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10 Essential Considerations for Deciding Where to Move in Retirement

By U.S. News & World Report

One of the greatest benefits that retirement provides is the opportunity to choose where you want to live. You no longer need to be concerned about living close to where you work. Instead, you can choose to live in a place that offers the climate and surroundings that will enable you to enjoy your retirement to its fullest.

Many of the criteria you will use to select your ideal retirement location are obvious, such as the cost of living, taxes, safety and climate. However, there are many other important criteria to consider that might be less apparent. Here are ten important qualities you should evaluate when you are looking at potential retirement destinations.

[See: 10 Tips for Finding a Great Place to Retire.]

Quality of health care, assisted living and nursing facilities. When you begin your retirement, you will probably be healthy and active. But in your later years, the availability of good doctors, one or more quality hospitals and decent, affordable assisted living facilities and nursing homes will become crucial. As you age, it will be more difficult to relocate to another area to find better health care options. It makes sense to investigate the services that are available in the area you are considering. While a lot may change in the future, the availability of good medical services today is a good indicator of what should be available in the future.

Cost of health insurance. If you retire before you become eligible for Medicare at age 65 or if you will not have employer-provided health insurance, then you will need to purchase your health insurance on the open market until you reach 65. The cost of health insurance varies widely from state to state. The number of choices you have for insurance plans and carriers varies widely too, especially if you qualify for a government subsidy and will be buying your health insurance on your state’s health care exchange. Even though the health care landscape will continue to change as the country wrestles with health care reform, you should research the costs and levels of coverage provided by the insurance plans that are available in your new location. If you are planning to move to another country, you will need to learn how you can participate in that country’s health care system as an expat and what it will cost.

Quality and availability of senior services. As with doctors, hospitals and retirement facilities, you may not need to avail yourself of senior services until later in your retirement. But it’s good to know whether services such as senior activity centers, clubs, organizations, home care providers and transportation for people with mobility challenges are available in the community you are considering.

[See: 10 Places to Retire on a Social Security Budget.]

Things you value in your everyday life. If you are accustomed to shopping in particular stores, you may miss those places if they are not available in your new location. For example, if you are used to having a Costco or a Trader Joe’s nearby, ask yourself if you could be happy in an area where these stores aren’t present. The same applies to things like art house movie theaters, farmers markets, your favorite type of restaurant, a church of your denomination and so on. Sometimes the smallest, most mundane things make a big difference.

Proximity to a major airport. If you plan to travel during retirement, you’ll probably appreciate living within a reasonable drive from an airport that offers regular flights to many destinations. Having to drive several hours in addition to the time spent on an airplane will make your travel more tedious, and it will be more costly to take a cab or shuttle and more difficult to have friends take you to the airport. Similarly, if you expect to entertain visiting friends and family members, living closer to an airport will make transportation easier for them.

Signs of future prosperity or decline. The town or neighborhood you are considering might look good now, but try to envision how it will hold up over time. A lot may change over the years, but there are several signs you can look for. If the local economy is strong and the major employers are in industries with a promising future, such as technology and medical research, that bodes well for a city’s future. On the other hand, a heavy concentration of aging manufacturing plants is less promising. State capitals and university towns will probably remain stable over time. You can research population growth and employment rate trends online, and you can observe whether there is a lot of new building and revitalization of existing neighborhoods or if homes are falling into disrepair and shopping centers have a plethora of vacant stores.

Amenities to support your desired lifestyle. Think about the activities you plan to participate in as you enjoy your retirement, then investigate whether the area you are considering offers the amenities that will support your interests. For example, if you are an artist, see if there are art supply stores, galleries and places that offer art classes. If you plan to play a musical instrument, find out if there are bands or orchestras you can join and opportunities to perform. If you enjoy fine dining or international cuisine, look at what the local restaurant scene offers. The same applies for adult education classes, museums, theaters, live music, hiking trails, golf courses and more.

Opportunities for socialization. An engaging social life is one of the most important components of a happy retirement. If you prefer to socialize with other retirees, you may want to move to an active adult community or live in a city that has a large senior population. If you prefer to socialize with people of various ages who have similar interests to yours, you can look into Meetup groups and read local publications to get a feel for what social opportunities are available.

[See: 10 Retirement Hot Spots in the U.S.]

The ability to age in place. It’s always a good idea to rent in a new locale before you buy. That will allow you to determine whether you are going to enjoy the area and give you time to discover more about the local housing market. When the time comes to buy a new home, choose one that will continue to serve you well as you get older. A one-story home is a wise choice, and you should be mindful of whether the home will still be navigable if you need to use a walker or wheelchair someday. You should consider how large a home you are willing to maintain and the amount of yard maintenance you are willing to do, both now and in the future.

The community’s fees and regulations. If you are planning to buy a condominium, a home in an active adult community or a home in a neighborhood with a homeowners association, it’s essential to learn as much as you can about the community’s rules and the fees involved with living there. Try to assess whether the managing organization operates effectively and is in good financial health. If you are moving into a land lease community in which you own a manufactured home or mobile home but you lease the ground it sits on, there is a chance that the property could be sold in the future if there is a lot of new development in the area and land prices are rising.

Moving to a new place after you retire is an exciting, possibility-filled event. It can be the beginning of a rewarding new chapter of your life. It’s also a decision that requires extensive research and a clear vision of what you want your retirement to be like so that you can be sure you are making the best choice.

Dave Hughes is the founder of Retire Fabulously.

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10 Essential Considerations for Deciding Where to Move in Retirement originally appeared on usnews.com

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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