Where should you retire?
You have faithfully planned, diligently saved, and often dreamed about this next chapter in life…retirement! It is finally time to live out what you’ve worked so hard for.
Now, the question looms: Just where should you retire? Many have strong opinions and hardly any agree.
According to Yahoo! Money, Iowa is the best place to retire, but U.S. News & World Report claims Fort Myers, Florida is the place to be. Athens, Georgia is at the top of Forbes’s list, while Money.com says for retirees, Catalina Foothills, Arizona can’t be beaten.
There’s no question where your children, grandchildren, and family live heavily sway where you decide to plant your roots. But those factors aside, how do you choose?
If you are ready to retire, consider the following when choosing your ideal address for years to come.
Consider retiring locally. If you have family nearby and live in a paid-off home, staying local may be the wisest decision. You can always downsize to get rid of tiresome maintenance while staying connected to the community you know and love.
Assess the cost of living. Not all locations make for affordable retirement destinations. To stretch your retirement dollars, evaluate a location’s cost of living and housing costs (including taxes).
Consider lifestyle preference. Weather, personal activity levels, outdoor preferences (beach, mountains, or somewhere in between), and accessibility to medical care all influence your most suitable location.
Think long-term. If your list of potential retirement spots includes places you haven’t visited before, make sure you travel to them more than once. No one wants to move and then move again because it wasn’t the right fit. Do your due diligence by talking with current residents or doing research online.
If you would like to discuss the financial aspects of your upcoming retirement, give us a call. We would be happy to talk with you and help celebrate your next chapter in life!
P.S. For Jim Gasaway, he hopes to frequently visit Nashville, Tennessee when he retires. We think he will fit in pretty well, don't you?!