Retirement Offers All Kinds of Alternatives
Yeats, Mike, Cromie, Mike, Daily Herald (Arlington Heights, IL)
Byline: Mike Yeats & Mike Cromie
For many, retirement is a time when people shift priorities and put their own needs first. One of the most important choices they need to make is where to live in retirement. Choosing the right community and home is an important and challenging decision.
Ask yourself, do you want to:
- Remain in the home you occupied before retirement?
- Remain close to your present community, but move to a different home?
- Move to another county or state or to a different climate?
- Move into your present vacation property?
Where to live:
If you lean toward moving to another region, start reviewing options based on general climate, seasonal changes, lifestyle, and proximity to family and friends.
For example, the Southeast is becoming a popular destination. It has more temperate climates than the Northeast, and golf and outdoor recreation are abundant. The region offers a wide range of living environments from which to choose: coastal, mountain, woodland, rural, and both planned and urban communities. But, while Florida has almost year-round sunshine, the Carolinas offer seasonal change.
Many people choose to live where they play. If finances allow it, some may consider owning two or more homes so they can change their address along with the seasons. This is one of the reasons why second home sales have increased dramatically over the past few years.
When you've narrowed it down to a few possible destinations, compare them on the basis of these factors:
- Estimate the income you'll need to retire in that area.
- Evaluate your resources and tax consequences.
- Speak with your financial advisers about how long your retirement resources can last in any given area. …