From the November 2007 issue of Boomer Market Advisor • Subscribe!

November 1, 2007

Asking the right retirement relocation questions

According to U.S. Census Bureau statistics, almost 3.3 million people 55 or over moved between 2004 and 2005. According to Topretirements.com, before moving, many retiring boomers ask a simple question, "What are the best retirement communities?"

It's the wrong question.

"A better way to start the search is to explore your unique set of circumstances and preferences," says John Brady, Topretirements' editor. Once baby boomers have done it, he explains, "It is a lot easier to narrow down your search to the best retirement communities -- for you."

Going through the process also helps avoid the heartache and expense that comes with rushing into a community that is a bad fit.

Here are key questions boomers should consider:

  • What family factors affect your choice?
  • Is your dream the same as your spouse's? Look out if you are thinking Florida, golf, and gated -- and your wife is thinking Carolinas, charming downtown, and walking trails.
  • Full time or part-time? Residences in two different climates can be ideal -- if you can afford it.
  • What is your budget? The average baby boomer has saved a paltry $50,000 for retirement. For those fortunate enough to live in a high-cost area, however, there are many ways to trade your home equity for a comfortable situation elsewhere.
  • Will you work in retirement?

For more information and a free relocation guide, visit www.topretirements.com.

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