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 you decide to commit. This will ensure you’ve selected a place that suits your retirement budget and meets your social and recreational needs.