3 tips to help you decide where to retire

One of the bigger decisions to make in retirement is where to call home during your golden years. For many Canadians, this simply means staying put at your current address, but for others, it might mean packing up and moving to another residence across town, out of province, or maybe even south of the border.

There are plenty of options for people to put down new retirement roots these days but whether its moving to a small town from the big city or choosing beachfront property over a ski chalet, its important to remember that selecting the perfect locale takes careful consideration.

A good way to start on the road to relocation is to map out your retirement lifestyle plan and strategize your vision of the future. This is particularly important for couples who may have different expectations about where to live in retirement, but also an essential step for those retiring on their own.

Three tips to help you decide where to retire:

1. Discuss expectations

As you approach retirement age, you may now find yourself wanting to live in the mountains, while your partner prefers the beach. Be sure to discuss all retirement dreams with one another, both individually and as a unit and come to a compromise if necessary. Make the beach your home base, for example, while taking lots of vacations to the mountains, or settle down near the slopes and head to the sand and sea on holiday.

2. Do your homework

Like with any big life decision, it’s important to consider what you might gain from moving to a new place of residence in retirement, but also what you might end up losing in return. Would you have convenient access, for example, to amenities and activities that you want or need such as quality medical care or a local fitness centre? Or, are you really comfortable shrinking your living space in order to move to a bigger, potentially more expensive city when you might be spending more or your day at home? Taking your time beforehand to ask questions and research the answers can help make sure a move is right for you.

3. Make adjustments

When figuring out your dream locale, you'll also have to take your retirement finances into account. How much have you saved and what kind of lifestyle can that fund? Can you afford the costs? It may turn out that both the mountains and the beach are out of the question and you'll have to stay right where you are, taking trips to more exotic locales when you can.