Many workers imagine themselves retiring and living along sandy beaches, or in quiet, wooded areas offering optimal peace and quiet. Others, meanwhile, dream of retiring in cities and enjoying the vibrancy that tends to come along with them. If you’re still on the fence about where to retire, here are a few good reasons to consider settling down in a city.
1. Lower transportation costs
It costs $8,700 a year, or $725 a month, to own a vehicle, according to AAA, and that’s just an average. Given that seniors are often subject to higher insurance premiums, and that cars tend to require more maintenance as they age, if you’re planning to retire someplace where you’re reliant on your own car to get around, it could end up putting a strain on your limited retirement budget.
That’s why it often pays to retire in a city with public transportation. If you’re able to make good use of a bus or subway system, you stand to save a bundle at a time in your life when you could most likely use the money.
As an example, it costs more to commute via public transportation in Washington, D.C., than any other major city in the country — but even then, you’re looking at spending $237 a month, as opposed to the $725 you’d spend on your own vehicle. That’s over $5,800 a year in savings.
Another thing to consider is that as you age, your driving abilities might decline. Living in a city with public transportation could therefore take a huge amount of stress out of the equation and help you get around safely.