Where Should I Retire?
Exploring the Pros and Cons of Where to Retire
Once the celebrations are over most new retirees turn their attention to practical matters.
- Will the anticipated retirement income be sufficient to support their current lifestyle?
- Should they move to a sunnier or healthier climate?
- Would it be wise to move closer to their grandchildren?
- Is a big house still needed, or would a condo or an apartment give the retiree more freedom and peace of mind?
Regardless of whether the concerns are family, finances, fun, health, or happiness, experts agree that a change of residence often tops the list of retirement considerations.
Retire Everywhere
In retirement some adventurers decide to sell the house, and buy a motor home that will allow them to travel the country at will. Retirees who have done this report that they are happy with the choice overall, but they do report some inconveniences such as a lack of storage space, trying to decide what to do with their possessions, driving on curvy roads, parking, and backing up.
Although motor home parks are conveniently located across the U.S., some parks offer more amenities than others, and finding places to maintain and repair the motor home might be challenging. Winter RVing is not recommended if your travels will take you to climates where the temperature falls under 30 degrees.
An RV will take you anywhere you want to go in the continental U.S., but if you are contemplating a lot of foreign travel, an RV may not serve your needs.
At about $200,000 for a Class A vehicle, and gas prices above $3.00 a gallon, calculate the costs of living in an RV carefully before holding an auction to liquidate your property.
Relocating to be Near Family
It is not uncommon for Boomers to want to be closer to their grown children and grandchildren or to their own aging parents during retirement. The benefits of this choice are clear; increased involvement with family, being with those you care about the most, and fostering an interdependent relationship where retirees can help out with the grandchildren and adult children can assist their parents when they are ill or incapacitated. If this is an option you are considering do discuss independence vs. interdependence issues before you decide to make the move.
How often are you, the retiree, willing to provide child or elder care? Will your adult children feel their privacy is being compromised if you move into a neighborhood near them? Will your aging parents appreciate your help or resist it? Relocation means making a new start. New friends, place of worship, doctors, accountants, dry cleaners, hair dressers, insurance agents, and grocery stores all come with relocation.
Granted, your adult children or aging parents will be there to help you integrate into a new community, but do take a moment to consider how much your life will change if you move to an unfamiliar area of the country. Truly, how you spend your time defines who you are. Consider how you wish to define yourself post retirement before agreeing to increase your family obligations.
Relocating for Fun in the Sun
While on vacation to a sunny spot or place of geographical beauty have you ever heard yourself mutter, "This is where I want to live when I retire?" Boomers who retire in the prime of life tend to be drawn to resort locations where the vacation never stops. An Australian study shows that overall, people who decided not to relocate to Sun Belt regions post retirement reported higher levels of psychological comfort than those who chose to move. Before you become an official resident of paradise it is recommended that you take extended vacations to the area during different seasons to evaluate whether you will make your home there.
When locating to a climate or recreationally focused location it is generally a Boomer's desire to increase their satisfaction with their health, finances, and lifestyle. Nowhere is paradise unless one is happy there.
Look into the cost of living, and notice if it rises during tourist season. Does everything close down annually when the tourists leave? Are the health care facilities adequate to your needs? Are there climate extremes such as hurricanes or earthquakes that trouble you? Are insurance costs reasonable in the area? Research your dream location completely, and have fun on those extended vacations you must take to make a proper evaluation!
Staying Put
Baby Boomers who are active in their community, live near family and friends, and value incremental change may decide not to move at all, or to downsize to a smaller house, condo, or apartment in their current community. Putting effort into converting a current residence into a more aging friendly home is an option that appeals to many.
Installing more outdoor lighting, a security system, and grip handles near tubs and toilets, and perhaps even adding a lift chair to avoid stair climbing in two story homes will help aging retirees be more comfortable. Moving the laundry area to the main floor, and making the home's exterior maintenance-free are also worthwhile investments that will pay off when it is time to sell the house. If you love being where you are, why be anywhere else?
To move or not to move, and when and where to relocate are all responsible questions for the new retiree to pose. When in doubt, consider splitting your time between familiar surroundings and a new location until you become convinced that relocation is right for you.
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