One of the most important decisions you will make as you prepare for retirement is where to live. Considering that New York City has been called a retirement village, you will probably not be surprised that the vast majority of Teachers’ Retirement System members remain in the metropolitan area after they retire.

What kinds of things should you consider as you decide where to live during your retirement years?

One factor for many retirees is the desire to live close to their families. Nothing is more important for some retirees than watching and sharing in the lives of their children, grandchildren or other family members.

Others say they look for states with low or even no state income taxes. This is understandable but be cautious about choosing a state solely for its income tax rate. It’s important to also take into account the effect of sales, property, estate or other taxes wherever you live.

Experts also caution that retirees who move to a state with low taxes may find that they dislike the climate in their new state or that their social lives there are less than satisfying. Alaska, for example, has no state income tax. But only four TRS retirees out of more than 86,000 have chosen to live there.

Deciding where to retire

When considering where you want to retire, you may want to reflect on your priorities at this phase in your life. TRS members on average live a third of their lives in retirement, as we frequently remind people. So we encourage you to give this decision the weight it deserves.

A study by the MetLife Mature Market Institute found that there are seven factors that may make some locations more attractive than others to retirees:

• Housing: Affordable housing with zoning laws favorable to senior housing.
• Transportation: Mass transit with senior transportation programs. Walkable neighborhoods near parks and recreation.
• Health care: An adequate number of doctors who take Medicare or your retiree health insurance. Hospital availability and preventive care programs are also important.
• Supportive services: Availability of adult day centers, home care and Meals-on-Wheels.
• Goods and amenities: Retail outlets, restaurants, grocery stores and other amenities, all within walking distance.
• Social integration: Places of worship, libraries, museums and colleges, as well as organizations that promise intergenerational contact.
• Safe neighborhoods: Low crime rates and emergency preparedness. .

Wherever you retire, the UFT will continue to provide you with support. In addition to New York City, our union has retiree chapters and contacts in Westchester, Rockland, Putnam, Nassau and Suffolk counties and in New Jersey, Florida, California, Arizona, North Carolina, Georgia, Washington, D.C., Israel and Puerto Rico.

Final pension consultation

Remember, if you plan to retire at the end of the school year, you should have a final pension consultation. If you haven’t yet made an appointment for one, call 1-212-598-6866 to arrange to have your final consultation in your UFT borough office.

Some decisions that you will need to make about your retirement will affect your family as well as yourself so it is important to bring your spouse, partner or significant other to the consultation.

Registering for the TRS website

If you haven’t done so already, now may be a good time to register for the secure section of the TRS website. With our retirement system using less paper and more electronic communications to get information to members, make sure that you are able to access all the information on the website and that your current email address is on file with the TRS.

In just minutes you can create a username, password and a few security questions to ensure your privacy. Once you do that, you will immediately have access to many of your important documents, including:

• Annual Benefits Statement (ABS)
• Quarterly Account Statement (QAS)
• Monthly Account Statement (only available online)
• Tax-Deferred Annuity (TDA) program statement
• Loan applications and information on loan availability and status
• TDA investment elections and amounts
• QPP and TDA beneficiary information

The secure section of the TRS website will also show you your personal profile, including the mailing address, phone number and email address on file for you. You can check to make sure the information for you is correct and update it if necessary.

One of the most important decisions you will make as you prepare for retirement is where to live.

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