A cabin in the country
Moving to a quiet cabin in the country will have you surrounded by nature and experiencing a more tranquil mode of living. While the house and property may result in lower cost of living than a planned community, you will still be responsible for maintenance. There also may be less opportunity to socialize, depending on how secluded the area is. However, this serenity may be exactly what you’re seeking after a long and dynamic career.
A condo in the city
Retirement doesn’t have to mean living life at a slower pace if that’s not your preference. Urban environments have endless opportunities for dining, culture, recreation, fitness and volunteering. While typically pricier than a rural home, a condo can be an ideal retirement property if you don’t want to take care of landscaping or other responsibilities outside of your home. Keep in mind this may mean you’ll be sharing walls and common space with neighbors, which can be an adjustment if you’ve been living in a standalone house for many years.
A beach house
Great weather is a draw for most people seeking a retirement property, and a beach house will deliver. With close proximity to the water, you can enjoy boundless outdoor activities such as boating, swimming or fishing. This nature-filled option may be a great compromise between country and city: Amenities and services can be close by, and while you may have neighbors, it’s still possible to maintain some privacy. If you’re hoping to keep cost of living in check, remember that waterfront property may be more expensive than other locales.
A country club community
Luxury and comfort are the name of the game in country club communities, and you’ve worked hard over the years to be able to enjoy it. These retirement properties offer activities, dining, minimal home maintenance and more, allowing you to live a leisured lifestyle without going far from home. Similar to having a condo, you’ll live in close quarters with others, but with more structured opportunities to connect with retirees.
You’ve been looking forward to your retirement, and now that it’s on the horizon, it’s time to decide where to enjoy that work-free time. You can help narrow down potential locations by considering what kind of lifestyle you’ll want to maintain, or your future cost of living. For instance, a planned living community can have a monthly rate of $1,500 to $6,000, but that fee may also cover meals, recreation and other services.1
You may also want to consider how much money and time you’ll want to spend on home maintenance. Weigh the pros and cons: Some retirees prefer having complete control over their home, while others would rather have it taken care of for them. Independently owning a house in an affordable area may be more financially reasonable than living in a retirement community with built-in activities and amenities. However, if you live in a region that experiences all four seasons, you’ll also need to make sure your house is prepared.
1 What Does It Cost?, Where You Live Matters, 2019.
Before you leave the workforce and move to your dream home, take these steps for financial peace of mind.
ALIC45019 (exp. 4/20)