When my grandparents retired 40 years ago, many retirees headed to Florida or Arizona. Those are still popular destinations, but today’s retirees have many more options to choose from. As retirees change, so to do their choice of retirement options.
If you have your sights on retirement in the next 10 to 20 years, here are some places where you may want to consider retiring:
- College towns. There are plenty of college towns to choose from across the United States, and they offer a nice locale for seniors. College towns are usually rich in culture. You can attend the symphony, go to the theater, or go to a music conference, all within the confines of your town. Add in a senior discount, and your entertainment is much more affordable. In addition, colleges often host speakers from around the country. In the afternoon you could attend a poetry reading or listen to a speaker. Warren Bland, author of “Retire in Style, 60 Outstanding Places Across the USA and Canada,” says that college towns “offer a wide range of amenities typically without air pollution, traffic congestion, and high crime rates often found in larger cities. And the cost of living is much lower in smaller college cities” (Seniors for Living).
- Cities and states with a low tax burden. Some retirees are less interested in culture and more interested in saving money and making their retirement dollars stretch as far as they can. If that is you, consider some of these locales courtesy of MSN, all of which offer tax havens for seniors: Billings, MT; Cheyenne, WY; Doral, FL; Henderson, NV; Juneau, AK, Manchester, NH; Nashville, TN; Sioux Falls, SD; Spokane, WA; and Stafford, TX. To stretch your tax dollars even further, evaluate the cost of living of each of these locations. A light tax burden plus a low cost of living can help you extend your retirement dollars.
- Live abroad. This option is right for most retirees, but for the adventurous ones who would like to stretch their dollar or live richly, retiring abroad may be the perfect fit. In many international locations, you can live well for $1,200 a month (MSN). For instance, if you live in Cuenca, Ecuador, you can pay just “$550 in rent and fees for a 2,600-square-foot apartment with a doorman and underground parking” If you want to forego the amenities and choose a smaller place, rent can go as low as $100 (MSN). Other countries you might want to consider include Thailand, Nicaragua, Panama, and Malaysia. To make such a big move, you have to do your research carefully. How big is the ex-pat community? Do you speak the language? How is access to health care?
Living options for retirees are expanding. No longer are you confined to Florida, California or Arizona. Indeed, with the entire world to choose from, you can choose the retirement option that is best for your lifestyle and your wallet.
Where would your ideal retirement location be? Why?