In a previous post, we had addressed the fact that retirement planning is more than simply financial planning. Of course, addressing issues of 401K, IRA, annuities, pension plans, estate planning, etc are all very important aspects of retirement planning. But there are other issues to be addressed also as you plan to spend those golden years of your life. In this article, we will address one such specific issue that pertains to retirement planning; namely where do you plan to retire. There are several treatises on the subject of the best places for retirement and so on, but you need to address what is the best place for retirement for YOU. What is a great retirement community for someone else may not necessarily be the best for your individual situation. However, the common issues that go in to the making of that decision is what we will discuss here.
First of all, you need to find the cost of living for the retirement place that you are considering. Is the cost of living sustainable by your finances. When considering the cost of living, you need to address energy prices, real estate taxes, personal property taxes, food costs and the like. Choose a place that is well within your means. If the proposed retirement location has lower costs of living compared with where you are now, then that is a plus point. If not, you need to be aware of the increased costs that you need to be able to afford. Secondly, what about the weather; some senior citizens may be very sensitive to excessive heat and cold temperatures. Evaluate the year round temperatures, snow falls, rainfall, etc before finalizing your choice. Next of course, you need to find accessibility to quality medical care. What is the point in moving to a sunny place with moderate temperatures only to find that quality medical care is too hard to find. Remember that medical necessities become more as one ages into retirement years and retirees need to be aware of this very important need. Next, evaluate the community and social workings of the place of retirement you are choosing. If it is a foreign land, do you know the local language and if not, can you at least learn the basics quickly; what about their local customs and social activities; is it in line with what you expect.
An important aspect of choosing retirement places is how far away from close relatives are you going to be. Especially being very far away from children and grand children may not be what you want. If you are very much attached to your grand children then moving very far away from them simply because the cost of living is cheaper may not be the best alternative. You may want to cut down on some expenses and stay closer to them instead. Also consider what you would be doing in the time that you have suddenly discovered to be yours; you need to keep yourself busy in order to spend your time effectively; evaluate on what options are available as in local community colleges, libraries, museums, art galleries and other social clubs. In choosing the place for retirement both spouses should be involved so that it becomes a pleasurable experience and not a painful one. As you can see, choosing a good retirement place is more than just finances; there are other factors to be considered also. Sometimes the place to retire might very well be the place you are right now.
