Two-thirds of retirees will likely move at least once during retirement, according to the most recent Merrill Lynch/Age Wave survey. Where they choose to live is determined by a confluence of factors, including the cost of living and tax rates, incidents of crime, health care access and quality, community well-being and the weather.
Recently, Bankrate.com released its annual Best and Worst States for Retirement. In addition to ranking states on the factors listed above, Bankrate also conducted a survey to find out what people value most when choosing their retirement community. Surprisingly, weather was ranked fifth in importance behind several other factors, including financial considerations, health care and safety (crime rate).
Forbes examined many of the same retiree concerns to compile its 2015 The Best Places to Retire list. In addition, while ranking 500 cities to determine the top 25 winners, Forbes also considered the local job market for retirees as well as the fitness-friendly aspects of each community.
There is little overlap between Bankrate and Forbes’s lists, indicating that “best place to live” can be a subjective term. However, both lists offer good information that can guide your decision-making process if you are considering a move in retirement.