First Federal Bank Blog

Whether you are close to retirement or just starting to think about the day when you no longer have to work, planning for your golden years requires a lot of thought. One major decision you have to make is where you want to set down roots. Is it best to stay where you are or is a new address the way to go? The following guide may help you decide where to dwell for your retirement:
 
Familiar surroundings
 
Your current residence or area may be exactly where you need to be. Review what your finances will look like after you retire and determine if they can support your current bills. If the numbers add up, you may want to stay. If they don’t, but you are dreading leaving the people and places you love, a local downsize might be a smart move, according to Melissa Phipps, writer for TheBalance.com. A smaller home can help reduce the money you spend on maintenance and utilities, too.
 
If you’re craving to experience a new locale and your finances support it, but you don’t want to make a permanent move, you can satisfy your wanderlust with a vacation or a weekend home, Phipps adds.
 
Ready to go
 
If staying in your current home or community isn’t your retirement dream, it’s a good idea to make sure your dream destination lives up to your fantasy. Even if it is an area you’re familiar with, you might want to test the waters for a longer stay before you put down roots, Phipps advises.
 
Questions to consider include: is your vacation spot or potential new home close to the amenities you need, including shopping, entertainment, and grocery stores? Do you want a walkable location or will you need a reliable car or public transportation system? “The place where you should retire ought to have high livability indicators — for example, a vibrant economy where you can find work, should your financial situation change; mild weather; a low crime rate; and access to the internet to keep you connected to the world,” Phipps adds.
 
Factor in cost of living and quality of life
 
No matter where you decide to live, even if it’s in your current area, you’ll want to assess what your cost of living will be when you retire. “The cost of living is a metric that measures the expense of maintaining a certain lifestyle in a particular location. It includes the costs of housing, food, taxes, and other necessities such as clothing and transportation,” according to Jordan Bishop, writer for DUE.com.
 
You’ll also want to assess your health and make sure where you choose to live supports your well-being, especially if you have a pre-existing condition. “In that case, you might consider moving to a place with a good healthcare system — a place with good healthcare coverage, accessibility, and relatively good healthcare affordability, as well as good doctors for that particular condition,” Bishop adds.
 
Where you choose to retire will have a substantial impact on your life. Choose a place that supports your health, well-being, and enjoyment of life. Your location should also respect your finances, so you don’t have to stress about money when you should be focused on relaxation, fun, and a new chapter.