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Retiree Corner
Where to Settle Down
in Retirement
Retirement is a chance to reinvent yourself — you can
take up a new hobby, start a new part-time career, travel
or move to a new town, city or state. When developing
your retirement strategy, choosing where to retire is as
important as choosing how to manage your retirement
assets. The right retirement destination can lead to years of
happiness and leisure; the wrong choice can cause you to
miss out on new opportunities or enjoyable activities, or it
could be costly.
Looking for the best place to retire means the best place
for you and your spouse. When contemplating retirement
locations, you need to consider factors like taxes, home
prices, the social atmosphere, sports teams, golf courses,
culture, educational opportunities, crime rates and the
overall environment.
Your search for the best place to retire might include a factor
your parents never considered: work. More and more people
are considering working during their retirement years.
Wanting to continue working or a desire to try something
new can be significant considerations for choosing
retirement locations.
If you are thinking about retiring in a new location,
consider the following factors as you make your decision:
Get an overview
Spend time researching information on crime statistics,
climate, cost of food and housing. You need to know the
general cost-of-living in
an area to make a good
decision. It’s important
to find out how much
you need to maintain
your lifestyle in another
location. Equally
important is living in
close proximity to good
health care services and
facilities.
Did You Know?
Fast Facts:
In October 2007, the AARP
chose five cities as great
places to retire.
They are:
• Atlanta, Georgia
• Portland, Oregon
• Chandler, Arizona
• Boston, Massachusetts
• Milwaukee, Wisconsin
Check out health care costs
Health care costs greatly impact retirees, so do some
research to find out how much you will pay for nursinghome
care, doctor visits and other health expenditures in a
new location.
Learn the tax policies
Every state, city and county has a different tax policy. Find
out the state’s income tax policies, local property tax and
sales and estate tax information. Be sure to weigh them
against each other. Lower state income taxes may not make
up for high sales or property taxes.
Consult your family
After you and your spouse make the decision to move to a
new city, talk it over with your family. Make sure your kids
and grandchildren know about your plans well in advance,
to give everyone a chance to get used to the idea of you
moving.
Try before you buy
Visit your new potential home a few times. Make sure to
visit during different seasons — you may not like Florida in
the summer, for example. Consider renting for a year before
you buy a place, so you are not committed if things do not
work out.
Choosing where to live in retirement is an important
decision. Take your time making a choice and have fun
while doing it. There is a whole world out there for you to
explore, and you just might find the perfect place to begin
your next adventure.
Portland
Chandler
Milwaukee
Boston
Atlanta
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