15 Important Criteria for Choosing the Best Place to Live in Retirement

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Deciding where to live when you retire is a big decision. Once you no longer have a job tying you down, you are free to live just about anywhere. Before you do, though, you should consider the top factors that affect your choices.

1. Proximity to a Decent Hospital

While no one wants to think about getting sick, it’s a part of life, especially as you age. Do your research on the hospitals in the area that you want to live. Are there reputable hospitals within the area? If you have any pre-existing conditions, do the hospitals in the area specialize in your areas of concern?

2. Low Cost of Living

Living on retirement funds means you have to watch every penny. Even if you saved for many years, you have no idea how long you’ll live or how long your savings will last. Choose an area with a low cost of living to help stretch your retirement funds. This allows you to enjoy your golden years even more without financial stress.

3. 3. Access to Healthy Food

If you want to ensure good, long-term health, you need access to healthy food. Whether you prefer to get your food from local farmer’s markets or you shop organic grocery stores, make sure there are options within a reasonable distance of where you may live. If it’s too hard to get access to healthy food, you may end up making unhealthy choices, which can affect your health and quality of life.

4. 4. Access to Public Transportation

As you age, you may start driving less. If you don’t have access to public transportation, you may get restless or even depressed. While you can always order an Uber or Lyft, not everyone is comfortable with that. Plus rideshare services can get costly. Look for close proximity to bus and train stations to ensure that you’ll have a way around. If you will travel by plane often, look for a town that is near the area’s major airport. Living far away from the airport can make traveling much more stressful.

5. Low Car Insurance Costs

Car insurance premiums vary by location, not just driver. Yes, your driving record plays an important role in the cost of the insurance, but so does your location. If you choose an area that has a multitude of accidents, thefts, and vandalism, you can expect higher car insurance premiums which can get difficult to afford as you age.

6. Low Home Prices and or Low Rent

Whether you buy or rent a home, you want affordable prices. Renting isn’t always less than owning, so make sure you pay close attention to home values and prices. What does the average landlord charge for rent? What is the cost of the average home? You probably don’t want a mortgage during retirement, so you’ll need a home you can afford without a loan.

7. Low Property Taxes

Even if you don’t have a mortgage, you always have to pay property taxes (unless you rent). Look at the average property taxes for the area as well as how the taxes performed historically. Do they increase annually? If they do, find out how much. Remember, you may be in this location for the next 20 years or more, so you need taxes you can afford today and well into the future.

8. 8. Pleasant Climate

There’s no right or wrong climate to choose in retirement. Some people go directly south for the warmer temperatures and plentiful sun. Others prefer cooler temperatures or like to experience all four seasons. Do your research and understand the average temperature year-round as well as the season the area experiences so that you know what’s best for you.

9. Low Risk of Natural Disasters

Certain areas of the country experience extreme weather issues. For example, Florida experiences hurricanes and California experiences earthquakes and fires. Is this something you want to worry about or would you rather live in a ‘calm’ location with a low risk of natural disasters?

10. Safety

Look at the crime statistics for any area you consider moving to. Talk with the local police department specifically about crimes committed against the elderly. As you age, you become a larger target for criminals, but if you choose an area of relatively low crime, your worries are less.

11. Acceptable Population Density

Are you a people person that needs to be around others all of the time or do you prefer some space? Do you want to retire in a quaint town with a small population or are you more of a city person that needs the hustle and bustle with people around all of the time? Think about the culture and diversity too. Do you want to be around people in your same culture or do you prefer diversity?

12. A Pleasant Political Climate

Americans today are very verbal about their political views. If you are among them or you are the opposite and prefer to stay out of politics, gauge the political temperature in the area you plan to move. Make sure it’s one where you will feel comfortable given your political views.

13. Proximity to Your Family

Do you want to be near your family still for some connectivity and possibly help? As you age, it gets harder on everyone if you live too far from family. Your family members will feel guilty if they can’t help you when you need it and you may get lonely. Make sure it’s easy to get to your family when you need them.

14. Cultural and Recreational Amenities

As a retiree, you’ll have a lot of time on your hands. What will you do with that time? Make sure you move to an area that provides activities that fill you up. For example, if you love the water, don’t move to the Midwest where access to any water is rather sparse. Instead, choose one of the coasts where you can enjoy the ocean and the activities that go along with it.

15. 15. Location of Your Assets

If you own a home or two or have other large assets, you may want to retire in the area that they reside. Not only will you have more time to enjoy them, but you’ll be able to take care of them until you decide to sell them.

Think long and hard about all factors that affect where you live in retirement. While you should choose somewhere that you have always wanted to live in order to fulfill your dreams, there may be more to the decision than you first thought.

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 Mahugu Nuthu is a content creator known for his compelling and well-researched business analysis.  His blog MHGcode.com, provides insights and proven strategies for effective entrepreneurship, side hustle hunting, passive income pursuit, small business ideas, saving and tips for slashing costs.

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