You can see retirement approaching quickly on the horizon. Perhaps you have a couple more years until retirement. Maybe you have paid off most of your debt and mortgages, and you have built up enough savings to live comfortably. Your golden years are right within your sights, and you’re starting to think about how you’ll spend your hard-earned savings.
One question you may be asking yourself is where to spend your non-working years. It’s an important decision and can involve many factors. For instance, do you want to live in a place with a warm climate, or someplace closer to friends and family? Are there health factors that should be considered? What are your passions, and which places can help you follow those passions?
Deciding where to live after retiring is a very personal decision and shouldn’t be taken lightly. But how will you know if a particular location is right for you? Below are four things to look at as you make your choice:
How will you spend your time?
Now that you’re not working 8 to 12 hours a day, you’ll probably want to fill that time with something you enjoy doing. After all, that’s what retirement is all about—pursuing the hobbies and interests you couldn’t when you were working. While it may seem like an easy question to answer, some people can have trouble pinpointing exactly how they want to spend their newfound freedom.
Once you determine which passions you’d like to follow, you might consider finding locations that will help you follow those passions. For instance, if you are looking forward to spending your retirement traveling, you may want to consider locations with access to good airports.
Do you want to be active?
Are you looking to fill your days with hiking, or sipping drinks with umbrellas in them? Either choice is a good one, and choosing the right location in retirement can help you accomplish either one. For instance, the laid-back lifestyle and warm weather of Florida might be perfect for you if you plan on relaxing. However, a place like Colorado that’s full of hiking and skiing might be a better fit if you’re looking to be active.
What kind of climate do you want?
Places in the Northeast can be great for retirees looking for high standards of living, access to major metropolitan areas and cultural amenities. The downside: You will have to contend with harsh winters that may make it more difficult to get around. But if you don’t mind the cold, and having access to city life is important to you, then you may want to look in areas that might be a little colder in the winter.
However, if you want to spend the rest of your life in warmer climes, you may want to look at places in the South. While most people think of Florida, there are plenty of other places, like North Carolina, that provide the same warm weather. Another advantage of retiring in the South is that you will more than likely be able to stretch your dollar a bit further than you could in other regions.
Is seeing family important?
Family can be an important factor when deciding on where to live after you retire. Some retirees think that if they move to a warm locale with a beach, they will be able to entice family members to visit. This isn’t always the case, however. People are busy and oftentimes won’t be able to visit as much as you’d like. So if you’re worried about missing out on important family moments, you may want to think about staying closer to where your family lives.
Ready to make the final planning decisions before you retire? Let’s talk about it. Contact us at Foote Financial Group for more information. We welcome the chance to help you analyze any remaining questions and develop a strategy. Let’s start the conversation today.
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