After years of the workday grind, many folks dream of retiring to the beach. Great weather, beautiful sunsets, toes in the sand — what’s not to love?
But the idea of retiring to a coastal city and actually planning for it are two totally different things. Considering the average American is retired for 20 years, thinking about what you want to do for your retirement is essential. If you’re ready to start planning, we’ve gathered some information to help you make your beach living dreams a reality.
First things first. Consider these 10 things before making your retirement plans:
- Set realistic goals about what you’d like to do during your retirement. Some common ideas include traveling, spending more time with family and living in a warmer climate.
- Determine if you’re going to work. Many folks think they will work at least part-time after they retire from their full-time jobs; however, not that many people end up doing that. If you plan on working, search for opportunities before you retire.
- Decide where you’ll live, whether it’s out of state or closer to children and grandchildren.
- Know where you’ll get health insurance. Most people sign up for Medicare and also have a supplemental insurance plan, either from their old job or by purchasing their own.
- Know your assets and if no longer receiving a paycheck is going to affect your decision. Get a realistic picture of what you have financially with pensions, 401k, debts and savings to know if you can support yourself for the next two to three decades.
- Determine where your income during retirement will come from. Some common sources include pensions, social security and other resources.
- Understand when to sign up for social security.
- Plan for unexpected bills, expenses and other family members you may need to support.
- Get on the same page with your spouse so you both can work together on your retirement dreams and aspirations.
- Make a plan to help your dreams become a reality.
Life’s a Beach
Florida continues to top the list of the most popular states to retire to. And it’s no wonder why. Florida has tropical weather, sunny skies, mild winter weather, amazing coastal cities and attractions the whole family will enjoy. For example, if you love the liveliness of a city, Miami is a great choice. It ranks well for healthcare, affordability and entertainment. NerdWallet ranked the city the number one urban city for retirement given its population of retirees, cost of living, price of a doctor visit and more. It also has a wide variety of places to rent if you want to test it out before buying a place.
According to TopRetirements.com, other popular cities for retirees include New Bern, North Carolina; Astoria, Oregon; Biloxi, Mississippi; Laguna Vista, Texas; Englewood, Florida; Cape Coral, Florida; Palm Coast, Florida and Port Angeles, Washington.
Regardless of which retirement locale speaks to you, you must do your due diligence well before retirement time to ensure all of your retirement plans can be achieved. Seek out resources and advisers to help you prepare. AARP.org, MyMoney.gov, Fidelity and Vanguard offer good starting points.