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best places in retirement

Where Will You Live When You Retire?

by Maggie 2 Comments

A woman standing in sunflower field-where to live in retirement

Have you thought about where will you live when you retire? I am sure when you are busy with your life, career, kids, vacations, and holidays the everyday day routine keeps your mind away from these thoughts. But when you are getting closer to retirement you may realize that you need to plan for your next phase of life.

Many baby boomers will downsize, sell their homes, and move to a sunny state. But some of us will prefer to retire in place. The reason behind this decision that people love their homes and their communities where they often lived for several decades and feel comfortable to retire there. Even they decide to move it will be not far from their current location. According to the surveys many baby boomers prefer to live closer to kids, family, and friends than to relocate to a warmer climate.

There are a few options for baby boomers to decide on where to live when they retire:

  • Retire in place
  • Relocate closer to kids, family, or friends
  • Relocate to a warmer climate (from New England cold winters)
  • Move and live abroad

Retire in place.

two women on a bench - where to live in retirement

There are more and more retirees planning on retiring in place instead of relocating. I have read that this trend has become extremely popular in recent years. The baby boomer’s generation is more active and engaged in life and activities than the previous ones. Internet and technology make it easier to keep in touch with the kids, family, friends, and the whole world.

Wider variety of services such as home meal delivery, house cleaning, personal care assistance, paid caregivers and pet care make it easier for seniors to live in their homes independently. This trend is also driven by the growing cost of retirement communities and assisted living facilities.

Deciding on how to retire in place can come with its own challenges. If you want to stay in your own home for the next several decades you will need to make it age friendly. Most of the homes we live in today are not equipped for old age. We need to have fewer stairs and more accessible features in our homes with easy maintenance.

When you grow old you might consider doing some renovations to make your home more accessible:

  • No-step entry into the home
  • Grab bars installed in bathrooms and showers
  • Walk-in shower instead of a traditional bathtub
  • No-slip flooring to prevent slips and falls
  • Lower kitchen cabinets for easy access
  • Raised washer and dryer with adjustable height counter
  • Electric stairlift
  • Low maintenance yard, and more

While you might not be able to live independently in your home forever, these changes will help to make your home a safer and more functional place. Some changes could be simple modifications while others are big renovation projects.

According to the Home Advisors, the average cost of remodeling for disability accommodation can range from $5,000 to $20,000.

Home Advisors website.

Aging in Place Article: 18 Features of an Age Friendly Home

Move and live closer to kids and/or family.

women hands on laptop-move closer to kids in retirement

When planning on where to live in retirement, the first choice for many people is to live closer to their kids. According to the surveys, wanting to be closer to a family is one of the most popular reasons for baby boomers to relocate rather than a warmer climate. If you need to relocate to another state or town it might take some planning.

Moving can be expensive in terms of money and time spent. You need to consider many factors when planning for relocation:

  • Housing cost
  • Relocation cost
  • Access to health care facilities

Housing cost is one of the highest retirement expenses.

When you retire you do not need a big house because your kids are grown and live on their own. A bigger home is more expensive, and it is harder to maintain physically. That is why many baby boomers prefer to downsize either by moving to a smaller home or spending less for a home of equal size. It helps to save money on housing and maintenance costs.

Are you planning to buy a new home or prefer to rent while relocating?

If you are planning on buying a new home, you need to think about mortgage financing. What that means you will be carrying mortgage debt well into retirement while you start living on the fixed income.

Besides making a financial decision, you need to think about how it will fit into your retirement lifestyle. If you love to own your place you will have to deal with yard work, leaky faucets, broken A/C, or a water heater.

Related post: Rent or Buy in Retirement?

Renting is an attractive retirement option. Most retirees do not want to deal with maintenance and prefer a maintenance guy or a landlord to solve their problems. In addition to that, some rental apartment buildings have many amenities like swimming pools, gyms, saunas, and entertainment rooms.

Renting is also popular if you want to live closer to your kids but not sure you are ready to spend the rest of your life at that location. If you like to travel, renting has another advantage. You can lock the door and go away without worrying about the yard, home maintenance, or any other things you need to deal with as an owner.

