Choosing Your Dream Retirement Spot
“Retiring is not the end of the line, it’s the start of a whole new adventure.”
Back in 2017, Rosa and I decided to take a family summer vacation in Zihuatanejo, Mexico. We had taken the kids to Cabo San Lucas the year prior, and they had a lot of fun. But we had never been to Zihuatanejo before and had heard so many great things about the region.
When we got to the hotel, we realized that we were in a special secluded location with endless beaches.
The view when we got to the resort
The property was actually made up of multiple villas. From our room, you would open up the doors to walk onto your private pool and beach. Rosa and I instantly fell in love with the place.
It got us thinking. When we were ready to retire, where would we live? Would we stay in Los Angeles, where we are now, or move somewhere completely different? What about splitting time between two different cities? Would that be a possibility?
Our Villa
When we checked in, I noticed that they had a sign about the development that was going on next to the hotel we were staying at. I inquired about it and scheduled a time to take a tour of the new property. I was curious how much something like that would cost.
They had fully furnished 2 and 3 bedroom beachfront villas ranging from $200,000 - $300,000. What?!? Are you kidding me?? I can’t even buy a garage in Pasadena for that amount!
Rosa and I
This sparked some interesting conversations during dinner that night. These conversations continued even after we got back home from the trip. Rosa and I decided that we would spend the next couple of years traveling to cities that we would consider retiring in.
We are several years away from slowing down, but we made a list of these cities and have been visiting them over the last few years. It’s been a great excuse to explore the city and visit local spots that we wouldn’t have otherwise while we stayed close to the resort we were staying at.
The breathtaking sunsets we enjoyed every evening
What do you think of when you close your eyes and imagine where you would be living the retirement of your dreams?
Do you see yourself surrounded by white sandy beaches like me?
Perhaps you prefer the majestic mountains, where thrilling adventures lie in wait for the intrepid explorer?
Regardless of when you decide to stop working, your post-retirement living location has a significant impact on your life. It permeates daily living, influencing everything from routine costs and transportation options to the quality of life and the dynamics of your relationships.
Action Items
So, what’s the best way to identify and secure your ideal location?
Whether you are 20 years away from calling it quits or already retired, here are the eight essential considerations for choosing the perfect place for your golden years.
1. Lifestyle Options
Identify activities that bring you joy and fulfillment, such as gardening, golf, hiking, or cultural events.
Research potential retirement destinations that offer a range of activities and amenities to match your interests.
Consider the availability of social opportunities, including clubs, organizations, and volunteer work, to stay active and engaged.
2. Cost of Living
Gather information on housing prices, property taxes, utilities, and other living expenses in your potential retirement destinations.
Compare the cost of living with your retirement savings and income to ensure financial sustainability.
Look for locations that offer affordable housing options and opportunities to minimize expenses.
3. Healthcare Access
Investigate the quality and accessibility of healthcare facilities, including hospitals, clinics, and specialists, in your potential retirement destinations.
Consider the availability of medical insurance plans and the cost of healthcare services.
Choose a location with a strong healthcare system to ensure you have access to the medical care you may need.
4. Tax Implications
Research the tax laws and regulations of your potential retirement destinations, including income tax, property tax, and sales tax.
Consult with a financial advisor to understand how taxes may impact your retirement savings and income.
Consider locations with favorable tax policies for retirees to maximize your financial resources.
5. Climate and Weather
Evaluate the climate and weather patterns of your potential retirement destinations to ensure they align with your health and comfort.
Consider factors such as temperature, humidity, precipitation, and seasonal changes.
Choose a location with a climate that promotes your well-being and allows you to enjoy your favorite outdoor activities.
6. Social Connections
Research the presence of like-minded communities, clubs, and organizations in your potential retirement destinations.
Look for locations with a strong sense of community and opportunities to build meaningful relationships.
Consider volunteering or taking classes to meet new people and stay socially engaged.
7. Proximity to Family and Friends
Your relationships with your loved ones can have a significant impact on your overall well-being and happiness.
It's essential to think carefully about whether you prefer to be close to family, close to friends, or somewhere in between.
If you have aging parents or other family members who rely on you for care or assistance, living nearby may be a necessity.
8. Transportation Options
Assess the availability of public transportation, airports, and road networks in your potential retirement destinations.
Consider the convenience and accessibility of transportation options to ensure you can easily access essential services, medical facilities, and travel opportunities.
Look for locations with a well-developed transportation system to maintain your independence and mobility.
Selecting the ideal retirement location requires assessing factors that align with your lifestyle, finances, and well-being. Plan proactively and make informed decisions to create a fulfilling retirement in a location you can truly call home.
~Alex
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