You can also stretch your nest egg by moving to a place with a lower cost of living than where you live now. If the city has convenient public transportation, you can save even more by going car-less. Annette Mills and David Eckert sold their car two weeks after they moved from Falls Church, Va., to Corvallis, Ore., when they retired in 2006. The couple now gets around using a combination of bikes, public transportation, and walking. "Every time I get on my bike, I feel like I am eight years old again," says Mills, 61, who carries groceries home from the farmers' market and local food co-op in her bike baskets. Biking allows the couple to incorporate exercise into their routine as well as save money. "It is phenomenal all the bills that we don't have anymore," says Eckert, 62, a retired documentary filmmaker. "It's like a huge burden has lifted."
The retirement locations on our list strike a balance between small-town charms and big-city amenities. Georgetown, Texas, for example, is nestled between the scenic Texas Hill Country and Austin, which is only a half hour away.
It would be difficult to run out of things to do in the 400-year-old city of Santa Fe. Anne Anderson, 62, a retired textbook salesperson, chose to stay in Santa Fe when she retired in 2008. An avid art fan, she volunteers at the New Mexico Museum of Art, Spanish Market, and the International Folk Art Market, among other places. "We have monthly meetings for docents and you sign up for what comes in the door," she says. When she's not volunteering, Anderson enjoys soaking up the city's culture. "Last night we were down on the plaza dancing. The night before, we listened to jazz at St. John's College sitting on the lawn," Anderson says. "If you want to do something every night of the week, you just have to choose what."
Check out these 10 great places to reinvent your life in retirement:
Chapel Hill, N.C.
Fort Collins, Colo.
Overland Park, Kan.
Santa Fe, N.M.