There is a lot to consider when choosing a lifestyle for our retirement years. Things to consider are finances, health, family situation, and retirement goals. We have the opportunity in our golden years to check off things on our bucket lists and challenge ourselves to grow. What promises do you make yourself about “if you had the time.” Are there places you always wanted to visit, a culture you wanted to experience, or food you’ve always wanted to taste? The last third of our lives opens up doors to endless possibilities if we make the choice to step through and welcome them. Silver Chats is looking at the top 3 choices of retirement lifestyles and their pros and cons.
RV life
RV living can be a practical option for people who want to keep exploring after leaving the workforce. It can be cheaper than traditional home ownership because RVs require less space and utility usage, and can encourage a simpler lifestyle. Some say RV living also helps them see more of their family, stay active, and create memories. However, there are some downsides to consider, such as fuel expenses, campground costs, and managing mail and deliveries.
Pros
- Cost – RV living can be cheaper than a traditional home because RVs require less space and utility usage
- Family time – Some RV couples say they see their grandchildren more often and no longer periods of time when they’re traveling
- Memories – RVing can allow retirees to embrace the unexpected and create lifelong memories
- Activity – RV living can help retirees stay active and in shape.
Cons
- Fuel – Retirees need to be prepared for fuel expenses when traveling
- Campgrounds – Campground costs are on the rise
- Mail & Deliveries – Retirees may need to manage mail forwarding and deliveries
- Internet – Internet access may be unreliable for email and online banking
- Boondocking – Retirees may sometimes need to sleep in their RV without access to hookups, which can be challenging in inclement weather.
Some tips for RV living in retirement include:
Save on gas
Pull a small vehicle, or “toad” car, behind your RV so you can run errands without breaking camp.
Use a credit card
Use a credit card or cash instead of a debit card for gas and other expenses. You can also get credit cards with cash-back features and sign up for retailers that give you gas points.
Use a mail service
Use a mail service that receives your mail, scans it, and sends you digital copies. You can then instruct the service to shred the mail, open it, scan and share content, or forward it to another address.
55+ communities
If you love living in an active environment a 55+ community is a great choice for a retirement lifestyle. The amenities are far greater than traditional communities offering social life, recreation, and quiet spaces. The neighborhood consists of peers of the same age and in the same stage in life. These communities offer a variety of price tags making them an affordable option for both middle and higher incomes. The benefits of this lifestyle include physical activities promoting health and wellness, social interaction for mental well-being, and peace of mind financially. Many individuals see this option as offering independence and freedom.
Pros
- Community – Strong social connections with others who are at the same stage in life. Many offer clubhouses, libraries, exercise rooms, and pool areas, as well as, daily planned classes and scheduled events.
- Low Maintenace – There are HOA fees for maintenance and repairs providing property management and can include garbage, cable, water, and security
- Quiet, Kid-Free Environment – Almost all communities have age and living restrictions except for holidays when grandkids can visit, guaranteeing a quiet setting.
- Amenities – Most communities offer social events, games, movies, concerts, speakers, and classes. Many have gyms, pools, tennis courts, golf courses, game rooms, and clubhouses.
- Safety and Security – Many communities are gated and offer onsite staff. Common areas are well-lit, updated fire alarms and smoke detectors, and trained security staff
Cons
- Lack of Diversity – Since most of these communities have age and income restrictions, interaction will be primarily with 55+ individuals
- Less Privacy – Most residences are apartments or homes and are built close to each other. This can cause unneeded pressure to join in with others.
- No Onsite Medical – Unlike assisted living, a 55+ community offers no on-site medical assistance. The focus of these communities is independent living not care services.
- Strict Rules and Regulations – Rules in these communities can be quite restrictive. There can be regulations on how you can customize your home, landscaping, exterior decorating, and age and visitor restrictions.
- Hard to Sell – Selling a home in a 55+ community can be limited due to age restrictions and rules of ownership.
Living and Traveling Abroad
Living and traveling abroad as a retirement lifestyle can offer many benefits for seniors, including physical and mental improvement, opportunities to learn about different cultures, and experience personal growth. Traveling provides a healthy path for aging by developing social skills through interaction with differing people, places, and cultures. There are planning and financial considerations when deciding to live or travel abroad too. It can be done on a budget or extravagantly, either way, the benefits are the same.
Pros
- Lower Cost of Living – There are countries where the cost of living is 65% cheaper than the US. Costa Rica, Panama, Mexico, Malaysia, and Vietnam are some of the cheapest and safest places to live in the world.
- Financial Incentives – Some countries offer financial incentives to US expats, like Panama’s Pensionado program, one of the best programs for retirees in the world.
- Health Care – Some countries have national healthcare systems and healthcare can be affordable and available. Finding those countries takes research checking availability and eligibility and the quality of the system.
- Cultural Experience – Living abroad can offer new cultural experiences by learning a new language, exploring new places, and enjoying new food, scenery, and climate.
Cons
- Away From Home – Living abroad can take you far away from family and friends. Emergencies can be expensive trips back to the US and time differences can make staying in touch more difficult
- Tax Liabilities – Watch out for double taxation. Depending on the country, you might owe taxes both in the US and abroad. Foreign countries may have tax liabilities travelers are subject to paying, these taxes would be on top of the US income taxes US citizens owe whether living in the US or not.
- Visas – Long-term visas can be troublesome in some countries, and making “visa runs” can be expensive. Keeping track of the number of days in your stay and having to leave a country to comply with visa restrictions can be costly and stressful.
- Language and Cultural Challenges – A new language and cultural differences can make daily life challenging when goods, services, and conveniences aren’t readily available.
Whenever choosing a life change take the time to research and make lists. Take an inventory of individual likes, and dislikes and match them to the pros and cons of any lifestyle consideration. Retirement isn’t the time for a makeover, it is the time to choose positive, healthy ways to discover the endless possibilities of aging through holistic aging practices. Choosing a lifestyle that mirrors these goals is achievable and within everyone’s reach.