You’ve worked hard, and you are ready to retire, congratulations. Where are you going to go? For many who dream of retiring, they dream of the beach, or the desert to escape New England winters, but retirement doesn’t mean an end to expenses or responsibilities, and there are many things to consider when you are deciding where to retire.
Today, Yahoo Finance posted an article on Considerations of where to retire. Here are some factors to consider, some from Yahoo, and some from other important considerations.
Remember to consider not just income tax, but sales tax, property tax as well. Also remember, that some states, like Massachusetts, offer retirees tax benefits by excluding tax on social security retirement benefits from state income taxes.
Maybe you love winter, maybe you’ve had enough. Climate is certainly something to consider when you think about relocating.
3. Work Opportunities & Recreation
Just because you’ve retired doesn’t mean you don’t want to stay active. Think about what you like to do, visit historical sites, walk in the woods, or fish when you consider where to retire.
4. Cost of Living
This is very important, how far will your retirement funds go? If you are not as concerned about being close to friends and family, many retirees are considering living abroad, where taxes may be lower and the dollar goes farther. For more information, check out our blog on the retiring abroad.
5. Housing Market
Consider the housing market to decide if you would like to sell your current home, and buy another, or keep what you have.
6. Proximity to Loved Ones
One way to decide where to retire is to decide who it is important to be close to, and narrow your location search from there.
Obviously there are many more factors to consider. Deciding where, when and how to retire is a unique and personal decision that involves a many factors. If you carefully consider the many financial and lifestyle considerations that go into your retirement strategy, you can ensure a smooth, rewarding and happy transition into this new life phase.
For more information on planning for your retirement and beyond, attend a free, Trust, Estate and Asset Protection Workshop in Wellesley.