As new retirees exchange time cards for Social Security checks, many also follow
their dreams by flying the coop.
Some head straight for laid-back country living: chopping wood, raising horses
or chickens, slipping into small-town life. Others see the kaleidoscope of opportunity
in city life as a retirement bonus and grab a condo or co-op in a hopping downtown
metro area.
Both choices have their advantages, but what you ultimately decide should reflect
the future. Want to know more before you make a move? Look into Bankrate’s crystal
ball …
Do you prefer an urban or rural lifestyle?
Before you decide that your retirement paradise is Green Acres or Park Avenue,
do a needs assessment to determine the best lifestyle for you.
Heart vs. Head Decisions
1. The benefits of city life
2. The allure of the country
3. A ‘European experience’
4. An expert’s opinion
5. Smaller towns and suburban life
The Benefits of City Life
At 71, Alan Entine, a native New Yorker, has moved completely across the country
to retire where Tony Bennett left his heart — San Francisco. A former university
administrator with a doctorate in economics, Entine chose to live near his two
grown daughters and their families, but the Bay City wasn’t his first choice.
He and his wife originally relocated to Cary, N.C., a bedroom community near
Raleigh. Within six months, his wife Jan developed a serious, and ultimately
fatal, illness.
“Thank heavens we didn’t move to the coast or someplace like that,”
Entine says. “Because we were within driving distance of Duke (University
Medical Center).”
After Entine’s wife passed away, he regrouped. While Cary was nice, he gracefully
acknowledged his driving days were numbered and knew he didn’t want to be dependent
on others for transportation. Entine decided to trade Cary for the big city.
Because his daughters were there, Entine naturally gravitated toward San Francisco,
which has excellent mass transit. He rented at first, then eventually bought
a small condo. He wanted a place where he could walk to stores and attractions,
which his new home at the Infinity Complex, allows him to do. And, he says,
the variety of residents in the area — from young professionals to retirees
— makes life more interesting and varied than might be the case in a retirement
village. Plus, there’s always something going on within striking distance.
“San Francisco … has wonderful museums, theater, symphonies and opera,
as well as great weather,” says Entine, who hasn’t abandoned academic life
altogether. He works with the FROMM Institute of Higher Learning at the University
of San Francisco, which offers an eclectic cross-section of free classes for
seniors. Many colleges and universities offer similar free programs.
Entine also touts San Francisco’s proximity to an international airport and
says that although buying his condo wasn’t cheap, the trade-off is that big-city
living is more economical than some might think.
“Sure (big cities) are expensive in terms of housing,” he says, “but
the day-to-day living in San Francisco isn’t that much more expensive.”
And there are bargains, too.
“On the Muni (San Francisco Municipal Rail) system, as a senior I pay
$10 a month for a pass and I can have unlimited bus and train rides for a month,”
he says.
But even if housing in San Francisco costs more than in Cary, Entine believes
the convenience and variety of a big city is ultimately worth what you pay for
it.
The Allure of the Country
Big cities don’t faze Clark Pettit. From the time he was a child, Pettit lived
all over the world, from Paris to Hong Kong, London to Los Angeles. When he
decided to put down roots, he didn’t turn to New York or Rome. Instead, he headed
for the outskirts of Prescott, Ariz.
Pettit, a media consultant who travels frequently in his job, is only 42 and
not yet ready to give up his frequent flier account. But living where he does
— on a 10-acre horse-friendly tract — hasn’t dampened his appetite for a rural
lifestyle. In fact, he’s right where he plans to stay even after he stops dashing
through airports.
“We wanted land sufficient for horses; we wanted quiet,” Pettit says.
Originally, Pettit and his wife bought land in Mexico with the intention of
retiring there, but changed their minds and investigated western areas, such
as California and Montana, eventually opting for Arizona. Although Prescott,
located at the convergence of three cities (Prescott, Prescott Valley and Chino
Valley, all in Yavapai County), is booming with retirement opportunities, Pettit
and his family live in an area developed by LV Ranch Estates about 25 minutes
from the nearest grocery store, 30 minutes from the nearest major medical center
and 35 minutes to the center of Prescott (which is about 75 miles from Phoenix).
“We do have a small town near us called Skull Valley that has a general
store, but it’s not a lot closer to us — maybe 20 minutes,” he says.
But while driving to the store to pick up a half-gallon of milk might be inconvenient
when you settle in the boonies, Pettit points out that in many ways, living
in the Los Angeles area isn’t particularly more convenient.
“It takes two hours to get to the airport from almost any of the outskirts
of L.A., plus substantially longer if the traffic gets in the way,” Pettit
says. “Even a medium-sized city, which I consider Phoenix to be, isn’t
going to give us that quality-of-life balance.” Plus, he says, the rural
lifestyle helps him keep stay fit and healthy.