Once you decided to move out of your home you will face the relocation cost. And if you will hire professional movers it will cost you a lot.

Most people feel overwhelmed by the idea of selling home. But moving out adds more anxiety to the whole process. Imagine that you have to take all your possessions, all your memories, and lifestyle you have created over the years and pack it in the boxes. In addition to emotional departure moving out will come with extra expenses.

First, you need to decide what to do with all your belongings – what to keep and what to sell. Next, you need to pack, figure out logistics, and hire movers.

Related Post: 5 Tips on How to Downsize for Retirement

The average moving costs depend on your local area. Usually, local movers charge by an hour. In the Metro Boston area where we live to hire professional movers is expensive. When we decide to move out it will cost us $119 per hour for 2 movers and truck.

According to the American Moving and Storage Association, the average cost of a move is $2,300 within your state and $4,300 between states. But an interstate move could be as high as $7,500 and depends on the amount of stuff you are moving, moving services, and the distance between your old and new homes.

When you think about relocation in retirement, access to good healthcare is a must. At the beginning of your retirement, you probably will be active and healthy and need only routine doctor visits. But as you grow older the access to retirement facilities, hospitals, and transportation for people with disabilities will become a necessity of life.

Related Post: Finding the Best Place to Live in Retirement

Relocate to a warmer climate in retirement.

sea-town-flowers-white fence-relocate to a warmer climate in retirement

When it comes to relocating, many baby boomers are searching for places with a lower cost of living. Others want a warm climate and beautiful scenery.

If you have lived in areas with cold climate and lots of snow you might want to relocate to a southern state with a warmer climate. If you like fishing and boating, you would prefer to relocate to a place near the river or lake. Finding a perfect retirement spot near the mountains will fit the lifestyle of many people who like to hike.

Taking climate into consideration is important if you want to stay active and involved in things you love to do.

According to statistics, Florida, Arizona, and South Carolina are the three states which see the largest arrival of retirees if you are looking for a warmer climate. Florida takes number one on the list because the Sunshine State has a perfect mixture of beautiful beaches, sunny weather, and low taxes.

When choosing where to relocate make sure to understand how new location and accommodations will fit into your retirement lifestyle. Because there is a difference between a place you loved while vacationing there and a place you will be living for a long time.

Move and live abroad in retirement.

mountain village - vineyards-tractor-move abroad in retirement

Retiring outside of the US is becoming a popular option among baby boomers. Moving abroad may be emotionally and physically difficult, but it can offer an exciting adventure in your golden years. Some of us are dreaming about exploring the rich culture, food, and lifestyle of other countries rather than playing golf or lying on the beach.

However, moving abroad is not only about packing your bags and buying a plane ticket. It is more complicated and needs serious planning.

First, think about how you will receive Social Security benefits. Then, how to withdraw money from your retirement funds if you move outside of the US. Another question is how to pay taxes and what to do with your belongings in the US?

There are other things to consider if you decide to move to a new country. You will need to get a residency visa, open new bank accounts, figure out how to transfer money from the US to your new place. Do not forget to look at the currency exchange rates and see if you will be losing money on the exchange.

Market Watch Article: Retiring Abroad Is a Lot More Than Living at the Beach

Access to good quality healthcare is a must as you get older. So, make sure that your new country has modern medical facilities, well-trained doctors and it must be affordable. Find out if you can join the national healthcare program or need to buy private medical insurance.

One of the most important factors is affordability. When choosing a retirement destination, it is important to move to a country where the cost of living is low enough so you can stretch your retirement savings.

It is hard to imagine that many baby boomers can afford to retire in Italy, France, or Switzerland. These countries may be the most desired to retire to, but they are not cheap. Countries such as Ecuador, Panama, Mexico, and Costa Rica offer low cost of living, solid healthcare, and public transportation system together with established expat communities.

Retiring abroad is not easy and it is not for everyone. But worth the efforts if you find the right place to move. You can live a more pleasant and comfortable lifestyle at a fraction of the price than retiring in the US.

