Health & Well-Being in Retirement
Jan 15, 2019

Making Mindful Decisions About Your Retirement Home

It’s easy to get stuck on the numbers when talking about retirement, whether that’s the balance of our retirement account, long-term care costs, Medicare premiums, and who knows what else. It’s no wonder then that people sometimes lose sight of the less “mathematic” (but no less important) parts of retirement, including the place where they’ll actually put all of that planning into action. Where a retiree chooses to spend their golden years is one of the most important decisions they can make and definitely not one that should be made lightly. Many of us have an idea of what sort of place we want to move to — warmer, cheaper, by the water — but there are other important considerations that may slip past us. Keep reading as we break down a few key things any retiree should keep in mind when planning to make a new home for the later chapters of their life. Set some ground rules All of us are going to have some musts (or must-nots) about where we retire. What are yours? Start compiling a list of your essential criteria, including things like preferred region, climate, and budget. By this point in life, you’ve probably shopped for a home or apartment before and remember what an overwhelming experience the search can be. Having these details hashed out before you dive into the market will help you stay focused and could make it easier to avoid the creep toward locales and properties that don’t meet all of your needs. What will you need to be happy? Once the groundwork is laid out, take some time to consider what a happy retirement looks like to you (and your partner, if applicable.) It’s no secret that leaving the workforce is a significant transition and many new retirees struggle with the excess free time, a lacking sense of purpose, and bouts of depression. Making sure you’ve checked off the boxes for what keeps you busy and engaged is the best way to avoid this. So, ask some questions about yourself, including but not limited to:
  • Do you prefer a big city, small town, or something in-between?
  • Are you a social butterfly or do you need a lot of alone time?
  • Are you willing to live far from your family, or would you feel like you were missing out watching from a distance?
  • What do you do for fun and what will you need to keep doing that?
What’s really important here is that you make sure you understand what gets you up in the morning — when it’s not your alarm clock. What will you need to be healthy? Whether we like it or not, we’re all going to get old (someday!) Thinking about our present and future health needs is essential when planning retirement, notably our access to quality preventative and emergency care. As you shop for your next home, take note of the healthcare infrastructure in the surrounding cities and towns, including the proximity of the closest hospital. If you or a loved one are likely to need medical care in the future, being nearer to care could be a big selling point. This is especially true for individuals prone to emergency situations, like heart attacks or seizures. Similarly, if you expect yourself or a loved one to need long-term care in the future, having a health center nearby can offer needed support and peace of mind.
Buy for the future The home you buy at 62 could be the home you have at 85. Just as you plan for today, make sure to look toward tomorrow as well. Consider the challenges of your new home or city. What is the maintenance burden of your new property? Large pieces of land, for instance, will need to be maintained. You can mow your 5 acres of lawn today, but if you can’t 10 years from now, will you be able to afford to hire someone who can? Similarly, are you looking at a hard-to-navigate or less accessible city? The hustle and bustle may be nice now, but as you get less mobile, do you have the support systems to continue thriving? Does this mean you have to play it safe all the time? Not quite. Plenty of retirees move to cities and blizzards haven’t stopped snowbirds from settling down by the ski slopes. Your needs will be unique to you. Whatever you do, just make sure you’re looking ahead as you shop. Treat yourself Don’t forget: Retirement is supposed to be exciting. When you shop around for your retirement destination, don’t be afraid to dream a little bit. A house on the beach may seem like a dream, but a good partner for the future can help make that a reality. For thousands of gas, oil, and chemical professionals, Baird Retirement Management has been that partner. We’re working for your better retirement. Let’s start the conversation by planning the future you’ve been working toward.

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