Factors to Consider When Deciding Where to Live in Retirement
The following is adapted from Retiring?
Most of us envision what our retirement will look like twenty years or more before we actually stop working. We imagine our island paradise, mountain retreat, or cozy ranch-style home in a quiet community of other retirees often in the height of our most stressful working years.
While those options are all certainly possible as retirement becomes a reality, more often there are far more tangible factors that go into the decision-making on where to live when your retirement gets close.
Obviously, things like financial resources together with family ties and commitments will influence your thinking. There is also much more to consider. You’ll have to consider if you need to stay close to certain family members. What about climate? Should you downsize?
If certain key questions aren’t answered before you retire, regret may rear its ugly head. For instance, you don’t want to make the mistake of moving to your mountain retreat a thousand miles away from your children when a long-awaited grandchild is born.
“If certain key questions aren’t answered before you retire, regret may rear its ugly head.”
Parents, Grandchildren, and Other Family Matters
While grandchildren are a delight to be near, it’s important to remember a couple things. First, their families have lives, so you may not be able to spend as much time with them as you want. Also, remember that young families can be a moving target as they often relocate.
Don’t forget that grandchildren grow up too. Sure, it’s hard, but those cute little babies eventually become teenagers and young adults who may not have a lot of time to spend with grandma and grandpa.
Other family matters should also be accounted for. If you or your partner’s parents are alive, you may want to stay close to them. Similarly, you may wish to stay close or relocate to be near your children and grandchildren. Moving closer to your family can separate you from your friends.
“Weather” or Not to Consider Climate
Weather is a considerable factor if you currently live in a cold weather climate. A warm, sunny environment may become exponentially more appealing as you age.
Beyond simple comfort, there are practical reasons why so many retirees move to or spend the winter in warmer locations. Exercising outside is easier and kinder to arthritic joints, and escaping the hazards of ice and snow lowers the chances of suffering debilitating injuries.
Not only do a lot of people simply find cold weather miserable for comfort reasons, there are also icy sidewalks, poor driving conditions, and power outages that come with living in a place where winter storm conditions can become a factor. None of these are pleasant to deal with at any age. However, some things about winter become even harsher later in life
Snowblowing or shoveling, for instance is hard enough in your thirties, but it’s just not safe at all when you’re in your seventies. What about walking on an icy sidewalk? Similarly, in your thirties, you may be able to laugh it off when you slip and fall. In your seventies, it may require an ambulance ride and some rehabilitation. It’s all good food for thought.
Should You Downsize?
Upcoming retirement may bring the question of your housing needs into sharp focus. The demands of maintaining a home suitable for a larger family merit discussion with your partner. It’s helpful to think of downsizing as having two elements: 1) your housing and 2) its contents. Although clearly linked, the considerations are largely separate.
As the National Aging in Place guide emphasizes, you should decide if you want to move into a house that allows you to live on one floor. That decision is another one that is better made sooner, rather than later, when under the pressure of an immediate need. Many people who resisted moving into a smaller, single-level home found they had to move into a retirement community earlier than they would’ve liked.
If, or more likely when, you decide to downsize, be prepared for a potentially disruptive and upsetting process. You may very well be shocked at the amount of “stuff” you’ve accumulated. Decluttering will not be easy. Partners will likely discover quite different emotional attachments to certain possessions. You’ll likely discover that your kids really don’t want most of the stuff you thought they’d want. The process will also take longer than you anticipate.
Consider Healthcare as a Factor
You may anticipate health issues that will shape your decisions. If so, you should thoroughly research available healthcare facilities with particular attention to your specific health concerns.
Similarly, changes in your physical or mental health may necessitate a move to a location that offers exceptional assisted living and/or long-term care. Performing due diligence to research concerning the best options for your unique healthcare needs early in your retirement process will offer valuable peace of mind.
Many of the most desirable facilities have long waiting lists, so knowing which place offers the best situation and getting on a waiting list as soon as the need arises, may come in handy.
An Emotionally Charged Decision
Not needing to live close to work represents a new measure of freedom for some, while others find the idea of moving stressful. The prospect of relocating can be emotionally charged. After all, being close to grandchildren and other family members can make even the calmest of us become a bit stubborn.
You and your partner may have different ideas about your choices as well as the advantages and disadvantages of each. The important thing is to have an honest, open discussion (maybe several) about all of the factors up for consideration. From there, you just might find yourself living in that picturesque mountain retreat or island paradise.
For more advice on deciding where to live in retirement, you can find Retiring? on Amazon.
Ted Kaufman is the former U.S. Senator from Delaware succeeding Senator Joseph Biden. Ted was Biden’s Chief of Staff for nineteen years and led his presidential transition planning in 2020. He taught at Duke Law School for twenty-six years. At 81, he and his wife, Lynne, celebrate their 61st anniversary this year. Bruce Hiland’s career included McKinsey, more than four years as Chief Administrative Officer at Time Inc., twenty years of independent consulting, and four startups. Now 80, he and Ginny, married fifty-seven years, are enjoying their family, dealing with aging, and harvesting the fruits of their labor.