Many of us dream big when thinking about our retirement years, while others view retirement as a welcomed time to slow down. Whichever end of the spectrum you fall, considering where you want to live is an important part of life planning. Of course, the financial planning aspect is important for having the means to continue living at least as well as you’ve enjoyed during younger years. But there are also lifestyle considerations to consider. Here are some thoughts to spur your thinking about what’s best for you.

Warmer Climate or Your Hometown?

A generation ago, one of the primary deciding factors for where to retire was climate. Seniors wanted to flock to warmer areas and bid goodbye to cold and messy winters. For many, this still holds true. But as prices have skyrocketed in sunnier locales of the U.S., such a move is not always attainable. Even if one can afford the move, they must ask themselves: What am I leaving behind? People who have grandchildren or long-term friendships in their hometown may not want to make those relationships long-distance. If you have a fulfilling social life and family life in your hometown, will you be able to create an equally fulfilling life in a city where you must meet new people? These are appropriate questions to ask yourself.

Reasonable Access to Medical Care

Even if we’re in perfect health now, it’s likely that we’ll eventually need some kind of medical care during the retirement years. Experts in senior living recommend that retirees choose cities that have a population greater than 10,000 since less densely populated areas tend to have fewer options for medical care and longer drives to medical facilities.

Convenient Access to Entertainment, Culture, Retail, and Transportation

It can be easy to feel isolated once you leave the work force. Having convenient access to shopping, entertainment, and cultural events might be an important consideration when choosing a housing location. Interesting to note, some seniors are choosing college towns for the cultural and retail opportunities in walkable cities. Such towns also often have top-notch medical facilities and better public transit systems.

Cost of Living

One of the most critical calculations retirees must make is the cost of living in the city where they retire. If you’ve enjoyed the relatively low cost of living in Cincinnati and then move to Boca Raton, you may be in for some sticker shock not only with regard to rent and housing prices, but also for basic necessities, and entertainment. There are a myriad of online calculators and cost of living index articles that help give seniors a realistic picture of what housing and everyday things cost in other cities. Do the research.

Taxes

How you’ll be taxed in retirement years is another important factor to know before moving. There are currently nine states that do not have personal income tax (Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming), but these states tend to make up for the lack of personal income tax with higher taxes in other areas such as sales tax, property tax, fuel tax, and so on. Tennessee and New Hampshire currently tax dividends and interest income as well. At least twenty states offer specific tax breaks on retirement income. While taxes are an important consideration, keep the focus on your overall lifestyle preferences. If you’ve found the best tax break but you’re unhappy with the city, then you may have defeated the purpose of moving.

Questions to Consider

Ask yourself some basic questions to help narrow down your options of where to live in retirement:

∙ What do I want to do?
∙ How often am I willing to travel home to see family and friends?
∙ Who will I spend time with?
∙ What’s wrong with where I live now?

These questions should spur your thinking about how well a new location fits with what you want from your retirement years.

Platinum Service Realty