Look before you leap: How to pick the best place to retire

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Picking the right place to retire can be fun if you make the right choice for the right reasons. Many people, however, get into trouble by not thinking the process through and using flawed criteria.

Recently, I talked with Jack, a former client who had recently retired. Jack’s daughter Sandra had moved to Sedona, Arizona, and when Jack and his wife visited Sandra for her birthday, they fell in love with the location. They decided to sell their Rancho Mirage home and buy a townhouse in the area for their retirement.

The move proved to be a disaster, and Jack and his wife moved back within nine months. They were poorer for the abrupt sale and purchase of homes and embarrassed they had not checked a few essential things before making such a decision. Their example is what has prompted me to write this column.

Before you decide to go shopping for a retirement location, make a list of what will be important for you in order to make the right choice. If you’re married, have your spouse do the same, then compare notes to make sure you’re priorities are aligned.

Here are some key considerations for you to include for discussion:

1. Are you looking for a lower cost of living to maximize your dollars?

Make a comprehensive checklist on the factors that would play into this. For example, you might think that moving to a state with no income tax will help. However, some states with no income tax may also have relatively high property and sales taxes. What about other factors such as the cost of groceries, utilities, transportation and other common expenses?

2. Are you seeking a new adventure or want to take up a hobby?

Finding meaning and purpose is important to us as human beings, and it’s important to know what will be meaningful to you. It may be volunteering to give back in some capacity, or you may feel it’s helpful to have a part-time job. Know what will be integral to your retirement success as you plan.

3. Is it important for you to be near friends and family?

If your choice is based solely on following your adult children wherever they live, be careful. They may be at a stage in their career trajectory where they need to move because of a job change. Be sure that if friends and family are a priority, that you have more than just your adult children within an hour’s driving distance.

4. Community and lifestyle

What kind of cultural offerings do you expect of your community? Are the arts or music important to you, or are you active in your church? Take this into consideration. And what about political preferences? I know one couple who were dismayed to discover their new retirement town was comprised mostly of people with strong, opposing political views to their own. They were surrounded by conversations that felt difficult to enter or to enjoy. They were disappointed they couldn’t make friends easily because of a lack of shared similar interests.

5. It’s important to remember retirement is not one stage but several.

As you make your choices, think about things like driving distances and continuity of care. Is a planned community with accommodations for different health situations available?

One of my friend’s father lives in a condo within an integrated complex that also has a critical care clinic, assisted living, and a physical rehabilitation complex. He is grateful for this as his wife recently needed to stay in the assisted living following a slight stroke. The building is just a three-minute walk from their condo and this provides ease in spending more time together.

And a final thought: If you think it’s too early to start planning, think again. If you are within five to seven years of retirement, it’s already time to start plotting your next chapter. You may even choose to invest in a great community ahead of time and rent the place out for additional income until you are ready to move.

Here’s to a great retirement!

Patti Cotton works with executives, business owners, and their companies, to elevate and support leadership at all levels. Her client roster includes privately-owned small businesses and such entities as Bank of America, Boeing, Coca-Cola, Harvard University, Sysco, Edward Jones, Morgan Stanley, Girl Scouts of America, and more.  Reach her by email at Patti@PattiCotton.com.

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