There often are two schools of thought among new retirees: (1) Stay put, or (2) “Get out of Dodge.” For those interested in moving, there’s a proliferation of questions to address.
For example, where would you go? Do you have a favorite vacation spot where you’ve always dreamed of living? Can you afford to live there if you sell your current home? Should you downsize, or even consider buying a low-maintenance condominium?
The first step is to see how much you have in retirement assets, and then figure out where you can afford to go. We can help you create a strategy to help optimize your retirement income for a more confident — and possibly sunnier — future.
Here’s a new trend among retirees that doesn’t require relocating very far away: Downsize to downtown. With the kids grown and out of the house, many folks don’t see the point in keeping up the big house in the suburbs.
After all, weekend traffic can be crazy driving by the ever-growing strip mall meccas and soccer field complexes. There frequently are long lines at the post office and local bank branches, with popular grocery stores crowded and impersonal. That doesn’t even take into account the big house that must be cleaned, the expansive yard that must be maintained and the pressure to buy a brand new Lexus to “keep up with the Joneses” down the street.
So what’s another option for a couple on the brink of retirement who don’t want to move far from friends and family? How about a walk-up brownstone or converted loft downtown? If it’s within walking distance of theaters and museums, corner coffee shops and eateries, boutique shopping and a local farmers market, all the better.
[CLICK HERE to read the article, “More choosing to retire, empty-nest downtown Minneapolis,” from NBC Channel 11, Sept. 18, 2015.]
[CLICK HERE to read the article, “Downsizing to Downtown,” from Tucson.com, May 18, 2015.]
[CLICK HERE to read the article, “Kennedy: Trend alert: Downtown downsizing,” from The Times Free Press, Sept. 18, 2014.]
Your relocation can be even more enhanced in a college town. Often, retirees are able to take advantage of university amenities even more than students or faculty because they have both more time and a greater appreciation of what’s available.
Some colleges allow community members to access their athletic and cultural facilities for a fee, not to mention the option to audit classes on campus for lifelong learning.
Even if you don’t become associated with the school, there may be other opportunities available in a college town. Transportation usually is excellent, parks and other green areas tend to be well-maintained and the surrounding community is generally brimming with local service businesses, bookstores, banks, music venues, art galleries and art-house movie theaters.
[CLICK HERE to read the article, “How Do You ‘Live Well’ in a College Town?” from College Town Retirement, 2016.]
If going downtown doesn’t offer the drastic change of scenery you’re looking for, you may want to think about retiring abroad thanks to the current global economy. Mexico and certain Central American countries, such as Panama, Nicaragua and Costa Rica, offer a combination of low-cost living in a warm, sunny climate.
If health care is a concern, Malaysia gets high marks. And the neighboring countries of Spain and Portugal are popular for their first-rate European infrastructure, moderate climate and healthy Mediterranean diet and lifestyle.
[CLICK HERE to read the article, “The World’s Best Places to Retire In 2016” from InternationalLiving.com, Jan. 1, 2016.]
Then there’s always the option to move into a well-appointed senior living community. Many of these upscale establishments feature country club living on-site every day. Some feature multiple bars and gourmet restaurants, media rooms and live theater, contemporary gyms with trainers, pools, golf courses and the latest exercise trend: pickleball courts.
Just keep in mind, the more upscale the community, the higher the cost. Come talk to us if you’d like help in creating a retirement income plan to assist you with figuring out what you may be able to afford.
We are an independent firm helping individuals create retirement strategies using a variety of insurance products to custom suit their needs and objectives.
The information contained in this material is provided by third parties and has been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed; it is not intended to be used as the sole basis for financial decisions.
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