Top 5 factors to consider for a perfect retirement destination

While planning for a perfect retirement destination, people can start by asking themselves, “What would I like to do during my retirement years?” Whether you would like to take up a job, start your own company or just relax and live with or close to your children. Not just people close to 60 years of age but even the youth plans in some way or the other for their retirement.

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Here are some factors people can consider while choosing a place to live after retirement:

Financial situation

The one thing that is most important while choosing a retirement destination is the budget. This not only includes housing expenses but also prices of consumable goods, groceries, gasoline, electric and water charges and taxes.

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In general, cost of living in Tier-I cities is higher than Tier-II or III cities. RN Mittal, president, Telangana Senior Citizen Confederation and also an 88 year old senior citizen says, “Financial stability is one of the major factors that people need to consider. They must take into account the ever increasing inflation. If you have no source of income, it all comes down to savings, so the place you choose should be well within your budget for the next 15-20 years atleast.”

Locality

Once you know the budget, choosing a retirement destination can be further narrowed down. For instance, people with a high budget can choose to live in localities that are most sought after or are in the heart of the city. This gives them access to all basic facilities and keeps them connected to within and outside the city. It can also help those who wish to work post retirement.

However, those with mid-low budget can choose to live a little further off. One benefit would be the peaceful environment. Even so, they must choose a locality which has easy access to hospitals, railway station and airport. “If you have a low budget choosing a small city with all required facilities might still be a good idea,” says Mittal.

Also make sure the locality you select has a low crime rate. For those who wish to live independently, retirement homes or senior living communities can be viable options as well.

Employment opportunities

If you wish to work, getting a job in Tier-I city is far more easy than in a Tier-II or III city. Even the income is higher in the former. Within the city itself, job markets are limited to certain pockets. So, living close to such areas can be beneficial as it can ease commuting.

Proximity to family and friends

If you wish to stay close to your family or friends or spend holidays with them, this can be a deciding factor. In such cases people prefer localities or cities which are at a driving distance or are within a reasonable travel distance by train or plane.

Culture

Do you really fit in the place you are going to stay in after retirement? What is the demography of the area? This is an important factor if you are relocating to a different place. “A community with like-minded people always remains crucial,” says Mittal. Talking to people in the area you are considering can be a help in making a decision.

Source:http://content.magicbricks.com/industry-news/top-5-factors-to-consider-for-a-perfect-retirement-destination/80072.html