Many people dream of moving to a new location in retirement. When you are no longer tied to your job you can finally take off for a warmer climate by living abroad, pursue your hobbies, or simply move closer to your grandchildren.
Selecting a place to retire requires a great deal of thought and planning. Moving to a lower cost locale than where you live now can give your nest egg a much needed boost. If you think part-time work might be a part of your retirement years, consider places where the economy is growing and the unemployment rate is low. Make sure that any place you move to has quality health care facilities in case you need them. The ideal retirement spot should also have all the recreational activities you’ve been longing for including golf courses, a few lakes for fishing, and plenty of outdoor trails.
Retirement represents a period of change. For most people, that means less income, but more time to do what you choose. One logical response to both: move to a place with lower costs and attractive lifestyle features–such as good weather, rich cultural and educational offerings, and ample opportunities to stay physically active and to engage in volunteer work.
With that in mind, you can choose to retire overseas. This year’s picks are situated in 19 states across all four continental time zones. The list skews toward warm or moderate climates, in line with research by the National Association of Realtors and the U.S. Census showing that when approaching retirement you will obviously favor sunnier weather. So four of your choices are in Florida, three in Texas and two in North Carolina. When you like (or at least, can tolerate) especially hardy winters Fargo and Pittsburgh can be best.
One major thing to consider about these above-mentioned places to retire is that more money is required. Sure, saving for retirement is best approached as a lifelong affair. But 55 is the age at which you may start thinking seriously about when and where to retire. You’ve been saving diligently to retire abroad. Now make that money last the rest of your life while living overseas. Since two-thirds of Americans now say they expect to work for pay at least part-time in retirement, we also look for places with low unemployment and a vibrant economy. Indeed, if you’re planning to live abroad, doing so before you fully retire will give you more years to make new friends, benefit from a moderate cost of living and enjoy what your new hometown has to offer.
Even if you’re not planning on working in retirement, a robust economy is desirable, since it tends to raise home prices should you ever want, or need, to sell your home. On the other hand, many states with income taxes give special breaks to retirees, such as light or no taxation of Social Security and pension benefits. Before you decide upon your retirement time, you should have a place in mind so that when time comes financial crisis is not experienced.