Are you at a loss when it comes to deciding where to retire? You have traveled around the country, maybe even the world, and now you are ready to move on to the next stage of your life: finding a place you can call home for your later years.
This decision should not be taken lightly. After all, do you want to move again when you’re even older than you are now? Choosing the right place is key to a stress and hassle-free retirement. Here are five factors to consider when weighing your retirement location options.
Do you have siblings or children nearby? If you cannot bear to live far from family, this will quickly narrow down your list of possible retirement locations. If you are open to starting a life in a new state, consider how often you will want to travel to visit your loved ones. Make sure the town or city you choose has an airport within an accessible distance so you are able to schedule visits without too much frustration.
Unique Medical Needs
Do you have a current health condition that must be constantly monitored? Live in a location that provides you access to high-quality healthcare. You should also talk to your health insurance plan provider before you make a long-distance move to ensure you have coverage in your new, desired location. While you cannot always anticipate your future medical needs, it is worthwhile to research the hospitals and healthcare professional teams you may need to depend on in the future.
Hobbies and Community
What do you picture your day-to-day life like as a retired senior? If you are an outdoors lover who appreciates swimming, kayaking and fishing, purchasing property in close proximity to a body of water may be ideal. If you are more concerned about meeting other seniors who share your love of reading or gardening, finding a home in a retirement community that sponsors neighborhood-wide activities might be most important, regardless of the scenery nearby.
Senior Work Opportunities
Many seniors plan on working throughout their retirement, or at least for the first few years. Does the area have a thriving economy with plentiful part-time job opportunities in your desired field?
Taxes and Cost of Living
If you currently live in a state with income tax, don’t forget about the tax benefits you could enjoy if you move to one of the seven states without it, including Florida and Texas. In addition, some states offer seniors a discount on retirement income and property taxes, which are sure to boost your overall take home dollar amount. Always review how the cost of living compares to where you live currently so you know what to expect and you are certain your budget can handle any increase.
Get in touch with the team at My Senior Health Plan if you would like more information on how your decision on where to retire can affect your healthcare coverage.