Where should I live when I retire?

Planning retired life is kind of like planning a vacation. You need a budget, an itinerary and, of course, a destination. Deciding where you plan to live is often the first step to refining your retirement goals. Setting the stage can help you get strategic about your lifestyle for decades to come.

Know yourself
Do you thrive in a city with loads of cultural activities? Prefer nature to traffic and noise? Maybe you want to live closer to your children and grandchildren. Prioritizing how you plan to spend your time can help you zero in on the right location.

Research local resources
When you consider a new place, think about things like public transportation, quality health care, cost of living, weather forecasts and crime rates. Spending a good chunk of vacation time in your desired location or in a popular spot to retire is a good way to become familiar with the surroundings.

If you’re dreaming of moving to another country, understand that country’s laws and regulations for expats who live, work and buy or rent property.

Consider taking it down a notch
You may love your current community but hate shoveling snow or mowing the lawn. It could be that the house seems too big for your lifestyle, or you worry about affording it. Downsizing now can mean you have more money for travel, continuing education or starting a passion project. Compare your home equity to prices for condos, retirement communities and smaller single-family homes in the area where you plan to live.

Stay home
Want to live happily ever after right where you are? That’s fine, but be practical. You’ll need to be sure your current space can adapt to your future needs. From widening doors or installing accessibility ramps, to finding home care or maintenance services, consult now with family, interior designers and health care providers to make your place more senior-friendly.