Where to Retire? Evaluating Your Retirement Options

When you retire, you can finally live in your dream location. But you need to consider a few things before making your decision. Make sure to weigh the pros and cons of each location before making your final choice.

Some people retire to a warmer climate, while others prefer to stay close to family and friends. There are many things to consider when deciding where to retire, but ultimately the best place to retire is the one that feels right for you.

Here are several things you need to consider about where to retire

• Finances

When you are looking to move to a new area, you need to research the cost of living there and the cost of purchasing a property. You should also look into the cost of healthcare and transport in the area. These factors will help determine whether you can afford to live in your new neighbourhood.

If you choose to move to a less expensive location, this could also be an opportunity to top-up your retirement nest egg with an surplus funds you retain after relocating. For example, you may be eligible to make a downsizer contribution to your superannuation.

• Friends and Family 

Are you planning on offering practical support to children raising their own families? Or perhaps you have a close circle of friends that you frequently socialise with? If you’re considering moving far away, it may not be the best option as travel could become a burden.

• Extra Support

Consider a few things to consider when considering how you’ll cope with living independently as you age. It’s important to have a plan for your health and well-being and to make sure you’re in a location that will be convenient for you as you age. Consider things like access to a GP, home care support, and residential aged care when making your decision.

Deciding Between the Country or the City

Assuming you can afford it, living in a city offers a range of benefits that you may not find in rural areas. Cities are generally more culturally diverse, offering a variety of museums, art galleries, and theatres to keep your calendar full! 

If you’re a sports fan, you’ll likely have more options for watching live games or attending matches in person. Plus if you need to see a specialist doctor or get other medical care, chances are you’ll find more options and shorter wait times in a city than in a rural area. Cities also offer better access to public transportation, which can be helpful if you don’t own a car or potentially become medically unfit to drive.

If you’re looking for a more laid-back lifestyle after retirement, moving to the country or living by sea could be a more cost-effective option for your budget. Here are some factors to think about:

• What key factors are important to you in a location, and how will you be able to access them? If being close to the beach is important to you, will you be able to live close enough to walk there? This will be increasingly important in later years if your mobility becomes limited.

• Your healthcare needs are the services and support you need to maintain your health. This can include regular check-ups, vaccinations, and treatment for illness or injury. If you need treatment and support, are there facilities available to meet these needs, like hospitals, clinics, and doctor’s offices?

• If you’re living in a more rural area, you must consider what transportation you’ll have access to if you cannot drive.

• Do you have a plan for how you’ll stay social in your new neighbourhood? Having a social network and ways to stay active in retirement is important.

Make Your Move in Retirement with Central Coast Financial Planning Group

Evaluating where to retire is a complex task that requires careful consideration of many factors. However, by taking the time to understand your options and make informed decisions, you can ensure that you are prepared for retirement. Ultimately, the best retirement option for you will depend on your unique circumstances. However, by researching and working with a financial advisor, you can find the retirement option that best suits your needs.

Central Coast Financial Planning Group is a team of financial advisers helping manage your investments and assist you in making sound financial decisions. We provide superannuation advice, retirement planning, self-managed super funds, wealth creation, insurance advice, aged care advice, and more services. If you need retirement planning on the Central Coast, we’ve got you covered! Call us or book online to secure your initial meeting with our advice team today!

REFERENCES:

• https://www.ato.gov.au/individuals/super/growing-your-super/adding-to-your-super/downsizing-contributions-into-superannuation/

DISCLAIMER: The views expressed in this publication are solely those of the author; they are not reflective or indicative of RI Advice Group’s position and are not to be attributed to RI Advice Group. They cannot be reproduced in any form without the express written consent of the author. This information (including taxation) is general in nature and does not consider your individual circumstances or needs. Do not act until you seek professional advice. Newcastle Financial Planning Group, Central Coast Financial Planning Group, Sydney Wealth Advisers, Coastal Advice Port Macquarie and Coastal Advice Ballina Byron are subsidiaries of Coastal Advice Group Pty Ltd which is a Corporate Authorised Representative of RI Advice Group Pty Ltd, ABN 23 001 774 125 AFSL 238429.