how-to-retire-on-the-west-coast-after-business

How to Retire on the West Coast after Business

People dream of retiring (even if they plan to start a business in retirement) their whole lives. For many people, the ideal place to retire is along the western coast of the United States. This part of the world offers beautiful scenery, a delightfully mild climate, and plenty of attractions to explore. If you are thinking about retiring here, you probably also know that it’s one of the most expensive places to live. Fortunately, there are steps you can take to stretch your funds and relax in this lovely part of the world. 

Avoid Luxury Areas 

The West Coast, like other parts of the country, has areas that are more expensive and towns that are less expensive. A beachfront home in Malibu may cost millions of dollars. That same home in a smaller town in Oregon or Washington is going to be far easier on your pocketbook. If you live on the West Coast already, now is the time to hit the road and see which particular towns you like best in person. If you’ve never settled down in this part of the United States, this is a chance to get in the car and take an extended vacation. Chances are you’ll find a marvelous place that appeals to you but doesn’t eat into your entire budget. Speak with a local real estate agent. You can tour properties and see exactly how much they cost. Find out about rentals that might be a better fit. Have a close look at the town on foot. All you need is an ocean view and a chance to dip your toes in the water, and you’re exactly where you want to be in retirement. 

Make the Most of Your Money 

If you’re like many retirees, you probably already have a nest egg devoted to retirement that you’re going to use when you’re done working. These are funds you’ve spent a lifetime accumulating. Now is the time to take them out. You and your spouse can make use of tax-deferred accounts such as a 401K. You’re also probably eligible for social security, depending on your present age. 

One of the most critical aspects of retirement is making your accumulated funds go as far as they can. Seeking out professional help can give you a leg up. And if you want to retire on the West Coast, use a wealth management firm whose offices are already there, such as Dowling & Yahnke. They provide client services in wealth management in San Diego, which is a great place to retire. A company that is located in the region you want to retire will understand the kind of laws that apply to seniors in that area and how you can use them to your personal financial advantage. This is a great way to learn about tax breaks that are only available to seniors. 

Get a Roommate 

Roommates aren’t just for college kids. They’re the perfect way to share costs as you age. Many Californians are used to sharing all sorts of housing arrangements; you can be one of them. If you already own a house, look for a room that you can rent out on a permanent basis. If you don’t own a house, you might be surprised at the number of rooms for rent. As a senior, you don’t need lots of room. The kids are grown. A single room with a shared living room and kitchen access might be just the thing for your needs right now. Make sure you know as much as possible about the roommate before you do anything else. Credit checks can help.

Airbnb 

You’re not the only one who loves living along the shores of the Pacific Ocean. Lots of other people want to do the exact same thing. Many people head to California for a break. They love the water and the many places to visit. If you’re going to live here, you can take full advantage of the tourist trade. Think about signing up for this popular program. California and other areas along the West Coast are in especially high demand. Many people are traveling between major cities such as San Diego and San Francisco. They want a safe, secluded bed for the night. You can give it to them. A few well-chosen pictures set up on the platform will probably bring in at least a few guests a month. Over time, the income earned from participating in this program can be a substantial addition to your housing budget. 

The post How to Retire on the West Coast after Business appeared first on Best 4 Businesses – Entrepreneur Resources.

2020-10-24