Factor #2: Climate

Will you have to deal with dramatic temperatures or seasonal changes in certain retirement locations? How could that restrict your activities, create extra work, or present new risks for getting around?

Weather and climate year-round can shift wildly, depending on where you want to be. That could mean anything from more tourists and traffic to weather-related risks, like ice and snow.

Tip: Rent for at least 6 months in your chosen retirement spot before taking the plunge to buy a house. That could uncover climate-related issues, like more bugs in the summer or freezing temperatures in the winter, that could be deal breakers for you.

Factor #3: Where loved ones are

How far will you have to travel to visit your loved ones, especially any kids or grandkids in your family? Would certain locations limit visits to a couple of times a year, like the holidays only?

Your close relationships can be a near-endless source of joy before and after you retire. And if you stay close in terms of physical location, it can be easier to stay connected, enjoy the company of your loved ones, and occasionally get (or offer) help when it's needed.

Tip: If you want to live somewhere that's not necessarily close to your loved ones, consider locations with or near a commercial airport. That can make traveling anywhere, including back and forth to see loved ones, much easier.

Factor #5: Access to healthcare

What doctors, dentists, and/or specialists are available in different retirement hotspots? What type of access would you have to pharmacies and emergency healthcare in one area versus another? And how easy or difficult will it be to get the medical equipment or supplies you need in one spot or the next?

Even if your health is stellar right now, there's no telling what tomorrow will bring — and it's no secret that age can open up the door to more health issues. Plus, many retirees end up having to move late in life, like in their 80's, to get access to better healthcare. That could be avoided by simply thinking about healthcare needs before making a move in retirement.

Tip: Consider telemedicine, medication subscriptions, and/or medical supply delivery options. That can eliminate the need to travel at all for some of your healthcare. Also, if you're considering moving abroad in retirement, remember, Medicare does not cover the healthcare you receive overseas.³

Factor #7: Inflation

The higher prices that come with inflation can put the squeeze on retirement savings. And not every area is hit the same when inflation rears its ugly head. In fact, some areas can be hit much harder, seeing prices skyrocket, while others are more insulated.

So, which cities have been hit the hardest by recent bouts of inflation?

Anchorage, Phoenix, Atlanta, Seattle, and Miami are just a few, according to recent data. On the flip side of the coin are Los Angeles and San Francisco, both of which haven't seen huge price jumps due to recent inflation.⁵

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Tip: Check out food prices for a quick and easy gauge of local prices and inflation impacts. Also, think about whether you're open to working part-time in retirement if inflation drains your savings. Having a backup plan and knowing when to put that in play can give you some priceless peace of mind.