How to Decide Where to Retire: Balancing Fun and Finances
Retirement can be a significant crossroads.
Depending on your goals and financial situation, it can sometimes feel liberating or overwhelming. Some retirees consider retirement a time to make a change in their lifestyle and where they’ll live. If you want to know where to retire, there are numerous considerations.
Living the Dream: How to Choose Where to Live in Retirement
Maybe access to beaches and golf courses is part of your ultimate retirement fantasy. Perhaps cheering on your grandchildren on the sidelines of their basketball games is a priority.
Like some retirees, maybe you plan to tour national parks in an RV or take that 50th anniversary trip to Italy you’ve always talked about with your spouse.
Or maybe your dreams are simpler, like spending your weekends doing something other than mowing your lawn or having access to dining options, a movie theatre, or a vibrant, social community.
The pace, the climate, the lifestyle, and the conveniences you envision for your retired life will start to point to places on the map that will help you accomplish those goals.
Numbers Game: How to Determine the Best Place to Retire
Once you’ve dreamed about the possibilities and considered your priorities, you’ll need to look at the following financial factors when you are determining how to decide where to retire:
- Retirement savings: A retirement calculator, like this one from the AARP, can show you what you need to budget and how long it will last to maintain the lifestyle you desire.
- Cost of Living: Depending on your situation, moving may mean substantially higher (or lower) living expenses and taxes. The Economic Policy Institute’s family budget calculator can help you drill down average monthly and annual expenditures by county or U.S metro areas.
- Taxes: Income taxes, property taxes, estate taxes, and pension tax rates can vary wildly by state. Some states don’t tax income or Social Security, for example. Menno Haven’s campuses are located in Chambersburg, PA. Pennsylvania doesn’t tax pension income, Social Security benefits, or payments from a 401(k) or IRA after retiring, except in cases of early retirement.
Working with a financial advisor can be incredibly beneficial in planning for your retirement and finding a community that balances your goals and your means. Menno Haven’s website offers an affordability calculator to help you assess whether we’re the right fit for you.
Here’s to Your Health: How to Decide Where to Retire
There’s no sugar-coating it: with aging comes changes in your health. You may already have relationships with local doctors that you wish to maintain. However, if you plan to move, consider your proximity to specialists and quality health care, including hospitals. Maintaining an active lifestyle is crucial as we age, so consider access to walking trails or fitness classes.
If you’re hoping to move only once in your retirement years, you may want to look into a community that can serve your evolving health needs through skilled living or memory care.
Menno Haven: A World-Class Retirement Community
If you’re thinking about a move in your retirement, check out Menno Haven. South Central Pennsylvania’s largest and most-respected retirement community, we bring life’s conveniences to you with abundant opportunities for fun and friendship. Learn more about life at Menno Haven here.