Should you retire in Naples, Florida? It’s the best place to retire according to U.S. News.
Or should you retire in Panama? It’s the world’s best place to retire, according to Forbes.
Or what about Hot Springs Village, Arkansas? It’s the best place to retire if you’re on a budget, according to Reader’s Digest.
It seems like there’s a new list about the best places to retire every single week. Some of these lists can be great, and they might give you good ideas about places you’ve never considered and valuable insights into how different locations compare – but they can’t really tell you where to spend your golden years.
The critical question isn’t, “Where should people retire?” It’s “Where should YOU retire?” Where you retire is a personal choice, and you have to make it based on the criteria that matter most to you. To figure out the answer, you’ll need to ask a few more questions.
Do You Like Your Current Location?
You don’t have to move to a new city just because you’ve retired. If you like where you’re living now, and if the location still meets your needs, you might be happiest staying put.
On the other hand, if you’re dissatisfied with your current location, try to pinpoint why. Is it too expensive? Too crowded? Too boring? Knowing the problem will help you find a new location that’s a better fit.
Where Are Your Family and Friends?
Being close to friends and family provides two main benefits. First, it can make retirement less lonely. Yes, you can make new friends in retirement, but let’s face it – making new friends can be hard. If you already have people you care about, you probably want to be near them.
Second, it’s good to have a support network. For example, if you live near your adult kids, you can help by babysitting your grandchildren, and they can help by giving you a ride if you need one.
How Do You Want to Spend Your Time?
Do you dream of spending your retirement on the golf course? Then make sure you end up somewhere with a golf course where you can play.
Or maybe you love nature and want to spend your retirement hiking and birding. Look for a place with good trails and birding hotspots.
On the other hand, if you’re more into culture and the arts, you might look for a place with galleries, museums and theaters.
Where Will You Have the Resources You Need?
Even if you’re healthy and independent now, you may need more support as you age. Some locations provide this well. Others… don’t.
Public transportation is one issue. If you have to stop driving, you might depend on buses or a senior shuttle service, so you want to make sure it will be available.
Also consider where you can receive care, including both medical care and non-medical long-term care. Does the area have good hospitals, doctors, and senior care services?
What Are Your Priorities?
No place is perfect, so you need to focus on what matters most to you. For some people, weather might be a deal breaker. For others, it’s no big deal.
Culture can be another factor. For example, if you’re very liberal, you might want to live among like-minded people. The same goes for people who are very religious or conservative. Or perhaps you want to be in a community with others who share your heritage. This matters to some people, but not to others, so you need to consider your priorities.
What Can You Afford?
How much you need to save for retirement will largely depend on where you retire. If you have little in savings and plan to depend on Social Security, you may need to focus on locations with a lower-than-average cost of living. On the other hand, if you’re lucky enough to have ample savings, you may be able to splurge on a luxurious retirement location. Either way, it’s important to be realistic about your budget and what’s financially feasible.
Have You Actually Been There?
Before you buy a car, you take it for a test drive. Before you move to a new city, it makes sense to test it out, too. If you haven’t been there before, considering planning a trip to scout out the area and see what it’s really like. You may fall in love with the area – or you may realize you’d be miserable there.
What Do the Lists Say?
The lists of the best places to retire can’t tell you where you should live, but they can still help you make a decision. The key is to look at how the rankings are determined and focus on the criteria that you’ve determined matters most to you. For example, if you’re main concern is money, a list of the most affordable places to retire could be useful.
Where Should You Retire?
If there was truly a single best place to retire, everyone would retire there – and then it would become awful! The reality is that one person’s dream location can be another person’s nightmare, so make sure you’re focusing on what matters to you.
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