City life

The Russian poet Joseph Brodsky observed “what I like about cities is that everything is king-size, the beauty and the ugliness.”

 

Over the past five decades, a significant portion of the nation’s population living in the northern United States has migrated southward as they retired. The motivations for the migration are many. Temperate weather, affordable housing, down-sizing, more access to outdoor activity suitable for retirees, lower cost of living, and tax considerations are a few.

 

This displacement has had a significant effect on the communities left behind as well as on the new communities. Adopted communities benefit by the expansion resulting from, and necessitated by, a burgeoning population. More people means more disposable income available for housing, local businesses, and local tax revenue. Indeed, both Arizona and Florida have exploded in the building of new retirement communities.

 

Yet, I have encountered many 65+ people who have decided to retire in a major city, such as New York, San Francisco, or Seattle. Although city-life may not be appealing to many people, it is worth consideration for some.

 

Public Transportation

Every major city, even a smaller one, provides public transportation at very reasonable fares for residents, eliminating the need for a car. Compared to the cost of owning an automobile such as insurance, gasoline, parking, state registration, and initial purchase price; the cost of public transportation is significantly less. With the money saved by not owning a car, a retiree can, on the rare occasion a car is needed, easily afford to either rent one or hire a taxi. As we age, driving a car becomes more problematic anyway and living in a city allays any such fear and anxiety.

 

Public Services

Metropolitan areas with larger populations are capable of providing more options for seniors needing help with meal delivery, in-home care, assistance with finances, affordable housing, and medical facilities.

 

Also, most cities provide free access to libraries to their residents, which not only maintain an abundance of books and periodicals but also access to computers, the internet, and often a wealth of resources, lectures, and discussion groups.

 

Cultural Activities

Movie and live theaters, concert halls, and museums abound in major cities across the United States. Many of these cultural venues provide senior discounts. Retirees with an interest in performance art, music, and visual art can avail themselves of numerous options for cultural and entertainment venues.

 

Volunteer Opportunities

Seniors with a desire to help organizations and people who need assistance find ample opportunities to fulfill their desires in major cities. Public schools, theaters, museums, community gardens, pet rescue centers, libraries, charitable organizations, and hospitals, to name a few, need volunteers to provide able assistance in pursuit of their missions. Volunteering is not only a way to give back to a community but also provides the volunteer a sense of connection and purpose.

 

Life-Long Learning

Pursuing post-retirement education can help stave off a decline in mental and cognitive acuity. Cities are a good wellspring for educational opportunities. As an example, the City of Boston, Massachusetts has 35 schools of higher learning. Not all cities have that quantity, but many have ample opportunities for seniors to pursue educational interests. One program offered nationally is Osher Lifelong Learning designed specifically for seniors who enjoy learning just for the joy of it. There are no examinations or grades! Arizona State University is building near Phoenix a 20-story building with 252 apartments for seniors so that they can attend classes. Many schools offer reduced tuition and some even waive tuition altogether for seniors.

 

Diversity

Diversity thrives in many forms in urban areas: religion, ethnicity, race, culture, entertainment, food, and, of course, age.

 

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Despite the fact that city living can be fun and stimulating, there are, of course, negative aspects to consider: a higher crime rate than in rural areas, expense, city noise, proximity to neighbors, traffic, and pollution are a few.

 

Perhaps how one comes down on the issue of voluntarily living in a city largely depends on the degree to which that person has been exposed to a city, its conveniences and its spirit.

 

– Joe from Arizona, a FAR customer who is finding purpose in this new stage of his life.

 

* The opinions expressed in this article are those of the authors. They do not necessarily reflect the opinions or views of the Finance of America Reverse (LLC).

This article is intended for general informational and educational purposes only, and should not be construed as financial or tax advice. For more information about whether a reverse mortgage may be right for you, you should consult an independent financial advisor. For tax advice, please consult a tax professional.