4 Steps To Help You Decide Where To Live In Retirement
Deciding where to live in retirement is one of the most important decisions you'll make that can significantly impact your quality of life. If you're transitioning into retirement or have recently retired, you owe it to yourself to compare alternatives to your current home, neighborhood, and general location.
You'll want to look beyond reports that tell the best place to live in retirement but can't consider your personal situation. Following are four steps that can help you determine the best place for you to live in retirement by considering your specific goals and circumstances.
Step 1: Do You Need To Move?
You may have compelling reasons that require you to move. Here are a few possibilities:
Consider whether you have other reasons that could override any other considerations on where to live in retirement.
Step 2: Would A Different Neighborhood Or Home Make Your Life Better In Retirement?
List the desirable features that can best support the life you want in retirement by considering the general geographic area, neighborhood, and specific house you'd like. To help you with this analysis, you can use the two checklists in the post below.
It's helpful to rank the importance of various features of alternative places you're considering and compare the most important features to your current home and neighborhood.
Step 3: What Are All The Costs Or Savings Associated With Moving?
The last thing you want is to be surprised by the hidden costs of moving. All too often, reports on the best places to live in retirement focus just on the overall costs of real estate and state and local taxes. While these are important factors to consider, there are other sources of costs and savings to identify.
Here's a list of the items for which you'll want to estimate how much you might spend or save if you move:
To accurately determine these numbers, you may need an accountant to help you analyze some of these items, particularly any that relate to taxes.
Step 4: What Are The Pros And Cons Of Moving Vs. Staying
Considering your analyses from Steps 1, 2, and 3, list the pros and cons of moving vs. staying. Most likely there will be pros and cons to your current home and any alternative you're considering. Your goal is to see which location has the most pros and the least cons.
One other thing to ponder: While these analyses can give you important objective insights, you might also want to think about the emotional considerations of moving, such as your attachment to your current home and neighborhood. To help, ask yourself these questions:
Another consideration: If you move far from your current home, you'll need to establish relationships with new doctors and health care providers, which you'll need more as you age.
If you become interested in moving far away, another possible step is to visit that location in all seasons, not just the season with good weather. Be sure to ask current residents what it's like to live there all year.
While the steps listed in this post might seem like a lot of work, most likely you don't need to rush this decision and can spend time doing your homework. You can even make it fun by spending time in each potential location before you make any commitments.
Even if you decide to stay in your current home, this research might help you gain insights to modify it to better support your retirement years and feel more satisfied with your ultimate decision regarding where to live.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
31 minutes ago
- Yahoo
New homes unveiled in one of UK's most desirable seaside villages
New homes have been unveiled in one of the UK's most desirable seaside locations. Housebuilder Dandara's development in West Wittering offers a mix of three, four and five-bedroom detached homes. The village was recently named one of the UK's best places to live by The Times. Emma Thomson, head of sales at Dandara Southern, said: "Coastal living has always had its appeal, but we're now seeing buyers place greater value on quality of life – access to nature, energy-efficient homes and a real sense of place. That's what we set out to deliver here. "Every part of the development has been carefully considered to reflect what people are looking for today: thoughtful design, sustainability and a connection to the community around them. "West Wittering is a special place, and this project was about doing justice to that – not just by creating beautiful homes, but by contributing to the village and its future." The homes, priced between £999,950 and £1.1 million, are part of Dandara's most premium scheme in the southern region and will be delivered in phases through to 2027. Designed with sustainability in mind, each home will include heat pumps, smart heating systems, LED lighting, mechanical ventilation and standard EV charging points. Read more: A-list movie star reportedly moves to 'large house' in Sussex Plans to build houses at racecourse rejected Popular TV series filming in city property Interior of the property. (Image: Dandara) The development also has a central green space, play area and biodiversity-friendly landscaping. Dandara is contributing more than £1.2 million to local infrastructure, including nearly £265,000 for improvements to the A27, more than £50,000 for ecological mitigation and £934,000 in Community Infrastructure Levy payments. A mix of affordable housing, first homes and social rent units are also being delivered in partnership with the local authority. Ms Thomson said the scheme has already attracted a range of buyers from across the A3 corridor and West Sussex. She said: "It's a mix of families upsizing, second home buyers, and those relocating for a better lifestyle. "West Wittering offers a rare combination of coastal beauty, local charm and practical connectivity – and we've designed this development to reflect that."
Yahoo
6 hours ago
- Yahoo
Is Stanley Black & Decker (SWK) One of the Best Income Stocks for Conservative Investors?
