Envisioning Your Retirement

Start by asking yourself how well your current home works for you and if it will meet your future needs. If you own your home, ask yourself:

• Is your home bigger than you need?
• Can you adequately maintain and afford it?
• Are services you may need readily available?
• Do you want to change locations?

The housing industry is creating communities that emphasize a more active retirement. Housing developments geared or restricted to the 55-and-over crowd are sprouting up in areas not traditionally thought of as retirement havens.

The fastest-growing locales for folks 65 and over are now in the West and Southwest, including Albuquerque, N.M., Colorado Springs, Phoenix, Las Vegas, and Austin, Dallas, and El Paso, Texas. In the South, the most popular cities are Atlanta and Raleigh, N.C.¹

If you do decide to move, downsize, or to relocate to a home that more accurately reflects your intended retirement lifestyle, consider these questions:

• How will the location impact relationships and accessibility to children and grandchildren and/or other special people in your life?
• Is the floor plan suitable to your needs? Does it have a main floor bedroom or stairs? (in case surgery or arthritis becomes a factor)
• What is the long-term investment prospect for the property?

Once you satisfy the questions, there are several housing options specifically geared to retirees you should consider:

• Condominiums. Convenient and comfortable, condos can relieve you of some significant home maintenance chores.

• Retirement communities. Surround yourself with people your age, and enjoy a host of services and activities such as transportation, security, community dining, and social events.

• Assisted-living communities. If you have health considerations, an assisted-living community will provide private living quarters and assistance when you need it.

• Life care centers. These communities offer a full range of services and guaranteed housing for life, with progressive levels of care.

What will you do when you retire? Many people are reconsidering working in retirement—but on their terms. You may find that you want to go back to work, perhaps as a consultant or a part-time employee. You may want to extend a personal hobby or interest, start your own business, or volunteer.

If you do decide to return to the workforce after you reach full retirement age, you can work and earn as much as you want and still receive your full Social Security benefit payment. If you are younger than full retirement age and your earnings exceed certain dollar amounts, some of your benefit payments during the year will be withheld until you reach full retirement age, at which point, your benefits are recalculated.

In most cases, you will receive credit for the months in which you did not receive some benefit because of your earnings. In addition, as long as you continue to work and receive benefits, Social Security will check your record every year to see whether the additional earnings will increase your monthly benefit.

When should you start taking Social Security benefits? Find out some of the pros and cons of receiving social security before or after normal retirement age by using our Social Security Decision Tool.

What will you look forward to when you retire?

Retirement will be a time when you are likely to have more time to spend on things you enjoy like time with friends and family, fishing, gardening, exercising, and traveling. Discounts, planning and prioritizing can help make these important things more affordable.

So when you envision your retirement—and budget for it—remember to include gratifying activities.

AARP and Expedia have teamed up to offer a customized travel website with special offers for AARP members. Learn more.

How do you define a successful retirement? Planning and thinking ahead can lead to a very active, satisfying life in your retirement years.

An effective retirement strategy includes an overall expense plan. Let MetLife guide you step-by-step through the planning process. Learn more about Determining What Retirement Will Cost.