Questions to Answer when Choosing a Retirement Destination

Retire to a new destination without proper planning and you could be destined for disappointment. Spend time considering needs and desires before making the move. You, and your wallet, could be glad you did.

What Does It Really Cost to Live There?

Taxes are always on the list of retirement destination considerations. Which states have the best rates? Where is it possible to get the best life at the lowest tax rate?

Don't make the mistake of choosing your new retirement address based solely on income tax rates. While several states have no income tax, some of them more than make up for income tax via sales or property tax.

Two cities can be side by side geographically yet thousands of dollars apart when it comes to cost of living. Compare cities at bestplaces.net to see what they really cost.

What About Retiring to the Family Vacation Home?

Many retirees with vacation homes in Baxter County, Arkansas make the area their retirement destination. Mountain Home, located in Baxter County, is both a retirement city and a vacation destination.

If your vacation home is in a setting that's strictly vacation, will you be happy there when the vacation season is over? Test drive staying there out of season to see what's available and how well it fits your requirements before packing up and making it permanent.

Are You Comfortable With the Distance Between Yourself and Family & Friends?

This is an especially important consideration for grandparents. Many retire only to find themselves totally unhappy with being too far away from their grandchildren. Generally, a two-hour drive is considered manageable. Keep in mind the cost of traveling to and fro. Budget constraints can be as confining as distance ones.

Is Adequate Medical Care Available?

The American Heart Association recently released a study showing that over 60% of Americans age 50 to 64 suffer from one or more of six chronic conditions. These conditions are hypertension, diabetes, arthritis, high cholesterol, cancer and heart disease. 80% of Americans over the age of 65 suffer from one or more of the conditions.

With many medical problems occurring during the retirement years, the availability of proper medical care is important. When considering a retirement location, see what type of medical services and care are available. Some areas do not have local hospitals but do have emergency helicopter coverage. Subscribing to the helicopter service usually isn't expensive and if services are needed, insurance usually covers costs. When minutes count, you don't want to be hours away from assistance.

Downsize or Upsize?

Some retirees downsize so far that there is no guestroom available in their new home. They don't want overnight guests. Others upsize drastically, making sure there's plenty of room for family and friends to visit. Most people choose a point somewhere between the two.

Guests aren't the only reason to have a spare bedroom. If you or your spouse enjoy hobbies that require space and want a room of your own for hobby or craft activities, make sure you include that need in your potential housing requirements.

Choosing the perfect place to retire involves planning and careful research. Don't assume that what works for friends and family will work for you. Make a list of what you want and need both in housing and location. If you love your space and city life, don't expect to be happy retiring to the cabin in the woods.

Retirement can be the most rewarding (and often the busiest) time of your life. Make educated decisions so you can make the most of your retirement years.