How to Plan Where You Will Live in Retirement

You have worked your whole life in order to enjoy your retirement years. For this reason, you are going to want to carefully consider where you will live during this special season of life. Do not get hung up on finding the perfect spot for your retirement. Instead, focus on finding a place that checks as many of your boxes as possible. Here are three primary factors to consider when planning where you will live during your retirement.

Pick a Good Location

It is not unusual for retirees to flock to the moderate climates, making Arizona and Florida especially popular retirement destinations. Be sure to pick a place that will make you the most comfortable. You should also consider the presence of other retirees. Not only will this help you to build up your social network with like-minded people, but it will also be a place that is more likely to provide an abundance of services for retired folks. Assisted living homes offer many amenities for residents, making them good choices for retirees who need a little help but still want to retain some of their independence.

Consider Cost

For many retirees, the cost of living is the primary driving factor in where they retire. Taxes are an important variable in the equation. In addition to housing costs, be sure to consider property taxes. There are a handful of states with no personal income tax, making them attractive to retirees.You could even retire abroad. Before you make a final decision, you need to look at all the cost-of-living factors to make sure they fit in with your retirement plan.

Family Matters

At the end of the day, all of the amazing weather and favorable cost-of-living factors won't matter if you are not near the ones you care for the most. If being apart from your family is going to be difficult for you, it is important to pick a place that isnear those you love. The cost of living in one location will be negated if you are constantly spending money traveling back and forth to visit your grandchildren.

Taking into consideration all three of these factors will help you to discern where you will be the happiest in your retirement years. So that you get a good feel for what life will be like in each place, be sure to spend some time living like a local in your top choices before you make a final decision.

Retirement takes a lot of planning and a lot of work. Reach out to us for a book that can help you learn more and plan better.