When you no longer need to live near your job, a world of possibilities opens up. Relocating for retirement can sometimes save you money if you can find more affordable housing and lower your tax bill.
Residing near friends or children and grandchildren can also play a role in your retirement happiness. And you are finally free to move to a place with better weather and the amenities that suit you best.
More than 230,000 Americans moved to retire in 2022, according to a study from online marketplace Hire A Helper. Unsurprisingly, Florida topped the list of locales for new retirees, with 12% of retirees choosing the Sunshine State for their move.
[See: The Best Places to Retire in Florida.]
Why Florida Is So Popular
Florida’s popularity likely comes from its low cost of living and good weather, but there are a lot of different factors to consider when choosing your new home — including proximity to family and health care.
“Every individual’s needs and preferences will differ. By carefully considering these factors, you can make a well-informed decision that ensures a comfortable, fulfilling retirement,” Beau Herman, owner and certified senior care advisor at Assisted Living Locators Orlando Northeast, says.
Here are some characteristics of a great place to retire:
— Housing built for aging.
— Good public transportation.
— Nearby health care.
— A strong economy.
— An affordable cost of living.
— Year-round weather you can tolerate.
— Opportunities to socialize.
— Help with chores and maintenance.
— Children and grandchildren.
— Amenities for seniors.
Housing Built for Aging
You will be able to maintain your independence longer if you select a home with age-friendly features. A few simple upgrades to your home, such as new railings, grab bars and improved lighting, can help to prevent injuries. But in some cases, a larger move is necessary.
Homes with a bedroom, bathing and laundry facilities on a single level with a no-step entry are generally the easiest for older people to navigate. Other useful features include slip-resistant floors and lever-style doorknobs and faucets.
Good Public Transportation
As you age, there may be a time when you need to give up driving. At that point, public transportation becomes essential to maintaining your independence.
“Good public transportation options can provide independence and ease in getting around,” Herman says.
A few cities have reliable train and bus services for people of all ages. Taxi and ride-sharing companies offer transportation that you request and pay for on your phone, but it can be expensive to use these services on a regular basis. Some communities provide low-cost taxi or van services just for older people. Make sure you will be able to get around town without driving a car.
Nearby Health Care
You’re likely to use more health care services as you age. Living near a doctor, pharmacy and major hospital can make it easier to receive medical care and comply with a treatment plan. Think about how far you will need to travel to receive medical care to treat ongoing conditions or in an emergency.
“Access to reputable hospitals and specialized health care providers is crucial, especially for seniors with chronic health conditions,” Herman says.
You may increasingly be able to take care of some routine medical needs remotely by taking advantage of telehealth appointments from home and finding a pharmacy that can deliver your regular medications. However, it’s still useful to live near a major medical provider in the event that you need emergency care or to treat chronic conditions that must be monitored in person.
[Read: The Highest Medical Costs to Expect in Retirement.]
A Strong Economy
A part-time job is increasingly becoming standard in retirement years. If continuing to work is part of your retirement plan, make sure any place you are considering has a strong economy and job opportunities in your field.
Many retirees take jobs with flexible or seasonal hours that allow increased time for hobbies and interests. A retirement job can also provide opportunities to socialize with colleagues, interact with customers or clients, mentor younger employees and give back to the community. If you relocate for retirement, a part-time job can be a good way to meet people in your new community.
An Affordable Cost of Living
You don’t want to spend your retirement years worrying about your next house payment and scrambling to make ends meet.
“When you are planning for retirement, it is important to consider the cost of living in your target location,” Linda Chavez, founder and CEO of Seniors Life Insurance Finder, says.
“Many retirees choose to move to a place with lower costs, such as a rural area or one with lower taxes and regulations. Consider what you can afford and if the location offers incentives like tax breaks for people over a certain age,” she adds.
Aim to retire in a place where you can comfortably cover your bills and have a little bit left over for fun. It helps if the local community has a library and senior center or sponsors free activities such as concerts and movie nights.
Relocating from a high-cost city to a more affordable place for retirement can help your retirement savings to last longer. If you move into a significantly less expensive home, you may even be able to add funds to your nest egg.
Year-Round Weather You Can Tolerate
Many people dream of an escape from cold, snowy winters. Moving to a place with a warmer climate allows you to permanently avoid shoveling your walkway and defrosting your car. But before you head south, make sure you can tolerate the often sweltering summers. Some retirees prefer a four-season climate, while others are looking for year-round pleasant temperatures.
Spend a few months or even a year in a new place before you make a permanent move. Renting for the first year makes it easy to move on if a city or neighborhood is not a good fit.
“Additionally, consider the area’s susceptibility to natural disasters,” Herman adds.
Opportunities to Socialize
Without a job to go to every day, you may lack opportunities to leave the house and socialize. Some communities have senior centers that plan activities or meals that give older residents opportunities to stay engaged with others.
Volunteer work is another way to meet new people and serve the community. Moving to an area with other retirees can help you connect with people who are free during the day. Some retirement communities host outings and social events for residents.
[See: The Best Places for Single Boomers to Retire]
Help With Chores and Maintenance
Maintaining your home gets more difficult as you age. Cutting grass and shoveling snow can be labor-intensive, and even changing light bulbs gets more dangerous. It’s important to have someone who can help you with these tasks, whether it’s a friendly neighbor or paid help.
Some retirees move to apartment buildings where the landlord is responsible for much of the building maintenance. Assisted living communities often provide medical and personal care for residents based on their specific needs.
Children and Grandchildren
Many older people want to live near their children and grandchildren. That might mean relocating to where your children find jobs or remaining in your current community.
Residing in the same city as your relatives can add meaning to your retirement years and be a source of help with errands you would otherwise have to pay for. You may need to decide if you want to play a role in child care for your grandchildren, which could range from daily help to occasional babysitting.
Amenities for Seniors
Whether it’s a golf course or mountain views, a great retirement spot should have the things you are interested in doing.
“Retirement should be an enjoyable time, and it helps to have plenty of leisure activities available,” says Chavez.
You might want to live close to a museum where you can volunteer as a docent or scenic walking or hiking trails. Many retirees look for homes on the water or near the beach.
“Research what types of recreation the area offers, from parks and gardens to cultural amenities like museums and galleries. Make sure there are enough facilities nearby so that you can remain active in your retirement years,” Chavez adds.
Start to dream about what you will do all day in retirement, and look for a place that provides those opportunities.
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Tips for Finding a Great Place to Retire originally appeared on usnews.com
Update 06/16/23: This story was published at an earlier date and has been updated with new information.
