The Factors that Determine Where You Should Retire

Posted by David L Reibstein on Thursday, September 7th, 2017 at 3:15pm.

Choosing the right location for an active retirement and a higher quality of living can hinge on a number of key factors that change year-in, year-out. When we advise our clients about their retirement living options, we point them toward several trends to keep their eyes on as they make their plans:

What Kind of Retirement Living Arrangement Do You Want?

The Philadelphia, PA region has a large number of 55+ Communities and Continuing Care Retirement Communities (CCRC). A 55+ independent living community can be made up of condos, attached homes or single homes. They provide the privacy and space that many senior citizens desire, while also connecting them with an established community. There’s usually a homeowners association that manages maintenance of the properties, which can give peace of mind to residents. A CCRC will typically have a smaller personal living space for residents compared to their homes, but they also tend to offer the most by way of services, community, and care. Most CCRC’s have common areas, daily activities, and staff on hand to help with day to day needs. They provide tiers of care depending on your needs. If you have medical concerns, a CCRC can provide the hands-on, daily support that will give you greater peace of mind.

Taxes for Retirement

Every state has different tax structures that will determine which may prove the most financially viable. For instance, some states have low property taxes, while others heavily tax investments.

Retirees have to consider whether high taxes will prove to be a major concern for their long term financial stability when choosing a retirement location, and much of that will be determined by the amount of money they have saved up and what kinds of assets they have accumulated.

Health Care for Retirement

We expect that health care costs will continue to be a major concern for retirees, and health care can vary widely from state to state. For instance, health care tends to be more affordable in Massachusetts, but Massachusetts may also have higher taxes. Would it make sense to seek out a state with lower taxes even if the health care costs are greater over time?

Planning an Active Retirement

Walking and biking trails are often listed among the most popular activities for those seeking an active retirement. From city parks to trails on state land, retiring in close proximity to outdoor leisure activities is often a high priority for our clients.

University towns can also provide a significant number of cultural activities and a stable local economy that can make restaurants and bookstores more likely to thrive. Physical activity and mentally stimulating events can prove essential for a happy retirement.

Living Close to Family for Retirement

The good news about retirement today is that many active retirement communities, 55+ communities, and CCRCs are expanding throughout the country. There have never been so many attractive retirement living options in so many places. In many cities there are new CCRCs opening up right in the downtown so that residents have easy access to culture and activities.

If living close to family is at the top of your list, there’s never been a better time to plan for a retirement!

Do You Need Help Planning Your Retirement?

We’ve helped hundreds of families plan their retirement living options and evaluate which community is the best fit. Contact us today to learn more about how we can connect you with the right community in your area. Call 866-846-6272.

 

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