International Living Article: The World’s Best Places to Retire in 2020

Putting It All Together

If you are getting closer to retirement you might already have an idea how and where you want to spend your days. But deciding on where you want to live for the next 20 or more years requires an open discussion with your partner.

There are many important considerations and questions to ask yourselves. Buying a nice condo by the water or on a golf course may fit many baby boomer’s retirement lifestyles. Others, like me, would prefer to sell the house, cash out, and spend money on traveling the world.

What about you? What are your plans for retirement? Where do you want to live when you retire?

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Related Blog Posts:

5 Ways to Reorganize Your Life to Afford Retirement

5 Tips on How to Create a Travel Budget for Retirement

Here’s How to Travel the World in Retirement

Filed Under: Retirement, Retirement Planning Tagged With: best places in retirement, cost of relocating in retirement, move abroad, moving in retirement, relocating in retirement, retire in place

Finding the Best Place to Live in Retirement

by Maggie 2 Comments

a summer hat with sunglasses laying on the Caribbean beach bench

When it comes to thinking about retirement, everyone dreams about fun and leisure. You recall your last amazing vacation place and start thinking about how awesome it would be to live there in retirement. Dreaming about retirement could bring a lot of fun. Finally, you can choose where you want to live.

You no longer need to be concerned to live closer to where you work or to where your kids go to school. Instead, you can relocate to a place with a better climate, many recreational activities and lower cost of living. There are so many factors to consider when it comes to choosing YOUR best place to live in retirement.

Hopefully, this post will help you find the place that is a perfect fit for you.

Cost of living

If in the past the retirees were looking to live in places with a warmer climate, the new generation of baby boomers is more concern about taxes and cost of living. People live longer and the biggest fear of running out of money in retirement is real. Low cost of living and housing costs are important to all of us, but it becomes critical when we retire and start living on a fixed income.

When you start preparing for a new life transition, make sure to do enough research on your new destination. Before moving to a new place, you want to know how much it will cost to live there. It’s important to get some sense of the local cost of housing/rent, utilities, groceries and transportation.

There are several retirement planning web sites providing valuable information for retirees. For example, Best places.net compares 370 metro areas on several factors including cost of living, climate, crime rate, and schools.

Search best places to live at Best places.net

My favorite go to a website is Top retirements.com The website provides you with tons of information for best retirement communities and places to retire, list of 55 plus places and retirement homes for seniors. If you’re at the beginning of your search, start with top retirements.com to get some ideas and an overview of places to retire.

Search best retirement communities to live at Top retirements.com

Taxes

If you live in a high cost of living and high property tax state, you might want to relocate to a more affordable place to stretch your retirement funds. For many people taxes might be an important deciding factor. There are states like Florida and Texas which do not have a personal income tax. But some other states like New York, Colorado and Georgia offer favorable tax breaks on retirement income.

Regardless of your tax planning you still want to feel happy in your new place. Where and how to spend your days in retirement still should be a more important factor than low taxes.

If you want to know more about taxes, check out State by State Guide to Taxes on Retirees by Kiplinger

Related post: How Much Will It Cost to Retire?

Related post: Why Predicting Retirement Expenses is Important?

Climate and weather

a group of retirees sitting on the deck in the middle of the mountain lake with a scenic view

When people grow older, they prefer to live in a warmer climate. That’s why many baby boomers are moving to southern states where they can stay active longer than in cold weather. Besides, you don’t want to shovel the snow as your only physical activity. Even walking along the street in the winter could be dangerous for an older person, because you will be afraid to injure yourself slipping on the ice.

However, the statistics show that most the baby boomers stay put or downsize close to their neighborhood. Snowbirds lifestyle become popular among many retirees when you can spend six months living in Florida or Arizona in the winter and then come back home in the summer.

Recently, I read an article about retirees focusing too much on climate while deciding on places to retire. According to Paul Irving, chairman of Milken Institute Center for the Future of Aging:

“Weather alone is not as meaningful as how you want to engage in your life in your golden years”.

Quality of healthcare

When you start looking for the best place to live in retirement, access to good healthcare is a must. At the beginning of your retirement, you probably will be healthy and need only routine doctor visits. But If you already have a medical condition that requires regular treatment, make sure that your new place has specialty doctors available.

