39 Roads

I’ve been asked recently a few times about college towns.  Auditing courses or earning a degree, cultural arts, sporting events, and other campus activities are a big draw- especially it seems for those who currently have positions in school systems or libraries or for those who grew up in a similar environment.  Before making a decision along these lines you may want to make an inquiry into how senior-friendly the students are as well as how inviting or inclusive the institution’s policies are.  One thing to be aware of is that part-time jobs may not be as readily available in a college town as many of these are snagged up by undergraduate students.

Some colleges have created special programs or classes for seniors while others include them in undergraduate classes.  You may want to ask about costs of taking or auditing classes or about discounts for seniors.  Because developers have used nearby colleges as amenities for their communities, many campuses have seen an increase in senior students and have had to limit the numbers who can audit a given course.  Colleges benefit from this relationship both directly from increased revenue and donations to indirectly with positive public relations with alumni or community members as they become ambassadors for the college, particularly in promoting the school’s offerings to grandchildren. 

An article on Back Roads, Charming Towns (http://www.backroadscharmingtowns.com/admin/trackback/13509) talks about alumni buying into condominium and townhouse communities near their alma mater as a weekend retreat for sporting events or other activities.  Many of these individuals use them as rental units as the number of students needing off-campus housing remains relatively steady.  Many of these graduates may make it back as full-time residents to enjoy the college town lifestyle year-round.  

In America’s 100 Best Places to Retire, 9 of the 10 “Best College Towns” are in the Southeast, with Virginia (Charlottesville and Williamsburg), North Carolina (Asheville and Chapel Hill) and Florida (Gainesville and Tallahassee) leading the way.  In fact the University of North Carolina at Asheville has the distinction of being the home of the North Carolina Center for Creative Retirement (http://www.unca.edu/ncccr/) which “has the threefold purpose of promoting lifelong learning, leadership, and community service opportunities for retirement-aged individuals” and offers a number of programs for retirees.  At Clemson University in Clemson, SC, seniors can audit classes at no charge. 

One of my favorites is Charlottesville, Va. which is consistently rated as one of the best places to live on the planet.  The University of Virginia, founded by Thomas Jefferson in 1819, is easily one of the top five public universities in the country.  Again, those over 60 who have resided in the state for a year or more can audit courses for free when space is available.  The city boasts a downtown walking mall, good climate, a lower cost of living than many areas, and an abundance of historical areas nearby.  One of my favorite restaurants anywhere is The Shebeen (http://www.shebeenpub.com/) which offers delicious South African fare.  I highly recommend it if you’re visiting the area.

“When you retire, think and act as if you were still working; when you’re still working, think and act a bit as if you were already retired.”  Author Unknown
 
  Independent of where you want to live in retirement, there are a few questions to ask yourself about the type of community you want to live in.  These questions tend to divide people into different camps and will determine to a certain extent your neighbors and their outlooks.
 
  First, do we want to live in a retirement community?  For some being in a neighborhood with the 55 plus crowd means having people in the same stage of life and with similar life experiences close by.  These potential friends may share interests and be involved in the activities that appeal to you.  Others are invigorated by being around various age groups.  They want to see children on the playground and at the pool or talk with their neighbor about their job.  Some active adult communities do a commendable job of integrating with the larger community with nearby shopping, restaurants, and recreation facilities.
 
  Another question that seems to separate those seeking a place to retire is whether to live in a private-gated community.  You may want the added security of this feature or the exclusivity that this destination in life signifies.  In some developments this may not be necessary or desirable.  You may feel that this is not a value you want to convey or that is consistent with your lifestyle. 
 
  Here’s an issue that cannot be easily overlooked.  Some developments sell land and home packages with a limited time- perhaps one or two years- in which to build.  Other communities sell land with no such time frame.  Is the flexibility important to you?  What are other owners actually doing?  The developer may be able to give you a sense for the majority of the purchasers’ stated time lines and plans.  Does this fit with what your objectives are?  Does the neighborhood seem to be sparsely populated?  I have seen communities that have existed for years where many seem to have had the “buy and hold” mentality.  I wonder how much longer it will take them to become vibrant, engaging places to live.  Others seem to have sprung up overnight.  Sometimes these building policies greatly impact the character of a place.
 
  I received a call recently from Bob, a reader in Ashburn.  His father lives in Reston six months of the year and Naples, Florida the other six months.  It seems that dear ol’ Dad has been encouraging Bob to buy a second place while they are still affordable.  That’s a wise father.  Buying a second house that you can use for a vacation home and perhaps rent out may be a great way to determine if that’s where you want to ultimately retire.  In the category of “if only I had known then what I know now”, my Dad had a condominium at Carolina Beach, NC that he sold a few years ago.  Now that same place sells at 3-4 times the price!  Even though the housing market has flattened in Loudoun County in the past year, we’ve certainly seen the same trend locally over recent years.  If you’re in your 30s or 40s and retirement seems like a distant dream, you may want to consider this option.  Don’t kick yourself ten years from now for what might have been.

“The best time to start thinking about your retirement is before the boss does.” Author Unknown

A Del Webb survey in 2004 revealed that 55% of baby boomers intend to move at retirement. Let’s look at a few factors in considering retirement and relocation.

First, if you’re contemplating retirement, you may have aging parents to consider. What is their health like? What other family and professional resources are needed or are available to assist them? If you have a daughter in Cincinnati and a son and his family in Atlanta, you may not feel tied to Loudoun County at retirement. If your children and grandchildren are in Northern Virginia, staying near this area may be more desirable.