A ‘European Experience’
Kyle Ezell, an urban planner and principal of Get Urban America, as well as
author of “Retire Downtown,” believes seniors thrive in urban settings.
In fact, Ezell says all the hustle and bustle that make some people want to
flee the city might be exactly what keeps them young as they age.
“In some ways they’re like fountains of youth,” Ezell says.
In addition, Ezell says most retired city-dwellers can easily reduce a two-car
household to one car — or no cars at all, which frees up the cost of payments,
repairs, insurance and gasoline. And, as San Francisco’s Entine points out,
although mass transit isn’t free, there are often deals available to older residents.
Ezell says living in a metropolitan environment isn’t for everyone. Some think
of cities as “cold” experiences, but he says many now offer reasons
for seniors to head downtown.
“The people who decide to move to their downtowns, whether it be the one
closest to them or if they want to experience a life adventure and move to Manhattan,
Chicago, San Francisco or some other place near their grandkids, they know what
they want, and they know that city living is such an unusual choice for Americans
in general that they are expecting a more European experience,” he says.
But Ezell doesn’t believe “downtown” or “city” refers only
to huge metro areas. Smaller ones qualify, too. Whether it’s New York City or
Prescott, metropolitan areas are gearing up to make older Americans feel welcome.
In addition to revamping downtown, making signage easier to read and adding
senior discounts to city services, colleges and universities are offering programs
that help keep older adults “lifelong learners.”
Ezell, who says his mother lives in a smaller town, doesn’t like retirement
communities. He believes it’s healthier for older Americans to integrate with
people of all ages — and he says cities offer more variety as well as good
value for the money.
“I would not want my mom to live in a community that is in decline,”
Ezell says. “Urban centers are vibrant, they are where art lives, where
ideas and creativity are born; there is something to do, something to experience
in the city every single day, every minute of the day.”
An Expert’s Opinion
Dr. Warren Bland concedes his prejudice.
“I admit I can’t see living in the countryside,” Bland says. But
that doesn’t mean everyone he knows feels the same way. Bland’s brother-in-law,
for example, savors life in the country, but Bland believes his brother-in-law
is in the minority when it comes to retirement. And he knows all about places
people retire.
A regional geographer and author of “Retire in Style: 60 Outstanding Places
Across the USA and Canada,” Bland ranks areas on a 12-point scale, including
transportation, medical care and climate. Of all his evaluation points, climate
is one of the most influential when choosing a general area, but doesn’t play
much into choice of a city or country home. After all, hot and humid are, well,
hot and humid — whether you live in a Savannah condo or on a Georgia farm.
Then, of course, there’s shopping. No one can deny the shopping’s usually superior
in metropolitan areas.
“Retired people have more time than when they were in the work-a-day world
and a lot of people like to shop in person,” Bland says. “The more
retail outlets there are, the more competitive prices tend to be.”
Smaller Towns and Suburban Life
Retirement isn’t as simple as buying a house on a golf course and teeing off
every morning. Although the idea of pursuing one’s dreams certainly motivates
choice of a retirement location, that remote cabin in the mountains might not
be the best choice for you at 85.
Dr. Ron Manheimer, executive director of the North
Carolina Center for Creative Retirement, says he’s seeing a migration from
rural areas to cities as people age. “They want to be closer to medical
services and amenities,” Manheimer says.
Most retirees stay in their home state. Manheimer says only about 4 percent
to 6 percent relocate to a different one. “The general migration pattern
is from fairly dense metropolitan areas to less dense metropolitan areas,”
he says. “That’s why you see people moving into smaller towns and suburbs
around the big cities.”
While many downtowns are creating walkable communities and trying to lure retirees,
Manheimer says the sandwich generation — those who care for both children and
elderly parents simultaneously — don’t want to become a burden on their own
kids. Thus, they are choosing places based their ability to live independent
lives.
The upshot is that while a cabin in the mountains looks good to you, you might
be better off in Roanoke, Va., or Asheville, N.C., which offer mountain living
plus the conveniences of larger metro areas.
Another option is to “try on” your retirement before you commit.
Rent in an area you like. That cottage 45 minutes from town might seem quaint
right this minute, but will it hold its allure six months from now? The same
for city living: You may love the idea of nonstop activity, but is a city really
for you?
There’s always the option of two retirement homes — one to placate your heart
and a second for when you reach the age that a city bus at your doorstep extends
your independence.
Whether you choose to spend your retirement on 800 acres or in an 800-square-foot
condominium, remember that no choice is irrevocable. You can always change you
mind.
© Copyright 2008 Bankrate, Inc. All rights reservedMore From Bankrate:3 Ways to Pay Taxes ElectronicallyPay Down Mortgage With Lump SumBest Retirement Moves for 2008
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