You’ve likely heard that when it comes to real estate, the three most important factors are location, location, location. That saying applies to buying a home and it’s just as relevant when deciding where to spend your retirement years.
Where do you picture yourself living as you get older — by the ocean, in the mountains, in a bustling city, overseas, or right where you are now? Your options are broad, but some practical factors should guide your decision when choosing a retirement location.
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Cost of living
Many retirees rely on a fixed monthly income, so the cost of living in your chosen retirement location is critical. Cities like San Francisco offer many attractions but also have high housing costs that may make them unaffordable for many people.
Taxes are part of the cost-of-living picture. State tax laws differ widely, so investigate how a state treats Social Security benefits, retirement account distributions, and pension income. Some states—such as Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming—do not impose a state income tax, which can reduce the tax burden on retirement income. Also consider property taxes and sales taxes, which vary considerably by state and locality.
>> Related: Taking Advantage of the Tax Benefits of CCRCs
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Accessibility
Accessibility was a recurring theme in a recent survey of senior living readers. Many respondents emphasized that future senior living communities should offer easy access to restaurants, shopping, healthcare, and entertainment.
“Walkability” matters for day-to-day convenience and quality of life. Tools like walkability scores can help you assess neighborhoods where you can accomplish errands and social activities on foot. Bike-friendly infrastructure and reliable public transportation also improve mobility. If travel is part of your retirement plans, take into account proximity to airports and major highways.
>> Related: How Senior Living “Translates” in Other Countries
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Access to care
Access to care covers the availability of high-quality healthcare, nearby caregivers (paid or unpaid), and local assisted living or long-term care services. Urban and metropolitan areas usually provide a wider range of medical and care options than rural areas.
For example, a remote lake cabin may be idyllic, but consider what will happen if you later need frequent medical care or assisted living services. Rural locations often have fewer resources, so plan accordingly if access to care is a priority.
>> Related: How to Know If a CCRC’s Healthcare Center Will Meet Expectations
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Lifestyle
Think about the lifestyle you want in retirement. Your chosen location will shape daily routines and opportunities for engagement. Mental and physical health benefit from a variety of activities, while isolation and boredom can harm well-being.
Look for locations that offer easy access to amenities like gyms, restaurants, libraries, shopping, continuing education programs, and cultural venues. These resources support an active, fulfilling retirement lifestyle.
>> Related: Lifelong Learning: Good for Seniors’ Minds & Bodies
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Support system
Social connections matter. Building and maintaining social capital — a network of friends and family — provides emotional and practical support as needs arise. Choose a location where you already have loved ones nearby or where it’s easy to form new friendships.
Loneliness can negatively affect physical and emotional health. Selecting a retirement location that enables close ties with friends and family, or access to a strong community of peers, helps create a reliable support network for the future.
>> Related: Is Retiring Where Your Grandchildren Live a Good Move?
Location, location, location
You’ve worked hard and planned for retirement — now choose a location that supports the lifestyle and security you want. When evaluating possible retirement destinations, consider cost of living, accessibility, access to care, lifestyle amenities, and your social support system.
While many options exist for where to live as you age, retirement communities such as continuing care retirement communities (CCRCs or life plan communities) often address many of these considerations in one place.
No single option fits everyone, and a retirement community may not be right for you. However, weighing the five factors above will help you make an informed decision and may make a continuing care community worth considering.