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Friday, January 29, 2010

10 Tips for Picking the Right Retirement Spot

From Yahoo Real Estate there are 10 things to consider when deciding the right place to retire.

1. Cost of Living - One way to stretch your nest egg is to move to a place with lower housing, food, and entertainment costs. You need to estimate how your expenses will change if you move to a new area.

2. Low-tax locales - Seven states don't levy an income tax: Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming. New Hampshire and Tennessee tax only dividend and interest income. And five states have no sales tax: Alaska, Delaware, Montana, New Hampshire, and Oregon. Also be sure to evaluate property taxes and state & local tax exemptions for seniors.

3. Healthcare facilities - You're bound to need more healthcare as you age so make sure the retirement spot you are looking into has adequate health and eldercare facilities and/or a doctor who can treat any condition you may have.

4. Proximity to family - Being near family sometimes has the added bonus of having support with daily living in addition to becoming more involved in grandchildren's lives.

5. Job opportunities - If you haven't saved enough or your investments have dropped in value you may need to work during the traditional retirement years. Look for a place that has plenty of part-time job opportunities or consulting work in a field that interests you.

6. Recreation and culture - Look for an area that has the type of recreation and culture that interests you. "College towns often fit the bill and host world-class speakers and entertainers, and they often have an affordable cost of living."

7. Public transportation - When it comes to a point when you can no longer drive consider the cost and quality of a town's public transportation system and how to get around without a car.

8. Housing needs - Downsizing goes a long way into stretching you retirement budget and giving you a place with less maintenance while retirement communities and assisted living facilities aim to cater to baby boomers' changing needs and whims.

9. Weather - Think about whether you want distinct four seasons. Warm climates come with higher air-conditioning bills. For some maintaining residences in the north and heading south for the winter provides the best of both worlds.

10. Amenities - Beyond covering the basics don't forget about things like libraries, Internet and cellphone access, shopping, religious institutions, and senior centers. If traveling will be part of you retirement years on a regular basis then you'll need to be near an airport or train station.
Some cities provide a range of services to aid senior citizens.

To see the whole article go to:



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