When it comes to retirement, most people think about money. Don’t get me wrong, the financials are important, but it’s not the only thing to consider.
Sure, a well-funded retirement gives you utility and flexibility, but that only goes so far. You have to think about what you’re going to do, where you’re going to live, and how those golden years will be spent.
In this article, we’re going to dive into the non-finance side of retirement.
Where will you live?
One of the most important considerations is where you’re going to live, and there are many factors to take into account.
Are you/do you need to downsize?
If your children are out of the house, downsizing may cross your mind. The time and energy needed to maintain a house are significant. Moving to a smaller place could be a good move.
You’d spend less time cleaning, and you would use less energy keeping your home at its desired temperature.
Move to another state?
There are many states around the country that are go-to destinations for retirees. Do you know why? Generally speaking, the climate is better (no snow or cold winters to deal with), and there are no state income taxes.
Moving to a different state is a big move, so you need to consider all factors as to whether it’s the right move for you.
Things to consider:
There are several countries around the world with the cost of living metrics much lower than the United States.
Here’s an article by U.S. World News that lists the most desired countries for retirees. Some of the factors include the cost of living, climate, and health care.
What will you do?
Are you going to work, volunteer, or play golf? A lot of people say that when they retired, they were busier than when they were working.
What you do in retirement will play a significant role as to how fulfilling your retirement is. It can also play a role when deciding where you want to live.
If you want to spend as much time as you can with your grandkids, then you’ll probably want to stay close to them.
Whatever you decide to do, you have to make sure it fulfills four things.
- The activity has to make you use your mind. You need to stay sharp.
- The activity needs to create a community, of sorts, around you. Having a network of people you talk to and hang with is important.
- The activity needs to keep you active.
- The activity needs to give you a sense of purpose. Checking those first three things is awesome! That’s a great start! I would recommend you do something that benefits others. Whether it’s your community or people in need.
The most important factor in retirement, for current retirees, is their health. Keeping active, social, and mentally stimulated is essential for a long and happy retirement.
When we talk about retirement, finances play a very important part, but it absolutely should not be the only thing you think about.
What you do, where you do it, and who you do it with are all incredibly important details to keep in mind.
If you’d like to learn more about anything I talked about, I’ve linked to several resources below.