Many people often already have preconceived notions in mind when they think about their retirement life. For instance, you might want to spend your time chilling in a hammock in your home’s backyard as you read a good book, or perhaps you’d like to do the same thing as you look out over the sea from your window.
However, finding the right retirement place is difficult because it requires assessing your financial situation, wants and needs, and other factors, which are discussed in this article.
At the end of the day, though, various retirement places exist, but few spots attract Americans like Florida. Whether it’s sunshine, beaches, public parks, museums, galleries, or sports you’re after, Florida has something for everyone. The weather is always sunny year-round, and, more importantly, it has the mildest winters in the continental US. Thus, it’s unsurprising that most retirees relocate there.
Tips to Help You Choose the Perfect Place to Retire
Here are some tips to help you choose the perfect place to retire:
1. Decide What You Want
As you look for the perfect place to retire, consider slowing things down for a moment and thinking about what you want. How do you wish to spend your retirement?
Understanding what you want is critical. You also have to consider other factors, such as good healthcare, taxes, etc., when picking the ideal retirement place. These reasons are partly why most people go to Florida for retirement. The Sunshine State has a thriving community of retirees because it has so much to offer. If you’re considering moving to Florida and need help relocating, consider enlisting the services of a South Florida moving company.
2. Make a List and Narrow it Down
Once you’ve decided what you want to do in your retirement, it’s time to get to researching places that offer everything you want. You can’t go fishing in a landlocked state with no lakes. Research local amenities and living costs as you create a list.
For instance, if you’re religious, you might want to move somewhere that has a bustling spiritual community. It’ll help you settle into retirement while also providing plenty of opportunities to socialize.
Narrow your list down after doing your due diligence.
3. Don’t Overlook Family and Health Care
It’s a well-established fact that people’s bodies start to present more problems as they age. Health issues ensue as you get older. If you’re at retirement age, you’ll likely want to ensure you have access to some of the best physicians, doctors, clinics, and medical centers, even if you don’t have any underlying health problems because, after all, medical emergencies can happen to anyone at any time.
It’s also why many retirees often shy away from living in rural areas because healthcare access is limited.
In addition to healthcare, don’t forget about your family priorities as you select a retirement spot. If you spend time with your grandchildren or children often, moving to an opposite coast might not be ideal since it’ll limit the time you can spend with them.
Think about these factors before selecting a retirement spot.
4. Don’t Forget About Taxes
Another important thing to consider when choosing your perfect retirement place is taxes. Consider researching a state’s income and sales tax before choosing it as a potential retirement spot. Some states like Texas and Florida don’t have income tax, which is why they’re particularly popular with retirees.
On the other hand, other states tax income from investments. As a retiree, you might be relying on income from investments in assets such as stocks or real estate to fund your lifestyle. If that’s the case, you’ll want to avoid such states.
Another reason Florida is particularly popular with retirees is that it has no state estate or inheritance taxes, meaning you can pass on property and assets in Florida to your descendants without worrying about them having to pay hefty taxes on their inheritances.
5. Check Living Costs
Research shows the average living cost in the United States is approximately $2,317, which is 2.27 times higher than the world average. However, the US is a large place with over fifty states, and living costs differ drastically between states and even cities. For instance, NYC is one of the most expensive places to live in the United States. Statistics show the average living cost in NYC is $3879, significantly higher than the national average.
On the other hand, Kansas, MO, is one of the cheapest places to live in the United States, with the average cost of living there being $1955 for one person, considerably lower than the national average.
Various factors affect living costs, including rent, food, transportation, utilities, etc. Your ideal retirement place should have a relatively low cost of living without sacrificing quality of life.
6. Retire Somewhere with a Strong Economy
Skyrocketing inflation and increased living costs have resulted in many retirees taking on part-time jobs. While many people don’t want to work after retirement, some don’t have the luxury of not working because their financial situation doesn’t permit them to live off their savings alone.
Therefore, consider retiring somewhere with a strong economy. Retirement also means ample free time, and some people decide to return to the workforce as part-time workers because they want to be intellectually stimulated again and utilize their time more productively.
Furthermore, a part-time or retirement job can also be helpful as it provides you with more opportunities to socialize with colleagues and clients. Look at moving somewhere with a strong economy for your retirement years.
7. Look for a Place with Plenty of Amenities for Retirees
Your ideal retirement place should also have plenty of amenities for retirees. For instance, many retirees often like to take up playing golf or going on hikes to fill up their schedules. Hence, you’ll want to ensure your retirement spot has amenities suitable for retirees and not just the young populace. Ensure that your retirement spot has cultural amenities like museums and galleries, outdoor activities like a city walk, and plenty of parks.
Many people often have an ideal retirement spot that they want to move to in their old age. However, it’s important to consider the various factors listed in this article before moving because some options might not be feasible. Selecting the right retirement spot means choosing a place that offers everything you need while still keeping you in close proximity to your loved ones.