I Thought About Retiring Abroad. Here’s Why I Decided to Age in Place Instead
From healthcare logistics to social ties, here's why staying in my longtime home won out over a tropical move.
During my years as a full-time staffer for Kiplinger Personal Finance Magazine, I wrote or edited nearly a dozen stories about potential retirement destinations. We profiled college towns, beach communities and overseas enclaves for expats in search of adventure.
I enjoyed researching, and occasionally visiting, cities that were popular with retirees. Our stories usually generated a lot of feedback, sometimes from readers who disagreed with our choices ("The traffic here is terrible!") or believed we overlooked features that made their own communities desirable.
Inevitably, while writing those stories, I thought about where I would like to retire. Likewise, when my husband and I went on vacation, I often found myself wondering what it would be like to live in places we had grown to love. But after some discussion, I think we'll probably stay where we are — in Northern Virginia, just outside Washington, D.C.
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We're not unusual. A 2024 survey by the Transamerica Center for Retirement Studies found that 62% of retirees were staying in the home they lived in before they retired. Among those who relocated, 36% wanted to be closer to family and friends, about a third downsized into a smaller home, and about a quarter moved to a community that offered a lower cost of living.
Those results match what I'm hearing from retired friends. One couple I know moved across the country to be closer to their adult children; I also have friends who moved to the Midwest because the cost of living is lower.
One couple I know downsized to a home in a 55+ community, where they pay it forward by driving older residents to doctors' appointments.
Why we're staying put
Our decision is based on a couple of factors. A big one is access to healthcare. We live less than two miles from a major hospital center, and there are plenty of specialists in the Washington, D.C., metropolitan area. As much as I love the rural area where I grew up, it's not unusual for people in my hometown to drive more than an hour to see a cardiologist, and general practitioners are becoming hard to find, too.
Another plus is strong public transportation. If at some point we have to give up our car keys, we'll still be able to get around. We live less than two miles from a station for the region's Metro rail service, and there's a bus stop a block from our house. In a pinch, we can use a ride-sharing app such as Uber or Lyft.
By contrast, there's no public transportation in my hometown, and "ride share" means getting someone from church to give you a lift to the grocery store.
There are drawbacks to staying where we are. The cost of living is higher here than it is in many other parts of the country. Virginia doesn't tax Social Security benefits, but most other types of retirement income are taxed at a top rate of 5.75%, although eligible retirees can deduct up to $12,000. Our property taxes are high, reflecting a sharp increase in the value of our home.
For now, I think our plan is manageable, but I'm also aware of the need to be flexible. Our neighborhood could change, or we could determine at some point that aging in place is no longer practical. In the interim, I'm viewing retirement as an extended staycation. I'm familiarizing myself with local parks, museums and other venues that I didn't have time to visit before I retired.
I'm enrolling in adult education classes. And I'm making an effort to get to know more of my neighbors. Last winter, we shoveled snow for some of the elderly homeowners on our street, and I hope someday a younger person will do the same for us.
Note: This item first appeared in Kiplinger Personal Finance Magazine, a monthly, trustworthy source of advice and guidance. Subscribe to help you make more money and keep more of the money you make here.
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