What Retirees Should Consider When Moving to a New City
Retirees often move to get more mileage out of their nest eggs. But cost is not the only factor to consider when finding a new home.
The best place to move to for one person may not be the best for another. However, if you are considering moving to a new city, there are certain factors that you should look out for.
4 features retirees should look for in the city
City rankings often rank places for their livability based on several factors, and can be a good starting point if you’re looking for where to live next. But it’s important to do your own research. Affordability, access to healthcare, lifestyle factors and climate are some of the main things to look for when exploring cities. Here’s a deep dive into four things to consider.
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1. Accessibility
Also, affordability is not only a factor to consider – but an important one. Choosing an affordable property is especially important for retirees, who no longer receive a regular paycheck.
Low cost of living and taxes are two factors to consider. You can find average home prices and cost of living indexes online. State taxes vary, but affordable homes generally translate to lower property taxes, and some cities have hundreds of exemptions from certain fees.
States with no income tax also have a hard time with retirees entering Social Security and withdrawing from retirement savings accounts. Some states such as Florida, Texas and Tennessee collect no income tax at all. Researching the various tolls can help you find a city that offers your nest egg a long way.
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2. Proximity to standard health care
Older adults may need new health care services, making proximity and quality more important. Prioritizing cities with high physician-per-capita ratios and high-rated hospitals can give you access to high-quality care when you need it most.
Retirees should look for cities that offer more amenities. Health care facilities that offer senior-specific services such as home health are a great bonus.
3. Travel and other aspects of the lifestyle
For many retirees, it’s important to find a place with lots of community activities and walkable areas to keep you busy. Cities with parks, trails and senior centers can help reduce isolation and strengthen health.
If you’re particularly interested in hobbies like golf and swimming, you’ll also want to make sure there are golf courses, beaches and resorts that fit your lifestyle. If you enjoy traveling in retirement, look for a place with easy access to the airport.
4. Weather
Weather becomes more important to consider as natural disasters such as floods and wildfires become more common. Look for mild weather that will allow you to get out and about even during the hottest and coldest times of the year.
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How to match features to your retirement
Not every retirement city check will check all your boxes, but you can start by identifying the three most important priorities. Some retirees may prioritize accessibility, health care and beaches, while others prefer to stroll along the coast.
Once you know what’s important to you, start searching for cities that have those features. And once you have a short list of potential cities, visit each city before committing to an area. Some retirees choose to rent their first year in a new place before buying a home to make sure it fits their needs.
