Where to Retire

Planning your retirement

With the population of those 65 and over expected to swell significantly over the next 30 years, retirement residences are expecting a lot of customers. But whereas such places were originally meant for retirees to settle down, baby boomers are retiring to live it up instead. With increased health, seniors today have more choices on where to retire than ever before. While some may opt to move to a warmer climate or to a retirement community, others are content to remain at home or at the cottage.

Choosing where to retire depends on your budget, your preferred lifestyle and your health. While many seniors would rather retire in their own home, this choice is only available to those healthy enough to handle household maintenance and chores independently. With the loss of mobility, owning a home becomes more costly as others are paid to provide these services. At this point, many seniors are happy to drop the burden of home ownership.

Retirement Residences

Retirement homes often offer the benefits of independent living without the obligations of the typical homeowner. Residents don’t need to worry about housekeeping or yard maintenance and are free to relax as they see fit. For those concerned about minimizing their costs, moving to a more rural location can often increase savings.

The best place to retire for those faced with a gradual loss of independence is a continuing care retirement community (CCRC). CCRCs offer all levels of care such as independent living, assisted living, long-term care and nursing care. While these types of communities were expensive in the past, many now offer a reasonable monthly rental fee based on the type of care you require.

The current trend is for retirement facilities to be more like home rather than a hospital. Seniors today want more choices and fewer restrictions; to live in an environment that is geared to people rather than illness. Features like Internet cafes, on-site movie theatres, shopping and owning pets are increasing to meet these demands.

Places to Retire

Many dream of spending their retirement years in the sun. For those seeking sun and warmth, Arizona, California, Florida and Texas are among the best places to retire in the United States. While many seniors prefer a warm and dry climate, it is suggested that you spend up to two years researching before a move. Your destination needs to be able to provide the housing and health care facilities to meet your current and future needs. Moving to a new city or state can mean increased taxes that can take a bite out of your retirement earnings, so choose wisely.

Many seniors may choose family before finance, opting to move closer to the grandchildren. With more time on their hands, retired seniors can enjoy increased interaction with their families for mutual benefit. Those that want the best of both worlds may go south for the winter and return to be with family for the other half of the year.

While there are plenty of retirement options for seniors today, these will continue to grow as the demographic expands into the future.