Do You Need a $1,000,000 to Retire? What is Your Destination?

Let’s look at this from another perspective.
Income needs to exceed expenses. Housing is one of the major financial considerations. Will you relocate in retirement? Will you “right size?” What will be gained or lost in relocating or staying where you are? Major considerations are family, finances, healthcare and culture. I can help you know your financial picture.
If you are contemplating relocation, try living in the location for an extended period to see if it is a good fit. Visit the location in their worst weather such as winter in Northern climates, the Southeast in humidity peaks and the Southwest in scorching summer heat. Consider that there will possibly be 2 retirement moves. The first move may be to an active community during the early years and then to close proximity to family/assisted living/skilled nursing during the later years. Another consideration for couples is if the surviving spouse would feel comfortable at this location. How long will you be able to drive?
Wherever you live, you will take many of your problems with you, because you will be the same person wherever you go. Same problems in a different location!
Here is a list of questions to consider from the magazine “Where to Retire.”
1-Where do your family and friends live? Do you need to be close by?
2-What do you do in your free time? Which locations offer the maximum amount of activities you enjoy?
3-How does weather affect you? Do you see yourself living in multiple locations at different times of the year?
4-What do you want to see when you wake up in the morning and step outside your home? Do you prefer certain architectural styles? Do you need lots of restaurants and cafes? Do you need nature?
5-Do you travel often? Do you need to be close to an international airport or a seaport?
6-What is the median price of real estate in the top five cities you’re considering, and how much square footage does your budget get for you in each?
7-Are you looking to try someplace new, or are you trying to recapture some nostalgia from a place you once enjoyed?
8-Will you depend on public transportation and/or driving a car? What will be the cost of each?
9-Do you need plenty of opportunities for dance, music, art and spirituality?
10-Have you had a frank and honest discussion with your partner/self?
Your check list might also include access control (gated), home owners insurance rate, utility cost, age restricted, services for aging population, green built, shopping, library, educational classes, golf, tennis, equestrian trails, hiking trails, water access, spa services, dining on-site, garden, fenced dog park, craft store, HOA restrictions. What is important to you?
All of these options come together to answer the question of how much money you will need for retirement.

Do You Need a $1,000,000 to Retire? What is Your Destination?
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