4 Steps to Picking Your Retirement Destination
June 28 2017
Retirement planning and advice often focus on how much to save and where to invest. But what about where you'll live out your retirement years? Give some thought to your post-career home base with the help of these practical tips.
Review the lists. There's no shortage of magazines and websites ranking the best places to retire, both domestically and internationally. Why not peruse these compilations? You may uncover a spot that's worth considering.
Keep your budget in mind. Are you sitting on a sizable nest egg, or are you like most retirees who will rely on Social Security for a significant chunk of post-career income? Either way, your financial situation will largely determine how comfortably you can live in your golden years. If you're interested in stretching your hard-earned dollars, look into retirement destinations that provide an affordable cost of living.
Make it personal. There are several variables to consider when determining top retirement spots, including housing affordability, entertainment opportunities and quality health care. But be sure to consider the elements that are most important to you, like having friends and family nearby. Identifying the factors you value most can help you decide if a location truly meets your needs.
Expand your search. Many retirees find that their dollar goes further when they live abroad. But beyond the strong dollar, you'll want to enjoy a spot with quality health care, a low cost of living and easy residency requirements. Mexico, Panama, Ecuador, Costa Rica and Colombia currently top one list of the world's best retirement locales.
There's no one-size-fits-all when it comes to retirement living. Determine the best place for you based on what you're seeking.