Looking to retire in Denver? This guide covers all the important aspects of retirement planning in the Denver area, helping you make informed decisions for your future.
If you're considering retiring in Denver, it's important to have a solid retirement plan in place. This comprehensive guide will provide you with all the information you need to make informed decisions about your retirement in the Denver area. From financial considerations to healthcare options and recreational activities, this guide has you covered and will help you start planning for your future retirement in Denver today.
Understand the Cost of Living in Denver
Before you retire in Denver, it's crucial to understand the cost of living in the area. Denver is known for its high cost of living, particularly when it comes to housing. Take the time to research housing prices, property taxes, and other expenses on real estate sites like Redfin and Zillow that may impact your retirement budget.
Additionally, consider factors such as healthcare costs, transportation expenses, and the overall affordability of the city. This calculator on Metro Denver Economic Development Corp.'s website will help you compare the cost of living between your current home and the Denver area. By understanding the cost of living in Denver, you can better plan for your retirement and ensure that your financial resources will be sufficient to support your desired lifestyle.
Determine Your Retirement Income Needs
One of the first steps in retirement planning is to determine your retirement income needs. This involves assessing your current expenses and estimating how they may change in retirement. Consider factors such as housing costs, healthcare expenses, travel and leisure activities, and any other financial obligations you may have.
It's important to be realistic and conservative in your estimates to ensure that you have enough income to sustain your desired lifestyle throughout retirement. Consulting with a financial advisor can be helpful in this process, as they can provide guidance and help you create a comprehensive retirement income plan so you have a better idea of what you need to save now and how and when you'll use your savings and other income sources like Social Security in retirement.
Explore Retirement Communities and Housing Options
When planning for retirement in Denver, it's important to consider the various retirement communities and housing options available in the area. Denver offers a range of options, from active adult communities to assisted living facilities. The Colorado Gerontological Society offers resources on Denver retirement housing options, including retirement communities, assisting living residences and nursing homes. Take the time to research and visit different communities to find one that aligns with your lifestyle and preferences.
You should consider factors such as location, amenities, healthcare services, and affordability. It's also important to think about your long-term needs and whether the community you choose can accommodate any potential changes in your health or mobility.
Working with a real estate agent who specializes in retirement communities can be beneficial in finding the perfect housing option for your retirement years. A well-connected financial advisor can make an introduction to a real estate agent that can help you meet your unique housing needs.
Consider Healthcare and Long-Term Care Costs
When planning for retirement in Denver, it's crucial to consider your healthcare and long-term care needs. As you age, the likelihood of needing medical care and assistance with daily activities increases. Research the healthcare options available in the area, including hospitals, clinics, and specialists.
Additionally, think about the availability of long-term care facilities, such as nursing homes or assisted living communities, in case you require additional support in the future. It's important to factor in the cost of healthcare and long-term care when creating your retirement budget.
A good source to get an idea about long-term care costs is Genworth's annual cost of care survey, which is based on the care setting (at home, in assisted living or in a nursing home), the geographic location of care, and the level of care required, among other things. The Denver area monthly costs in 2021 are shown below.
Consulting with a financial advisor who specializes in retirement planning and can help you navigate how to plan for possible future long-term care costs can help you prepare for any big healthcare needs that may arise.
Plan for Recreational Activities and Social Engagement
Retirement is not just about financial planning, but also about enjoying your newfound free time and staying socially engaged. Denver offers a wide range of recreational activities and opportunities for social engagement. The City of Denver activities and recreation guide and Visit Denver sports and recreation guide give you a starting point for exploring all the city and surrounding areas have to offer. Other cities such as Golden, Arvada and Boulder have robust guides about all the fun things to do there.
Consider what hobbies and interests you have and explore the various clubs, groups, and organizations in the area that cater to those interests. Whether it's joining a golf club, participating in community events, or taking up a new hobby like painting or dancing, staying active and socially connected can greatly enhance your retirement experience.
Additionally, Denver has a vibrant arts and culture scene, with lots of museums, theaters, and galleries to explore. Make sure to factor in these recreational activities and equipment, membership fees, social engagements, and other options you'd like to enjoy doing in your free time when planning your retirement in Denver.