January 4, 2010

USA: TIME Magazine's Five Big Questions About Retirement

. NEW YORK, NY / TIME / Best & Worst Lists / January 4, 2010 Lower your taxes and be close to great hospitals, respected universities, great beaches and, of course, your kids. All these desirable goals hinge on one big decision: where you choose to live in retirement Question No. 1: Where Should I Live in Retirement? By Dan Kadlec Paul Hudson / Getty If you're thinking about picking up stakes and relocating in your retirement years, it's never too early to start planning. Moving touches every part of your life, and not all aspects are for the better. You'll want to weigh the benefits and pitfalls of each potential new location and choose one that strikes the right balance for you. There is no absolute Shangri-La. If you want to live in a city where you can take advantage of cultural attractions, convenient mass transit and excellent doctors and hospitals, you must also be prepared to pay up for real estate and endure higher taxes and expenses across the board. Meanwhile, that affordable country home may take you many miles from friends and family, and while a carefully chosen retirement community would certainly provide security (and lots of action if you lean toward organized sporting and social activities) you may find that you miss being near young people. Only you can decide what's important. The good news is that there is a wealth of material on the Web and in print to help with your research. Start with money.cnn.com, usnews.com and forbes.com — all of which update annual features on the best places to live and retire. You can also go to a website like topretirements.com, which aggregates much of what has been published on the subject. These sites will give you plenty to think about and offer specific suggestions once you've identified what's most important to you. Here are some of the key questions you should ask yourself. View the full list for "The Five Big Questions About Retirement" NEXT Should I Move Abroad? Should I Move to a Low-Cost Region? What Are the Tax Implications of a Move? Should I Move into a Retirement Community? Should I Just Stay Put? Planning For Retirement at Any Age Ronnie Kaufman / Corbis Six Year-End Tax Tips JGI / Blend Images / Corbis Five Painless Ways to Cut Expenses LWA Dann Tardif / Corbis Financial Advice From the Pros Jennifer Yeuill - Alyssa Schukar for TIME 10 Things to Do With Your Money Right Now MONEY - Joe Luis Pelaez Inc / Getty [rc] © 2009 Time Inc.