Choosing the right retirement location is a vital decision that can significantly impact your quality of life during your golden years.
Whether you want to move to a new place, new city, or a new state altogether, you need to make sure you choose a location where you can live the best phase of your life to the fullest.
Here are six key factors you should consider while choosing a place to retire.
Cost of living
One of the primary reasons why many people tend to relocate after retirement is to lower their cost of living. It makes sense, since the lower the cost of living, the further you can stretch your retirement savings.
Do some research on your desired retirement locations and find out whether you can afford to rent or buy a place in the area and whether the cost of food, healthcare, and other necessities are affordable.
If you are planning to buy a home, you should also find out how much you might have to pay in property taxes.
This is undoubtedly one of the most critical factors you should consider while choosing a retirement location. An ideal retirement location is one where you can live without having to worry about the safety of your belongings as well as your own physical safety.
You can determine how safe a neighborhood or locality is by checking out the FBI’s Uniform Crime Reporting Program.
Apart from this, you can also talk to the local police department and find out whether the locality is safe enough for retirees.
A strong local economy
An increasingly large number of Americans are taking up part time jobs after retirement, often to stay active and mentally sharp as they age.
Any extra money you bring in can make it easier for you to meet your day-to-day needs and prevent your nest egg from getting depleted.
You might need to choose a retirement location with a strong local economy where you can find plenty of employment opportunities, should you choose to work.
Access to healthcare
Does your desired retirement location have hospitals, medical centers, and pharmacies within a 15-minute drive radius? This is something you need to find out, especially if you have a chronic condition or any other medical problem that requires constant care.
While telehealth can bring healthcare services right to your living room, it’s still critical to choose a retirement location with dependable medical facilities. You could need treatment and care in the event of an emergency.
Access to healthy food
Eating a healthy diet becomes more important as you get older, especially, if you have diabetes, heart disease, or any other health problem.
You should be careful about what you eat. It is why you need to make sure the region you want to live in is not what the Centers for Disease Control calls a “food desert,” locales where you cannot easily buy fresh fruit, vegetables, and other healthy foods.
Availability of public transportation
As you grow older, you might reach a point where you might no longer be able to drive. If and when it happens, you might have to rely on rideshare services or public transportation to get around.
Find out whether your desired retirement location has dependable public transportation and available rideshare services.