When most people retire, they tend to stay in the same place where they’ve spent most of their lives. But some people want a change of scenery. If you’re planning to relocate, here are some factors to consider:
- Cost of Living. How does the new area compare to what you’re used to? Be sure to look at the cost of housing, food and entertainment.
- Tax rates. Real estate taxes, state taxes and local sales taxes can differ significantly from one area to another.
- Healthcare. Will you have access to the types of doctors and facilities you might need?
- Proximity to Family. Will you be close enough to visit family or for them to come to you?
- Job Opportunities. This could be important if you need to supplement your retirement income with a job.
- Recreation and Cultural Activities. Does what the area offers meet your needs?
- Public Transportation. This is important if you no longer drive and need access to nearby services like banks, grocery stores, and pharmacies.
- The Weather. Can you adjust to a climate you’re not used to?
The best advice is to test the area out first. Spend a few months visiting before your decide to commit. This will ensure you’ve selected a place that suits your retirement budget and meets your social and recreational needs.
