Mapping Your Retirement: Where Do You Want to Retire?by Mary on June 4th, 2017
There’s a lot to consider when choosing where you want to retire. Whether you’re considering living on your own or in a 55+ community, the question of where you want to retire is no doubt top of mind. When thinking of the geographic location of your retirement home it’s important to consider the cost of living, the surrounding infrastructure, and, of course, the lifestyle the area provides.
Cost of Living
- Home prices
- Cost of food
- Property Tax. There’s no sense buying an affordable home if property taxes are through the proverbial roof. Check property taxes in the area you’re considering buying a home.
- Sales Tax. Sales tax-free states can be great options for retirement.
- Income Tax. Taxes on retirement income, social security and pensions vary state by state. Be sure to check the rules for the areas you’re considering moving to.
- Proximity to transportation
- If frequent travel is on your retirement bucket-list, be sure to pick a location close to an airport, or with easy access to highways.
- Look at what healthcare options are available in the area. Is there a hospital nearby? If so, do they specialize in any conditions you may be experiencing?
- Sunny skies are very popular but not everyone loves the warmth. Select a region with a climate you enjoy.
- Are you a big hobbyist? There are definitely communities built specifically for wine lovers or outdoor adventurers. Do some research to see if there’s a location out there that offers many opportunities for you to enjoy your hobby.
- Enjoy a wide range of activities? Consider an active lifestyle 55+ community.
- City life
- If you’ve always loved going to the theatre, visiting museums, or trying out the newest restaurants, pick a location close to a city so you don’t have to give up your passions. Many 55+ communities will offer shuttles to off-site locations or arrange tours and group tickets for you.
Let us know what’s important to you in deciding which geographic location you’d like to retire in. Tweet us at @taylor_morrison.