Stanley Black & Decker, Inc. (NYSE:SWK) is included among the 11 Best Income Stocks to Buy According to Hedge Funds. A toolbox filled with an array of different tools, representing the professional products of the company. Stanley Black & Decker, Inc. (NYSE:SWK) is an American manufacturer known for its industrial tools, home hardware, and security products. The company is in the midst of a steady yet impactful transformation. It has already completed $1.7 billion of a planned $2 billion cost-reduction effort, resulting in a rebound in gross margins to 31.2%, which is a 1,200-basis-point improvement from the low point. At the same time, operating leverage is strengthening, and inventory levels are declining. While Stanley Black & Decker, Inc. (NYSE:SWK)'s Tools & Outdoor division accounts for 87% of its revenue, the smaller Engineered Fastening segment plays a key role in areas like aerospace, automotive, and industrial production. Despite its strong market position and ties to reshoring, infrastructure, and automation trends, the stock is still down more than 69% from its 2021 peak and trades at under seven times its peak free cash flow. Stanley Black & Decker, Inc. (NYSE:SWK) has paid uninterrupted dividends to shareholders for the past 148 years. On July 24, it declared a 1.2% hike in its quarterly dividend to $0.83 per share. This marked the company's 59th consecutive year in which it has raised its dividends. The stock supports a dividend yield of 4.91%, as of July 31. While we acknowledge the potential of SWK as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: and Disclosure: None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
7 hours ago
- Yahoo
3 Expat Havens Where Retirees' Social Security Checks Go a Long Way
Retirees living on a fixed income of Social Security are feeling the pinch—and they're turning to alternative ways to make their dollar stretch further, with many overseas for a different quality of life. Retired workers will collect an average Social Security check of $2,005.05 as of June 2025, according to the Social Security Administration. If this is your only retirement savings, you might read that number and panic. After all, the average mortgage payment in the country is currently $2,186, according to the Mortgage Bankers Association. The median asking rent, according to the latest rental report from in the 50 largest metros registered at $1,711—but it still doesn't mean there would be much left over for other basics such as food, clothing, transportation, home maintenance, insurance, pets and children, and more. The average retired American household spends around $5,000 a month just to live, according to the Federal Reserve's 2023 consumer expenditure survey. 'That's quite the shortfall,' writes Kathleen Peddicord, founder of Live and Invest Overseas, in Forbes. It's no wonder that Americans are increasingly looking abroad for retirement. Not only is the contentious political environment driving people away, but there are many places where that Social Security check will buy you a lot more. 'There are many retirement havens where you can live well on a budget of $2,000 a month or less,' writes Peddicord. What you should know Before you plunk down your credit card for the next flight out of Dodge, remember you will need a visa to legally reside in your chosen country. Retiree visas usually require proving a minimum monthly income (amounts vary by country) and that you carry health insurance. Many countries also require you to prove that you have a place to live and have a clean criminal history. Talk to an immigration attorney or relocation expert, and always check the country's website for current requirements. Also, know that other countries aren't necessarily going to be 'America but better.' They will all have their own customs, cultures, languages, and laws—ones you might be utterly unfamiliar with and perhaps slow to adapt to. 'If you are stuck in your ways and not very tolerant of change, expat life will not work out for you,' warns Cynthia Staton, who relocated from Las Vegas to Cuenca, Ecuador, with her husband, Edd, in search of a cheaper retirement. 'You've got to be really flexible, really patient,' she says. But if that sounds up your alley, here are three expat havens where your Social Security check will go much further. Phuket, Thailand Retiree visa: Non-Immigrant O-A Minimum monthly income: About $2,000 If you like tropical climes, turquoise waters, colorful architecture, and grand palaces, Thailand could be the place for you. That all sounds great, you might be thinking, but what about extreme weather events? It was only 20 years ago that a massive tsunami engulfed Phuket and killed 117 people, with an additional 214 missing, according to the Asian Disaster Reduction Center. Immigration attorney Jean-Francois Harvey, of Harvey Law Group, is bullish on Phuket. He points out that the tsunami, devastating though it was, affected only a small portion of the island, and that it has been rebuilt with much more resiliency in mind. 'Thailand has been dealing with extreme weather forever,' he tells Thailand has about 50,000 Americans living there, says Aaron Henry, owner of Bangkok marketing firm He's lived in the country for nine years, emigrating from Los Angeles. 