When you work full time for decades, free time can feel limited. Retirement brings more flexibility and new possibilities. As you get closer to this stage, it is natural to think about how your lifestyle may change.
Retirement does not have to mean the end of your professional life. Learn how you can still set goals, start a new career, relocate, try new hobbies, or pursue an encore career during your retirement years.
Where to Live in Retirement
When deciding where to relocate for retirement, ask yourself:
- Do you want to be closer to family and friends?
- Are you looking for new activities or communities?
- Do you want to lower housing and living costs?
- Are you coordinating plans with a spouse?
- What will your daily routine look like?
After narrowing your options, review key factors such as healthcare quality, taxes, cultural amenities, crime rates, weather, air quality, walkability, and commute times. Compare cost of living with quality-of-life priorities, including proximity to loved ones and retirement activities. Choose a location that fits your goals and budget to help you find the right place to call home in retirement.
Buying a New Home
When buying a home for retirement, look beyond the mortgage and factor in ongoing costs like property taxes, maintenance, and homeowners association fees. These expenses can add up each year. Also think about whether the home will work for you as you age, with features like single-level living, wide doorways, and few stairs to make aging in place easier.
Location also matters. Consider:
- Year round climate
- Resale value
- Access to services and amenities
Researching total costs and long term practicality can help you decide if the home fits your future needs.
Retirement Locations
Location can shape your retirement experience. Consider what type of setting fits your goals.
Midwest
Cities such as Appleton, Wisconsin; Columbia, Missouri; Troy, Michigan; and Iowa City, Iowa offer:
- Below average living costs
- Home prices below national levels
- Quality healthcare
- A mix of small town charm and urban amenities
Cincinnati, Ohio and Kansas City, Missouri are also popular for culture and amenities.
Beach Towns
Southern coastal cities such as Gulfport, Mississippi; Pensacola, Florida; Corpus Christi, Texas; Astoria, Oregon; and Bluffton, South Carolina offer:
- Coastal living
- Warm weather
- Median home values under $300,000
- Access to local amenities
These locations allow retirees to enjoy beach access and coastal activities while managing expenses.
Retiring Overseas
Living abroad requires additional planning, including:
- Financial Considerations: Maintain U.S. bank accounts and credit cards for access to funds. Investing through U.S. brokerages may be simpler. U.S. taxes may still apply to Social Security, pensions, and investments above the income exclusion limit.
- Housing Considerations: Many retirees rent first. Buying property as a foreigner can be complex.
Working with professionals who are familiar with local laws can help support a smoother transition.
Retirement Community
Deciding whether to stay in your home or move to a retirement community involves weighing several factors:
- Proximity to family support
- Social engagement opportunities
- Access to care services
- Home equity and retirement savings
- Community entrance and monthly fees
You can also choose which type of retirement community to join:
- Continuing Care Retirement Communities (CCRCs): Offer housing, amenities, and increasing levels of care for entrance and monthly fees.
- Independent Options: Niche or affinity communities and cohousing focus on social connection with fewer services.
Thinking ahead about your goals and resources can help you make informed choices when the time comes.
Working While In Retirement
Retirement does not mean you have to stop working. Many retirees choose to work part time, start something new, or try a different path. Some of the cool jobs to have in retirement are:
- Sell crafts online or at local markets
- Become a fitness instructor
- Join the gig economy
- Act in local theater
- Work with a nonprofit organization
Perhaps you are looking for another career, or an 'encore' while you are in retirement. If you are considering a second career, start by identifying what interests you most. Think about the activities that give you energy and a sense of purpose.
Next, look at how your current skills and experience connect with those interests. This can help you shape a new path that fits your goals.
Be patient as you begin. There may be challenges along the way. Stay focused on your motivation and remain open to learning. Consider taking classes, joining networking groups, or volunteering to build new skills. Remember, you define what success looks like in this stage of life.
What to Do in Retirement
Retirement brings new opportunities after years of work. With more free time, you can focus on what matters most to you. Some retirees enjoy the flexibility, while others miss the structure of a job. If you are unsure how to spend your time, consider these options:
- Volunteer for a cause you care about
- Take classes to learn new skills or hobbies
- Spend more time with family and friends
- Travel to places you want to visit
- Express yourself through art, music, or writing
Conclusion
As you plan for retirement, reflect on your goals and priorities to choose a location and housing aligned with your needs and budget. Stay active and connected through community engagement, new hobbies, travel, and time with loved ones. With thoughtful preparation guided by your personal values and interests, retirement can become a fulfilling new chapter in life.
