Where to Retire and How to Do it - Baby Boomers US (The Blog)

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Included in the ingredients that make a city rich for retirement are cost of living, public transportation, health care and cultural activities. Even if your current city has all that, you may want to consider moving elsewhere for a change of scenery, a taste of adventure, to stretch your savings or to be closer to family. When considering where to retire, here are some pros and cons to mull over.

Should I Move Abroad?

Pros: The promise of a lower cost of living mixed in with a sense of adventure is what usually draws retirees to move overseas. Many modern foreign cities across the world charge little or no income or property tax, provide excellent cultural opportunities and sustain leading health care institutions. A popular location, Panama City has been rated at the top of International Living?s Global Retirement Index for years. Other attractive retirement places include Mexico, Costa Rica, New Zealand and the tiny Mediterranean island of Malta where mostly English is spoken.

Cons: While the thought of traveling, sight seeing and experiencing new cultures may get you excited to live abroad, the reality of it may make you reconsider. Living in another country includes learning, understanding and abiding by new laws, amenities, languages and opportunities. You?ll have to get used to the customs and culture and adjust to living far from home and family.

Should I Move to a Low-Cost Region?

Pros: Especially if you live in an expensive urban area, relocating to a smaller city can save you tons of money. For example, if moving from Los Angeles to Bloomington, Ind., you could save 15 percent on groceries, 61 percent on housing, eight percent on utilities, 14 percent on transportation and 13 percent on health care each year, according to Time.com. Many slightly smaller areas still offer big-city amenities yet at a fraction of the cost. According to AARP the Magazine, Las Cruces, N.M. is one of the best places to retire because of its high history of sunny days and great hiking and biking areas. Roanoke, Va. made the list as a ?bustling, small city amid the magic of the Blue Ridge Mountains.? Prices of apartments for rent in Roanoke may also contribute, as a one bedroom generally falls just below $650 a month.

Cons: There aren?t many, minus the fact that you?d be leaving your familiar home and possibly long-time friends and family. The good thing about living somewhere cheaper is that you?d have more money to fly back home for a visit.

Should I Move Into a Retirement Community?

Pros: Today?s retirement communities are not what you remember visiting grandma at many years ago. Situated in the heart of all-things-needed (and wanted), many retirement communities offer nice living conditions, are surrounded by shopping and restaurants and provide social activities for residents. Whether you are interested in golf and bridge or kayaking and rock climbing, a community might be just what you are looking for.

Cons: Do your research before signing up. These communities are often age restricted and may not let your grandkids spend the night as often as you?d like. Also consider if spending all your time around people your age is something you?ll be comfortable with. While it should be easy to make friends and participate in activities, how much you notice the lack of diversity may be a bit surprising.

Should I Just Stay Put?

Pros: Don?t fix it if it isn?t broken, right? If you like where you live don?t feel pressure to move. Chances are you are already settled in nicely to your home and now just have time to enjoy it a little more. Now that you?re working less you?ll have time to discover interesting things in your community you may have missed out on because of your busy schedule. Staying put also means you?ll keep your friends and most likely be close to family.

Cons: After easing into retirement, the need for change may nag at you. Staying in your same house, same city and same routine may put a damper on the dreams you had for retirement. Then again, it may just depend on your point of view. Something better could be waiting in the distance or it could be right in front of you.

About the Author: Jack Du?ponte is a veteran from the Gulf War, Jack found out that he had a deep passion for food and grilling when he bought his first hibachi. Now his kids want dad to cook everyday of the week.

Tags: Preplanning, Retirement

Source: http://blog.babyboomersus.net/2013/02/where-to-retire-and-how-to-do-it/

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