According to a recent article in the U.S. News and World Report, Baby Boomers and retirees who are concerned about their retirement finances should consider moving into less-expensive cities and neighborhoods, which could make a big difference for their pocketbooks.
“If you are willing to make a move to a less-expensive area, the savings can be enormous,” Fred Brock, author of ‘Retire on Less Than You Think,’ told the media outlet. “There aren't many times in our lives when you can actually determine where you live on your own, and retirement is one of them.”
But if moving to another part of the country is too much of a change, Bert Sperling of BestPlaces.net told the news source there are also many local options.
If you lived within commuting distance of downtown for work purposes, he said, consider a move into the suburbs or even the countryside; those areas are often cheaper, and may have access to the same amenities as other parts of the city.
As well, consider some of the local options for assisted living and retirement living communities; they may be exactly what you are looking for.