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10 Important Criteria for Deciding Where to Retire

By U.S. News & World Report

It’s fun to think about where you want to retire. Once you no longer have your job tying you to a particular area, there’s no reason not to relocate to a place that’s more to your liking. Perhaps you want to move someplace warmer, closer to the water or where the cost of living is lower. But with so many factors to consider, choosing a place that’s right for you can quickly become overwhelming.

[Read: 10 Signs You’ve Found a Great Place to Retire.]

In a recent poll of readers of the retirement lifestyle website RetireFabulously.com, these 10 factors emerged as the top criteria for choosing a good retirement location.

1. Safety. Safety concerns can become a higher priority as you grow older and feel more vulnerable. Take a look at the crime statistics and economic data for places you are considering. Keep in mind that crime rates vary widely in different areas of a city. The local police department may be able to give you more specific information about a locale you are considering.

2. Proximity to health care. This factor may not seem as important during your earlier retirement years when you are still healthy, active and have little need for medical services beyond routine doctor visits. But you should consider the quality of and proximity to good health care when selecting a place to live so that you won’t need to move again when you reach the point where you need it. You should also check out the retirement homes and senior services that are nearby, even though you may not need to use them until years later.

3. Cost of living. The local cost of living plays a big role in the lifestyle you can afford in retirement. Remember to consider your anticipated living situation when examining this data, such as whether you will buy or rent or whether you plan to own cars or rely upon public transportation.

4. Climate and weather. Many people choose to move to warmer climates after they retire. While there are nice cities in colder climates that offer excellent amenities for retirees, the fact remains that wintry weather conditions present a greater challenge as you age. Shoveling snow will become more physically demanding, and the potential for injury if you slip on an icy surface is greater.

[See: 50 Affordable Places to Buy a Retirement Home in 2016.]

5. Presence of diverse people. Workplaces across the United States have become more diverse over the past few decades, and you have probably grown to appreciate interacting with a wide variety of people, as well as enjoying a broad range of restaurants and cultural offerings. Baby boomers who are reaching retirement age are inclined to surround themselves with people of varying ages and demographics, rather than settling into communities in which everyone else looks just like them.

6. Cultural amenities. If you enjoy art, theater, concerts or other forms of culture, you will want to choose a place where those opportunities will be readily available. Colleges and universities are good sources for the performing arts. The performances are usually free or inexpensive, and the students will appreciate having an audience.

7. Low taxes. When you consider the tax burden of a place you are considering moving to, be sure to look at the overall picture. While some states may have no income tax or no sales tax, other taxes will be higher in those places. States need to collect their revenue one way or another. Your income sources and spending patterns will factor into how a state’s tax structure will impact you.

8. Proximity to a major airport. If traveling is part of the retirement lifestyle you are looking forward to, you will appreciate being close to a major airport. The same convenience will benefit your friends and relatives who will come visit you.

9. Recreational amenities. The recreational activities you plan to enjoy during your retirement will inform your choice of retirement destination. You should consider not only whether the facilities for your favorite activities exist, but also how much of the year you will be able to enjoy them.

10. Political climate. Regardless of where your views fall on the political spectrum, you should consider whether you will be comfortable if you move to an environment where the majority of people are of a different political persuasion. You should also consider whether the state and local governments are likely to enact legislation that you would agree with.

Of course, no place is the ideal retirement spot for everybody. It’s a good idea to visit any areas you are seriously considering relocating to several different times throughout the year in order to experience your potential new home in a variety of seasonal conditions. You may also want to rent before you buy. This will allow you more time to discover neighborhoods and available homes in different parts of town, and it will be easier to move again if your choice doesn’t turn out as well as you hoped.

[See: 10 Retirement Hot Spots in the U.S.]

Keep in mind that vacation destinations you have enjoyed visiting rarely make good choices for permanent retirement destinations. Beaches and mountains are attractive as short-term getaways because they provide a welcome change from your day-to-day life. But once you move there permanently and the factors that were once alluring become commonplace, you may discover that your vacation hotspot comes up short.

Dave Hughes is the founder of Retire Fabulously.

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10 Important Criteria for Deciding Where to Retire originally appeared on usnews.com

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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