spend time with your family is planning a vacation together. Here are some tips to help you enjoy a family vacation on a budget:Â
- Choose less popular locations
- Travel during the off-season
- Look for package deals
- Stay in a hotel or motel with kitchen facilities to save money on dining out
Consider living close to an airport so that it’s easier for your family to visit you. Also, make sure your new residence has an extra room for guests.
Make Sure Your Location Is Safe
Because your budget often dictates where you can retire, it’s essential to weed out any locations that have high crime rates. You can get information from the FBI’s Uniform Crime Report for up-to-date, accurate information about crime rates in different areas.Â
Proximity to Healthcare Providers and Exercise FacilitiesÂ
Staying active and getting regular checkups are the keys to maintaining a high quality of life, especially in retirement. Living close to quality healthcare providers and somewhere you can exercise should be a priority.
Mass Transit or Public Transportation
If you no longer drive, living near public transportation will ensure that you can easily get out and about. Safe, reliable public transit tends to be concentrated in cities. If you plan to spend your retirement in a rural area, try to find a place to live that is along a bus route or within walking distance of your healthcare providers, grocery stores, and other destinations.
Visit Before Deciding
Before choosing where you’re going to retire, visit the top choices on your list to see what living there will be like. You don’t have to wait until you retire to shop around. Start early to help you narrow down your choices. Use these trips to verify the things you’ve read on the internet. Meet with a realtor or speak with people who live there to better understand the area’s housing market and amenities, as well as other factors that will affect your decision.Â
Making an informed decision about where you’ll retire is one of the keys to making the most of your golden years. Take the above factors into account while planning so that you can enjoy a high quality of life during retirement.
Feature Photo by James Hose Jr on Unsplash
