How to Choose a Retirement Location
Whether the picture is of is a leisurely round of golf, volunteering at an art museum, starting a business or finally writing that book, everyone sees retirement a little bit differently. Your retirement location should fit your picture of retirement. It should also be within your retirement budget. Costs of living vary widely across the country, as do lifestyles, attitudes and whether fountain drinks are called "pop" or "soda." With some research, you can find a place that fits your personality and your retirement plans.
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Instructions
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Decide what's important to you in a retirement location. Proximity to family, weather, lifestyle, and cost of living are key factors to consider. City living provides convenience and activity, while rural areas provide tranquility and space. If you're a veteran, the location of Veteran's Administration hospitals may be a factor.
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Research possible retirement locations. "U.S. News and World Report" has compiled several "Best of" retirement location lists; including "Best Places for Military Retirees" and "10 Bargain Retirement Spots." Ask retired friends and family members about where they retired and why they chose that location. Visit your local library to review travel guides and periodicals with information on retirement locations.
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Narrow your list to two to four potential locations. If you haven't already, make plans to visit these locations for a significant period of time -- ideally, at least one week. Pick up a local paper, drive around the area and stop by neighborhoods that interest you. Talk to local folks about the area, what they like or dislike about it and whether they recommend living there. Do some of the things you plan to do in retirement. Drop in at the local senior center, for example. Walk around local parks. Visit a church, synagogue or mosque. Play a round of golf or spend a day volunteering.
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Decide on your retirement location. Base this decision on your location visits, along with other information you've gathered from research. Decide when you'd like to move and locate housing. If you're hesitant about making a long-term commitment to a new location, rent a furnished apartment for three to six months before buying a home or moving all of your household goods.
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Tips & Warnings
Base your retirement location on your needs. Living close to family in an unaffordable location, for example, doesn't necessarily meet your needs.
Long-term care can be financially devastating; incorporate a plan for long-term care into your retirement location planning. Nursing home rates vary depending on where you live, for example.
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