'For most of us, moving to Thailand is a one-way trip,' he says. He lives in Bangkok but travels frequently to Phuket for business and leisure. Henry agrees that $2,000 would stretch further in Phuket, Thailand's biggest island, than in the U.S. but has some caveats. A $2,000 monthly budget 'is a bit of a lean,' he says, 'even for a single person who is living in Phuket or Bangkok and wanting a lifestyle comparable to the USA.' Phuket rents are slightly lower than $1,000 for a small condo, plus $150 in utilities, he adds. Then there's getting around town. 'Phuket doesn't have cheap, excellent public transportation like Bangkok does with the sky train and subway, and taxis there are expensive. You'll need a car or motorbike.' He says that a budget of $3,000 a month would allow you to live comfortably, but it doesn't factor in travel or other large expenses. If you want to live even cheaper, he suggests areas outside of Phuket, including lesser known cities of Khon Kaen and Buri Ram. There will be fewer expats here—which you might or might not welcome. Keep in mind that foreigners can't own land in Thailand, only a condo or portable house. Henry believes the country is superior than the U.S. in many ways besides affordability. He calls the food 'better than New York, Paris, or London.' Health care, as in most countries, is more affordable than the U.S. But Henry asserts it is also of higher quality. 'When you go to a doctor, you sense you are being taken care of, not exploited,' he says. In fact, he ranks everything from nightlife to public transport to culture to safety higher than what he experienced in the U.S. and says there is 'nothing' he misses about L.A. But before you pack your bags and catch the next flight to Phuket, he has a warning. 'Phuket can be paradise,' he says. 'But, as living long term or permanently in any other country requires, be prepared to check your preconceptions at the door. Think about what you can contribute as an outsider, not what you can take. 'Don't go seeking a place with better versions of what you're unhappy about at home—those expectations aren't likely to be perfectly met.' Mendoza, Argentina Retiree visa: Pensionado visa Minimum income requirement: About $2,000 Argentina, Mendoza, 'is a good choice for active retirees who aren't ready to sit back and rock on the front porch,' writes Peddicord. If wine is your jam, this is one place you don't want to overlook, as it is located in the middle of Argentina's wine country. Despite being a desert clime, Argentina has an ancient system of canals that distribute snowmelt from the mountains, creating spectacularly rich soil and vineyards, she says. 'Great wine, thick steaks, dramatic landscapes, brilliant weather, friendly people who enjoy nothing better than sitting around an open fire drinking the fruit of their vines, sharing their asado, and indulging in the lost art of conversation,' writes Peddicord on her website. She calls Mendoza 'the good life defined.' Additionally, the country is known for its temperate climate, vibrant culture, and spectacular geographical diversity, from jungles to arid climates to beaches. It also has the modern conveniences of Buenos Aires and other cities. And for those living on that $2,000 Social Security check, Mendoza might be the place. 'A monthly budget of $2,000 would see you living well here,' says Peddicord. Rent for a semifurnished two-bedroom apartment ranges from $400 to $1,000 per month. 'Catch a bus for 50 cents and dine out for $25,' she says. Minus rent, the average single person's expenses in this South American country are about $700 a month, according to citizenship solutions firm Golden Harbors. And you really can't beat the price of the country's health care system—over 60% of medical services are free for everyone, including expats. Santa Marta, Colombia Retiree visa: Migrant (Type M) Minimum income requirement: About $1,000 'Santa Marta is an under-the-radar gem popular with well-heeled, in-the-know Colombians who vacation here for reasons including its affordability, great climate, soft golden sands, and warm Caribbean waters,' says Peddicord. Ranked No. 3 in Live and Invest Overseas' list of the Best Places to Retire in 2025, Colombia has one of the lowest income requirements for retirees, with a basic requirement of only about $1,000 per month. 'Colombia is one of the easiest places we know to establish residency,' Peddicord writes on her blog. While Santa Marta has plenty of history, being one of the country's oldest colonial cities, it also has many new developments, including a seafront park, and plenty of cafes, bars and restaurants, and a large cruise ship port. However, Peddicord cautions that there isn't as much English spoken here as in other parts of the country, so be prepared to brush up on your high school Spanish. A 90-minute flight to the capital of Bogotá means you can hop back to the States relatively easily. A nonstop flight to New York is six hours. Related Articles Single-Family Home Construction Dips as Builders Admit Making Price Cuts To Spur Sales Paying Rent on Time Could Now Help You Get a Mortgage After Key Change at Fannie and Freddie What a Fed Chair Firing Could Mean for the Housing Market Solve the daily Crossword
