Summary of this article
Retirement in big cities often involves higher costs like rent, education, and medical expenses compared to smaller towns
Proximity to family and social support networks plays a vital role in deciding whether to retire in a big city or a smaller location
Smaller cities may offer a lower cost of living, but may come with trade-offs like limited access to advanced medical facilities
Many people live in big cities for work. But, should they continue to live there after they retire? The cost of living in big cities is often higher compared to smaller cities, and there are also other concerns like traffic on roads and pollution. Education costs, home rent, medical costs, and most of the essential services around big cities may also cost you higher compared to smaller cities. Does this mean that you should shift to a smaller city or far away from the metros to spend your retirement life? Let’s check out some of the important aspects that can help you in making the right decision.
Consider The Cost Of Living
Have you built enough corpus that can meet your expenses after retirement if you live in a big city? Check the cost of living in the big city and compare it with the size of your retirement corpus. If you feel that it won’t be sufficient, then you may evaluate the option of shifting to a smaller city.
Where Do Most Of Your Close Relatives Live?
If most of your close relatives and family members live in the present city, you may think again before changing cities. In your old age, it may not be easy to make new groups. So, living in the big city can be a better decision in such a scenario.
Where Would You Live If Planning To Change The City?
Buying a new home after retirement can be very difficult, unless you have already planned for it. If you have already planned or have bought a home, you can change the place. If you have not planned for it, you may consider renting a home. Choose a rented property with a longer rent agreement so that you don’t have to change the property often. Prefer living in a senior living apartment for better assistance and support in your old age.
Finally
Ideally, if you want to change the place after retirement, you should plan it many years in advance. When choosing your retirement place, you should consider things like access to a medical facility, banks, distance from close relatives and friends, cost of living, social infrastructure, etc. Avoid rushing to a decision when you have to change cities. Take the help of your family members when you have to make a decision.
The author is an independent financial journalist
