At age 55, and after over 20 years of work with his company, Scott decided he wanted to retire from a regular work schedule within the next few years. This big life transition also got him thinking about where he might want to live in retirement.

Fast forward to five years later. and after thoughtful planning, Scott is happily living in a small town that matches his needs and lifestyle. His process to get there included making lists of his wants and needs in retirement, researching his options, checking local weather in the areas he considered living, and generally making choices aligned with his retirement goals.

If you’re starting to think about retirement, you could do the same.

Getting started

If you’ve retired, or are planning to retire soon, you probably have some decisions to make. And one of the most significant is where you want to live. Moving isn’t necessary, by any means, but this life milestone often spurs people to reevaluate their priorities.

For those wishing to move to a new area, options can include a retirement community, a manufactured home park, a condominium or moving to a smaller home.

Downsizing

For many, downsizing can be a great choice after retirement. Maybe your kids have long left the nest, or maybe you and your partner just want a smaller space where you won’t be responsible for lawn maintenance.

If you’re planning to move to a smaller home, you’ll want to determine what to bring with you. You may have a house filled with furniture, a garage full of tools, and boxes of personal belongings you’ve kept over the years. You’ll have to decide what to do with items you no longer want or need. Here are some ideas:

Are there family or friends who would want those items?
A garage sale may help you earn money. The only catch is that you’ll need to arrange the sale yourself. As an alternative, you can also try using online platforms to sell used items.
If you have a lot to sell, there are services that can run the sale or auction for you and pay you for whatever is sold - minus their fee.
If you wish to donate items, many volunteer groups will pick them up for free.

55+ Apartment complexes and condominiums

Many apartment residences for those 55 and older offer relaxing environments, sometimes along with amenities like golf courses, community centers and classes. Some even have their own banks, restaurants and travel agencies. Building maintenance, landscaping and lawn care are often taken care of by staff.

55+ Manufactured home parks

These parks, created just for adults 55 and older, are very similar to most 55+ complexes, but include the option to own the home. Newer homes are typically more energy efficient and have modern interior and exterior designs.

Smaller homes

Maybe you prefer to live in a smaller home with less maintenance and lower energy costs. With this option, you can stay in your current city or try living somewhere else. Selling a larger home may bring the benefit of additional money to keep in savings or provide you with the means to buy or rent your desired retirement property.

Shopping for a retirement home

When visiting areas where you may want to retire, check out online real estate listing sites like Zillow or Redfin. You can also pick up copies of free local real estate magazines. Real estate agencies list many of their homes in these publications, and current listings will give you an idea for the cost and availability of nearby homes.

Real estate agents

Finding a real estate agent to help with your search can be a great advantage. But remember that most real estate agents and brokers get paid by the seller of the property, so they’re motivated to show you properties that their agency has listed.

Give the agent a detailed description of the home you’re looking for and your price range. Consider whether you’re willing to climb stairs now and in the future. Do you want to live in the city or in the country? Find the nearest grocery stores, hospitals, public transportation and other services you’ll need to have close.

Weather considerations

If you’re thinking about moving to a different climate, you may want to do some research. Determine the regions you’re interested in and gather information on the local weather. Check with friends or family who live in areas you’re considering and ask about the positive and negative aspects of their weather. How do they cope in the summer and winter months?

Try visiting these locations and check with the local chamber of commerce for information on annual rainfall, snowfall, energy costs and driving conditions.

Financial planning

When trying to buy or rent a home for retirement, there will be important financial decisions to make. Your income bracket, as well as state and federal laws, will determine if you owe taxes when you sell your home. While some of those proceeds may be spent on a new, smaller home, you may have to pay taxes on profits. Consider contacting a tax advisor or financial planner before making a final decision.

Some people take years to plan their retirement and determine their new living arrangements. Others know exactly what they want and do it within a short amount of time. Careful planning, seeking good advice and thinking hard about your future can make the transition to retirement an exciting and fulfilling experience.

Sources:

Helpguide.org. September 26, 2023. Senior Housing Options.

Seniorliving.org. February 5, 2024. Planning for Housing in Retirement.

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