Retirement planning involves more than just ensuring that you have sufficient financial resources available to live comfortably throughout your “Golden Years.” Of equal importance is where to live when you retire. Not only will your choice have a direct impact on your finances, but it can also affect your quality of life. If you are nearing retirement age, now is the time to start thinking about where to retire. With that in mind, the Los Angeles attorneys at Schomer Estate & Wealth Advisors offer some tips for choosing your retirement destination.
Tips to Help You Choose Your Retirement Destination
Some people cannot wait to finally retire while others are dragged kicking and screaming into their retirement years. Likewise, some people take to having free time quickly while others are restless and don’t seem to know what to do with themselves. Regardless of where you fall on the “retirement readiness” spectrum, the day will come when you are officially a retiree. One important thing that you should focus on in preparation for that day is your retirement destination. Deciding where you want to live when you retire will directly impact everything related to your retirement years. Some tips to help you choose the right retirement destination for you include:
- Understand your financial situation. As you head into your Golden Years, sit down with your financial advisor and go through your finances with the proverbial fine-toothed comb. Make sure you know what you have in your retirement nest egg and what your monthly income will be when you officially retire. Now is also the time to decide when to start collecting Social Security retirement benefits. You can start collecting as early as age 62; however, your monthly benefit will be reduced. Conversely, your benefits payment goes up 8 percent for every year after full retirement age that you delay collecting payments, up to age 70. To get a better idea of how much your retirement benefits will be, navigate to the SSA website.
- Take family into consideration. Do you want to live within walking distance of your children and grandchildren or is it better for everyone if a plane ride is required to get to your family members? Only you can answer that question; however, it is something you should give considerable thought to before narrowing down your retirement destination options.
- Factor in the cost of living. Unless you have a limitless budget, the cost of living will be an important factor when deciding where to retire. Within the U.S., the cost of living can vary widely from one city to the next. If you are considering retiring abroad, the disparity in the cost of living gets even larger. One invaluable tool for those who are considering a retirement abroad can be found in the “Best Places in the World to Retire” guide published annually by International Living magazine. Along with providing up to date cost of living figures, the guide also provides information on culture, ease of establishing residency, and various other factors that Americans should take into account when thinking about living outside of the U.S.
- Think about climate. Climate encompasses not just weather, but humidity, access to oceans, lakes, and rivers, and things like whether an area is mountainous or flat. If you have health conditions that worsen in humid climates, for example, you should rule out Florida. Conversely, if your soul needs to be near the water, Florida might be your perfect retirement destination.
- Research long-term care services. You may not be anywhere near a need for long-term care (LTC) services at this point in your life; however, you will already stand a 70 percent chance of eventually needing some type of LTC services when you enter your retirement years. With that in mind, it is worthwhile to do some research into what is available near a potential retirement destination and what the average cost will be in the area.
- Consider leisure activities and culture. Your retirement years offer you the ability to spend time doing all the things you didn’t have time to do when you were working. So…start planning. If you love to fish, look into destinations where the fishing is good year-round. If snow skiing appeals to you, pick somewhere near a popular ski destination.
Do Need Help Planning for Retirement?
For more information, please join us for an upcoming FREE seminar. If you need help planning for retirement, contact the experienced Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors by calling (310) 337-7696 to schedule an appointment.
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