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Retirement
Planning: Cost Of Living
There are many things that people
plan for when planning their retirement.
They plan for the travel they wish to
do, to have money for gifts for the
grandchildren they hope to have, and all
kinds of wise and practical thing. In
the process, however, many people
neglect to plan for where they wish to
live upon retirement. We are seeing a
growing trend of retirees moving to
certain communities. This is all well
and good. It's nice to be around people
of similar ages and interests and live
in communities that cater to those
interests. However, one thing is often
overlooked during the process. The
prices in these communities, and the
average cost of living are quite likely
to be different than the cost of living
where you are. This is true unless you
plan to retire where you live.
The fact is that there is a growing
trend among retirees to migrate to
certain population centers. The entire
coastal region of Florida would almost
qualify though not all communities in
this area are equal when it comes to
being retiree friendly. The problem is
that most people who retire live on
limited budgets and can't afford the
high dollar real estate that is part and
parcel for these areas. One solution to
that is to decide where you'd like to
retire and buy real estate in that area
early.
There are all kinds of housing
communities being built around the
nation as we speak. In addition to these
communities high rise towers and
condominiums are being built to cater
not only to time-share renters but also
retiring baby boomers that are moving
into these areas. The earlier you buy
the better, as property values do tend
to increase gradually over time. There
are trends and twists and turns but for
the most part, property will gain in
value given enough time in which to do
so. The good news in these 'time share'
and popular destination areas is that
you can own the property and rent it out
for a little extra income while you are
biding your time waiting for retirement.
Once you've purchased a property in the
area you can make the rounds and get a
good comparison for the value of goods
and services in the area compared with
what you are accustomed to. You can add
the difference in your calculations for
what you will need when making your
retirement plans. Failing to do this can
result in some very sad situations many
retired people find themselves in. These
could include living in sub standard and
unsafe housing and not having enough
money left after paying the rent to
cover the cost of food and medication
much less other needs that may be
encountered.
You should also make sure that you add
the little cushion of money into your
planning so that you can occasionally
through caution to the wind and do
something fun. After all, what good is
it to be retired if you can never afford
to live it up a little? Make sure you
have enough money set aside to take that
cruise every spring or fly up to see the
grandkids two or three times a year. You
want to make sure that you can enjoy
your retirement or you will find endless
days of staring at the television. What
fun is that?
The costs of living in this country from
one region to the next can be
significantly different. If you do not
consider where you will be living upon
retirement when calculating the numbers
you are doing yourself a great
disservice. This is definitely something
you will want to discuss with your
financial planner before it is too late
to make the changes that will affect
your future and retirement needs. It is
good to have dreams of where you'd like
to retire but it is even better to take
the steps necessary to make your
retirement dreams a reality.
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