Where to Live for the Rest of Our Lives?

Many of us are beginning to wonder, and some have even acted already: where do we want to retire? Dr. Bill Roiter, author of “Beyond Work: How Accomplished People Retire Successfully,” has figured out that when we ask that question, what we’re really asking is, where do we want to live for the rest of our lives?

I recently read an article that looked at the “best places to retire.” What that really means is, the best places to live. “Best places to live” lists usually suggest several criteria for narrowing your choices, including affordable vs. cosmopolitan, cultured vs. simple, warm vs. cold, active sports (golf, hiking, tennis, etc.) vs. spectator sports (professional and collegiate teams), Democrat vs. Republican, etc. All are valuable ways to narrow your choices if you already know what you want over the next ten to twenty-plus years. The question, however, remains: Do you know?

After reading through the article, I thought about how it related to my own clients. Some have the means and the desire to make a retirement move. But most do not actually have plans to move elsewhere. Which I’ve come to realize, is a decision in and of itself.

Have you given this some thought? What is best place for you to live and why? Is it today’s home, or somewhere else?

The two predominant factors used by my clients who decide to move are, 1) they want to be closer to family and friends, and/or 2) they want to return to a place they have been and knew they liked. In other words, they are moving to place of importance to them. One client had lived her entire life in the Northeast, except for three years in Austin, Texas, for graduate school. She moved to Austin soon after leaving work.

Do you know what is important to you about the place where you’ll live once you’re retired? Most of the people I work with know they want to be secure and happy but have a difficult time describing what that means to them. So, here are four questions you can use to decide on the best place to live, whether you ultimately move there, or decide to stay put:

1. What location will give you the greatest financial security? Anyway, moving can be an expensive proposition; do you know what the costs are? Create a detailed budget including moving expenses, all of your current expenses, and what your projected expenses will be at the new location. Many people cringe at the thought of doing a budget and either do not do one or do it poorly. But it’s important, so find an example budget online (click here for a budget tool from CNN ) or get help from a financial planner. Also, visit the potential new location and find out how the actual costs match up with your current costs.
2. What are your healthcare needs? Will your new home town have what you need and will need to keep you healthy? This includes both living well while you’re healthy and the availability of quality healthcare when that time comes.
3. Will the new place support the social life you want? This is why so many people stay where they are, or choose their new home: to be close to family and friends. If your new home is in a place where you don’t have any connections, are there ample means to socialize, such as with civic organizations, volunteer opportunities, or clubs to join?
4. What is meaningful to you? One client chose to move to Montana to live near a river renowned for fly fishing, a couple moved from New York City to Pittsburgh to be near their two grandchildren. Another chose to stay in Louisiana to do more with her church.

The great retirement opportunity is the potential to live a secure, healthy, enjoyable, and meaningful life. We haven’t had the opportunity to live life as we choose since our early 20s. Now we can use our thirty-plus years of experience as a benefit, helping us decide how to live.

Tags: Dr. Bill Roiter

Category: Baby Boomer Culture, Bill Roiter