Submitted by Admin
By and large, as time moves forward and we progress to the later stages of our lives, the range of housing options we can have access to expands exponentially. This is, in large, thanks to a lifetime of hard work, financial management, and the geographical freedom that accompanies retirement. But as the number of options grows, making an informed decision becomes more difficult.
Deciding where to spend your golden years is a multifaceted consideration that requires both financial and personal planning. It is as much about how you envision living your best years as it is about a careful evaluation of what is available in the market. Here, we are going to lay out some key factors we think you should consider when choosing where to retire.
Be Clear About What Most Matters to You
We will get to the more technical aspects, but the first thing you should do is list the must-haves and nice-to-haves and prioritize them according to their importance to you. Determining these features may require many in-depth conversations between you and your partner. Try to cover as many things as possible, including the weather, scenery, recreational activities you’ll want to engage in, distance from your friends and family, etc.
While you may not be bound to a specific city or area for work, proximity is still important. Your retirement location must be close to the things you like and enjoy as well as the things you need and will need in the foreseeable future. Maybe you have a few places in mind from your past vacation destinations, and there is nothing wrong with that. Retirees need to like where they live. You will just need an objective assessment of their infrastructure because these places are usually tailored toward tourists and may lack certain amenities for everyday life.
Evaluate the Cost of Living
The first and probably the most crucial factor you should consider is the affordability of your community of choice. You should evaluate its relative cost of living by factoring in essential costs such as housing, utilities, groceries, transportation, taxes, and healthcare. Needless to say, everyday living expenses vary considerably from state to state, and given your level of income and the budget you have available, your living standard will greatly depend on where you choose to retire.
If you see the probability of unretiring or working part-time in retirement, make sure that the place you choose has a relatively stable economy and low unemployment rate. There is always the chance of a sudden change in circumstances that may affect your finances, such as the loss of a spouse or an unexpected health condition. So, having a backup of some sort can give you extra peace of mind.
Evaluate the Community’s Livability
As we age, where we live becomes more and more influential in determining the quality and longevity of our lives. So, if you have never paid much attention to indicators like livability, it is now the time to do so.
Since it was first popularized by the Clinton-Gore livability agenda in 1998, the term “livability” has been used in many different contexts with slight to big differences in scope and definition. The American Association of Retired Persons (AARP) has been developing its own definition and measurement of livability over the last two decades and provides a tool that scores communities and neighborhoods across the country based on research-backed data.
According to AARP, “A livable community is one that has affordable and appropriate housing, supportive community features and services, and adequate mobility options, which together facilitate personal independence and the engagement of residents in civic and social life.”
When assessing your retirement location options, in addition to your preferences, your list of metrics should also include things like accessibility to reliable and economical transportation, educational and employment opportunities, affordable health care, safety and security, walkability, and the list goes on.
There are some communities like the North Carolina retirement communities that have been built from the ground up for the retiree and senior demographic. In addition to the above-mentioned overall livability characteristics, these communities offer future-proof features that were designed for the needs of independent aging adults, such as wider sidewalks, one-floor houses, minimal maintenance requirements, no-step entrances, and so on.
Before Making the Final Decision
Most of the factors we discussed can be researched and evaluated online with only a few clicks. Still, the power of in-person visits should never be underestimated, especially if you have more than one candidate on your list. While you can always change your place if you experience a change of heart, you should view it as a long-term commitment to avoid unnecessary hassles and costs associated with relocation at an older age.
If possible, start your search a few years in advance and vacation in some of your desired locations to get the feel of them during different seasons. Even better would be to temporarily live in your top choice locations before making any investment.