Retiring is inevitable, and you may have saved up money keeping in mind the perfect spot or location to retire to. Each retiree must decide on the most comfortable and feasible option for themselves since no single location is perfect for all.
Where you retire has a significant impact on the quality of your life and your affordability. William Schantz concedes where you opt to retire greatly on your current financial situation and post-retirement needs. So, choosing a location and buying a property before retirement works best. If you can afford to buy two homes, you can test one out as a retirement option while you are still young.
Things You Need to Research Before You Decide, as per William Schantz
The first thing to consider is the economy of the area where you hope to retire. Fluctuations in the market will directly impact your quality of life. William Schantz recommends researching the area, population demographics, facilities, and overall quality of life.
Other contributing factors include the crime rate and weather conditions throughout the year. You want to spend the rest of your life without worrying about basics such as security and weather that don’t deter you from living your life.
Moving is expensive, and it’s always better to consider retirement options near your current location. If you own a house or apartment, you can downsize and continue your previous lifestyle with friends and family in the same area.
However, list your preferred retirement locations if you want to move to a different location. Assess the cost of living in each location. The cost of living includes the property or housing price, transportation cost, food expenses, and even medical bills.
The Selection Process by William Schantz
William Schantz recommends making a comparison list of different states and cities in increasing order of affordability. Some of the best places to retire with a low cost of living include Mississippi, Missouri, Arkansas, Oklahoma, and Indiana. These states have the lowest average property prices. New York, Hawaii, and California are great options for retirees with a lot of money in their bank accounts. These are megacities and exotic locations primed for a luxurious retired life.
Speaking of money, William Schantz emphasizes keeping a balance between life planning and tax planning. Learn about your state taxes, the taxes on dividend income, and retirement income. This information will give you a realistic idea of how much money you need and what lifestyle you can afford.
Once you have made a checklist of your finances and potential retirement places, start on-ground research. Information found online can be different from ground reality. Go to the places you hope to retire to, and spend a couple of weeks.
Catalog the potential expenses and make a pros and cons list. Move around in the neighborhood and collect home prices and safety information.
Also, evaluate the area based on the amenities it offers. As a retiree, you’d need a place that can provide a hands-on living facility. Check if quality hospitals, adult day services, and recreational facilities are available.