Where To Retire: Small Town or Big City?
Written by
Heather Taylor
Edited by
Somnia Keesey
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Is it better to retire in a small town or a big city? The answer will be different for every retiree and their desired retirement lifestyle. For those who don’t know how to answer this question or struggle to decide on what they want, they may need to consider key factors which can help them make the decision.
Where should you retire: in a small town or big city?
Consider These Key Factors
Your retirement location will have significant implications for the quality of your life experience and cost of living. Gerry Goldberg, CEO and co-founder of GYL Financial Synergies, recommends reviewing five key factors before deciding if you will retire in a small town or big city.
1. Cost
Typically, Goldberg said it’s more expensive for retirees to live in a big city than in a small town. Aside from real estate, retirees will find food and entertainment costs tend to be higher in a city.
Every retiree will have different personal circumstances and financial resources. Before committing to a city or town, Goldberg recommends doing your research. You can use resources like AARP’s Livability Index to score neighborhoods and communities and determine which ones are the most livable for your financial situation.
2. Quality of Life
This factor tends to be the most varied depending on the retiree’s unique preferences. Some may want to get involved with their local community. Others may be more content to blend in and stick to themselves.
If you’re eager to get involved with the community and its activities, Goldberg said it may be a better choice to retire in a small town. Again, it depends on your personal preferences. Some may find connecting with their neighbors is invaluable during retirement while it may not be someone else’s style.
Additionally, big cities usually offer a wider variety of things to do that small towns just can’t compete with.
3. Access to Medical Care
Growing up, Goldberg jokingly said his grandparents and parents told him: “Having an opportunity to retire is important for many reasons: not the least of which is to have the time to see all of your medical care providers.”
Kidding aside, Goldberg said while big cities and small towns do have access to medical care, there tends to be greater access to state-of-the-art medical care and specialists in larger metropolitan areas.
Retirees with a history of health issues or who require specialized care may need to take their health status and age into consideration before deciding where to retire. Similar to considering the cost of the area, Goldberg recommends doing your homework to determine any preference to age in place at home or utilize adult and assisted living options.
4. Access to Transportation
Goldberg loves his car. He hopes to continue driving it for decades to come, but understands at some point he won’t have the facilities to drive a car anymore. When this moment arrives, he said he’ll need to understand how to get from point A to point B without anyone’s assistance.
Typically, there’s a more robust transportation infrastructure — including bus lines, subway stations and rideshares — in large cities compared to small towns. Retirees who decide they want to retire in a small town are recommended by Goldberg to research its available transportation options and how you plan to use them to live life on your own terms.
5. Proximity to Family
In a perfect world, Goldberg said those retiring can live in relatively close proximity to their family. The good news is you can be close to family while living in a small town or a big city.
However, you don’t want your proximity to family to mean you’re moving in next door or stopping by for an unannounced visit every day.
“It is important to remember if you do elect to move near your family, wanting to be part of their lives needs to be balanced with not wanting to overwhelm them with needs or expectations. If you find the right balance, it will lay the foundation for many years of happiness together.”
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