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Retirement Planning for
where you Will Live
There are many things that people plan for when
planning their retirement. They plan for the travel
they wish to do, to have money for gifts for the
grandchildren they hope to have, and all kinds of
wise and practical thing. In the process, however,
many people neglect to plan for where they wish to
live upon retirement. We are seeing a growing trend
of retirees moving to certain communities. This is
all well and good. It's nice to be around people of
similar ages and interests and live in communities
that cater to those interests. However, one thing is
often overlooked during the process. The prices in
these communities, and the average cost of living
are quite likely to be different than the cost of
living where you are. This is true unless you plan
to retire where you live.
The fact is that there is a growing trend among
retirees to migrate to certain population centers.
The entire coastal region of Florida would almost
qualify though not all communities in this area are
equal when it comes to being retiree friendly. The
problem is that most people who retire live on
limited budgets and can't afford the high dollar
real estate that is part and parcel for these areas.
One solution to that is to decide where you'd like
to retire and buy real estate in that area early.
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There are all kinds of housing communities being
built around the nation as we speak. In addition to
these communities high rise towers and condominiums
are being built to cater not only to time-share
renters but also retiring baby boomers that are
moving into these areas. The earlier you buy the
better, as property values do tend to increase
gradually over time. There are trends and twists and
turns but for the most part, property will gain in
value given enough time in which to do so. The good
news in these 'time share' and popular destination
areas is that you can own the property and rent it
out for a little extra income while you are biding
your time waiting for retirement.
Once you've purchased a property in the area you can
make the rounds and get a good comparison for the
value of goods and services in the area compared
with what you are accustomed to. You can add the
difference in your calculations for what you will
need when making your retirement plans. Failing to
do this can result in some very sad situations many
retired people find themselves in. These could
include living in sub standard and unsafe housing
and not having enough money left after paying the
rent to cover the cost of food and medication much
less other needs that may be encountered.
You should also make sure that you add the little
cushion of money into your planning so that you can
occasionally through caution to the wind and do
something fun. After all, what good is it to be
retired if you can never afford to live it up a
little? Make sure you have enough money set aside to
take that cruise every spring or fly up to see the
grandkids two or three times a year. You want to
make sure that you can enjoy your retirement or you
will find endless days of staring at the television.
What fun is that?
The costs of living in this country from one region
to the next can be significantly different. If you
do not consider where you will be living upon
retirement when calculating the numbers you are
doing yourself a great disservice. This is
definitely something you will want to discuss with
your financial planner before it is too late to make
the changes that will affect your future and
retirement needs. It is good to have dreams of where
you'd like to retire but it is even better to take
the steps necessary to make your retirement dreams a
reality.
We hope you enjoy
our retirement planning website, and
we wish you the best!
~ The Staff |
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