With finances you want to look at your income from social security, pensions, and retirement savings along with the equity in your home. You may want to consult a financial planner to help you determine whether your retirement income can sustain your current lifestyle. Will you want or need a part-time job? The good news is that the cost of living generally is going to be lower for most other places.

Would certain locations help you to maintain your health and an active lifestyle? Do you or your spouse currently have health issues? Would living near a university hospital or top-flight healthcare facility be a strong consideration?

When considering where to retire, most people are going to start their list of potentials with places they’ve lived, vacation spots, communities where family members live, or where friends have moved. Giving thought to the topic on your next vacation or family visit is a worthwhile exercise. Can we see ourselves living here? What would we gain by moving here? Keep in mind: a place that’s great to vacation to in July may be unbearable for you for any number of reasons in January.

If we move, how accessible will our new location be to family and friends? I know of a couple who moved from the Chicago area to South Carolina only to find that those cherished visits from grandchildren were infrequent. For some of you, fewer visits from relatives may be exactly what you’re looking for! In this couple’s case they wound up moving back.
What do you want in retirement? Are you looking for recreation- golf, tennis, boating, etc.? Or are volunteer opportunites what you seek? Would you like to start a business? Do you want dining, shopping, and entertainment convenience? Perhaps being near a college campus and its activities would be important to you. Maybe a small town would provide the pace of life you’ve dreamed of.

Top communities from North and South Carolina will be hosting receptions with Retirement Relocation at local hotels in February and March.

I’m pleased that communities of this caliber have chosen to partner with Retirement Relocation to get broader exposure in Northern Virginia, and I’m excited for our clients who are looking at their options for investment, second home, or retirement properties to have a convenient way to familiarize themselves with these communities and their offerings.

Grand Harbor, with six different communities on the calm shores of Lake Greenwood in South Carolina, leads off on Thursday, February 8th at the Hyatt Regency Reston at 7:00 p.m. Grand Harbor is a premier residential private gated Golf and Yacht Club community and features tennis and fitness centers and equestrian facilities. Numerous amenities include a gorgeous lakefront Yacht Club and an 18 Hole, signature Davis Love, III Golf Course.

Vista, with several properties in the mountains of North Carolina, will host its event at the Hyatt Fair Lakes in Fairfax on Thursday, February 15th at 6:30 p.m. Vista’s Bill’s Mountain offers incomparable mountain views from its homesites, townhomes, and cottages, just minutes from Lake Lure. Blacksmith Run features craftsman-style homes and offers affordability and proximity to Hendersonville with the flavor of a mountain resort.

The Settings visits the area and will present its Carolina coastal and mountain communities at the Tysons Marriott at 6:30 p.m. on Thursday, March 8th. From low country living in coastal South Carolina to lakefront homesite opportunities in the foothills of the Blue Ridge Mountains to the “convenient seclusion” of their community in Black Mountain, NC, The Settings Development Companies is focused on the most desirable settings in the Southeast. The receptions are free and open to the public, but reservations are required due to limited seating.

Please join us for one or more of these informative receptions to learn more about these opportunities with award-winning amenity communities in North and South Carolina. If you would like more information about these events or to reserve a space, please contact Retirement Relocation at 703-430-6411 or 877-55-RETIRE (877-557-3847) or by e-mail at info@RetireRelocateRelax.com.

“Don’t simply retire from something; have something to retire to.” Harry Emerson Fosdick
This quote could easily be rewritten to say “have somewhere to retire to”. For many the answer is simply to stay put. The familiar neighborhoods, restaurants, activities, friendships, etc. far outweigh the allure of other possible locations. As Stan Hinden wrote in How to Retire Happy, “We realized that if we moved, we’d have to adjust not only to a new climate, but to a new home, new geography, new cities and towns, new highways, new newspapers and TV stations, new libraries, new businesses, and new customs.” The prospect of moving can be a daunting task in any phase of life but how much more so when you’ve been in the same area for 10-20 years or more.

Your home may be comfortable and continue to fit the new lifestyle found in retirement. A reverse annuity mortgage may allow the financial freedom for you to be able to stay in your present home while providing you with a monthly income. You may wish to consider universal design to make your home more accessible. See www.design.ncsu.edu:8120/cud/ for more information on this concept.

You may want to look into downsizing or finding a retirement community near your current residence. One obvious advantage is keeping the familiar of the area while getting a fresh start. You may be able to reduce housing expenses or eliminate a mortgage altogether if you have enough equity in your current home.

For you the idea of changing locales may hold tremendous appeal, but you may not be ready to jump right in. What are your options? First, you may want to visit more than one community which holds potential for you and your spouse. Visiting at different times of the year will tell you if the college town is active during the academic year but too quiet in the summer or if the beach you enjoyed for vacations in the summers is empty in the winter. Staying for longer periods of time will also give you a feel for life on a daily basis.

A next step may be renting a place for an entire season. Now you’re taking part in the daily life of social clubs, outings, etc. without having made a substantial financial commitment or a decision that later may be hard to reverse. You now begin to get a better sense for whether this is a place that you would like to live long-term.

Another option that you may want to consider is owning two homes. The upside is being able to live where you want when you want and changing locations as the desire or need arises. You can be right back in the old neighborhood or at your retirement destination for days, weeks, or months at a time. Of course, with two homes you have more management issues. You may want to consider renting one while you’re at the other to help defray costs, but this comes with its own set of headaches and reduces flexibility.

There are so many exciting choices–and there’s no right one for everyone. Yes, there are questions to be answered, but, oh, what an amazing journey!