How to Pick a Retirement Place – What do you imagine life will be like when you are officially retired? Driving cross-country? Staying close to home? You can do both. Establish a home base with a low cost of living, like a one-bedroom crash pad in Cleveland, for example, and then take off when you want.
But if you’re like most future retirees, you’ll want to stay put or downsize in or near your current community. Still, you shouldn’t fail to research and consider all options.
What factors should you look at?
- Weather — Although this alone is not as meaningful as is how you want to engage your life.
- Meaning — Because people are living longer, you’ll want your life to be filled with meaning.
- Purpose — Beyond the intangibles of fitting in socially and politically and a lower cost of living and favorable tax structure, you’ll want to fill your years with activities you’re passionate about. Think about what has energized you intellectually or emotionally. Use this passion to help others. And be willing to put yourself into situations that expose you to new and different environments with new opportunities. Try new things.
With longer lifespans, retirees need to account for inevitable changes in mobility and health, even though it’s not fun to think about. If you move away from family and friends in the early part of retirement, you may need to move back when the inevitable happens.
In the meantime, while you and your partner are able to travel, here are some other factors to determine where you’d like to retire to:
- Job opportunities for older residents, if you’d rather ease out of the workforce gradually.
- Housing options.
- Crime rates.
- Cost of living.
- Hospitals offering geriatric services.
- Levels of senior volunteerism.
- Access to fitness centers.
- Investment in public transportation.
- Local attractions.
- Availability of arts and educational institutions.
A bit of advice: College towns are worth a close look because they offer vibrant health care systems, good cultural opportunities and decent public transportation.
How easily will friends and family be able to visit? And travel facilities are important if you’re planning overseas trips.
You may want to find a retirement community that suits you and your spouse. Retirement communities help folks avoid the isolation that can come with aging and living at home alone. What should you look for?
- Recreation — Promoting socialization and giving you something to look forward to each day. Look for a schedule that offers opportunities for varying mobility and interests.
- Medical care — Seek a community that can give you detailed information about area medical providers.
- Lifestyle — Does the area allow you to live as you choose, without restrictions against pets, for example? Can you have a family member move in long term? Will you be able to have an outdoor grill? Plant a small garden? Check out the rules before you make a final decision.
Also consider affordability:
- Do you have to pay an entrance fee?
- Are there monthly fees?
- How much will your estate get back from a condo purchase fee? If only 90%, you’ll want to factor this information into your decision.
You’ll be able to narrow your search based on your chosen criteria. No dream location fits every dream, but there are loads of charming and comfortable options all over the map. Good luck on the next stage of your journey.
To assist you in making your decisions regarding estate planning, the Hayes
Law Firm offers informative and entertaining free online webinars which
provide concise and clear explanations on what you need to do to protect
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Register today for this important free webinar by visiting the Hayes Law Firm website at www.LosAngelesTrustLaw.com or you may call 626-403-2292 to make your webinar reservation with one of our friendly staff members.
Attorney William K. Hayes is a noted speaker on the subjects of Living Trusts, Wills, and Long-Term Care Planning. His newspaper columns on estate planning topics have been syndicated throughout Southern California. The Hayes Law Firm has been cited as a resource for estate planning answers by NBC, CBS, ABC and FOX. Mr. Hayes is also an active member of the American Academy of Estate Planning Attorneys which is highly recommended by Consumer Reports, Money Magazine, and Suze Orman, as a top resource for locating highly qualified estate planning attorneys.
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How to Pick a Retirement Place
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