As you grow older access to retirement facilities, home care providers and transportation for people with disabilities will become a crucial factor. You don’t want to move to another place in search of better healthcare in your late 80s.

So, when you start looking for a new place you should factor the quality of local hospitals and the availability of good doctors. It’s a good idea to include in your research the access to affordable assisted living facilities and nursing homes in an area.

Another important factor to consider is how close you live to medical facilities. According to the stats, many retirees want quality medical care within 30–minutes’ drive.

Safety

a middle-age couple walking under umbrella along the sunflower field

Choosing a new place to live in retirement will often come with safety concerns. As you grow older you become more vulnerable. There are stories all over TV and internet about seniors who felt victims of crime in their neighborhoods, physical abuse or lost money as a result of a scam.

Look at the crime rate statistics and economic data for places you are considering as your future new home. Also, it’s good to remember that the crime rates vary in a different part of the city and you not necessarily will be moving to that neighborhood.

Lifestyle and activities

Think about the activities you’re planning to enjoy in retirement. Do your research and find out if the place will offer any activities to support your interests and hobbies. Is this place located close to hiking trails, golf courses, swimming pools or has several fitness clubs?

Be clear on your priorities. If you enjoy art and live music, theater and movies, museums and art galleries, you will want to live in a place where these opportunities will be in abundance. Check out the web sites or on-line community newspaper for a list of cultural or sporting events to get a snapshot of local life.

Then think about what it is you value in your everyday life now. Make a list of places you like to go grocery and clothes shopping, name of your favorite restaurants and coffee shops, and so on. If you live in a city and planning to move to a rural area, ask yourself if you would be happy to live in an area where these places are not present.

Access to a major airport

a woman walking along tall glass windows of airport

Many baby boomers are looking forward to their retirement years and planning on traveling and exploring the world. If you are one of them, access to a major airport will be an important factor. Look at the number of regular flights offered by an airport and number of connections you will need to make to reach your favorite destinations.

You’ll probably appreciate living within a reasonable drive from an airport. Having to drive several hours to an airport will make travel more tiresome and costly if you need to take a taxi, Uber or another kind of transportation.

Besides, if you choose to live in a place with proximity to an airport, it will make easier for your kids, family, and friends to come and visit you.

Visiting your best places

You spent hours browsing the internet, reading and collecting the information. You created a checklist with all the important factors. Finally, you came up with a list of a few favorite places you and your spouse agreed on. Now it’s time to visit those places to find out if it really fits your idea of retirement.

Narrow down your list from five or six places to three or maximum four and start visiting them. It’s important to visit your favorite places several times throughout different seasons. Don’t spend all your time near the hotel. Instead, get out and live like a local. Walk around, visit neighborhoods to get a sense of people, and eat at local restaurants, and not the touristy places.

It’s recommended by experts to rent before you buy. Renting will give you some time to get familiar with neighborhoods, and available homes in different parts of town. It’s a good idea to talk to local real estate agents and ask questions about housing prices and the best places to buy even you’re not ready.

Be clear about your future priorities. If you want to work part-time or do any kind of volunteer work, make sure that you’re moving to an area where a local economy is booming. Check out local websites and find out if there are job opportunities for people your age.

Related post: The Best Places to Retire in 2019

Related post: The 10 Best Affordable Places to Retire Overseas in 2019

Putting it all together

Finding the best place for you to live in retirement will take time and efforts. Many baby boomers fail to do basic research and planning before they embark on this major life transition.

You need to envision it, set up the priorities, do the research, make a list of areas, and then visit several places before you finally decide where to move in. Don’t be discouraged by the amount of work you have to put up front. In the end, you will benefit greatly by living and enjoying the retirement of your dreams.

Where are you planning to retire? Are you planning to move to another area or retire-in place?

Share your thoughts in comments.

Filed Under: Retirement, Retirement Planning Tagged With: best places in retirement

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Hi, I'm Maggie. Welcome to Save, Invest & Retire! I am on a mission to help baby boomers learn how to save & invest smart. Follow me on detailed information about retirement planning, travels, and living the life of your dreams.

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