Transportation is an Often Overlooked, but Crucial Aspect of Retirement Planning

This is an article from Hook Law Center (https://www.hooklawcenter.com/) in Virginia Beach, Virginia, that we thought others may find helpful.

When people engage in retirement planning, they often fail to think about transportation. They do not consider that a time may come when they will no longer be able to drive themselves and will have to rely on others to go to doctors’ appointments and run errands.

It is essential to include transportation in your retirement plan. After housing, transportation is the second-greatest household expense. The American Journal of Public Health states that Americans are outliving their capacity to drive in a safe manner. In general, the ability to drive safely as you get older is largely dependent on your health. While some people are capable of driving well into their 90s, others reduce their level of driving by age 65.

Many people do not think about the day that they will not be able to drive themselves; in turn, they will have to rely on public transportation or others to accomplish simple daily tasks. When creating a retirement plan, you should consider whether you would like to remain in your community, downsize, or relocate. A 2014 AARP study revealed that by age 65, 87 percent of people prefer to stay in their community as they become older.

Many older adults are benefiting from the Independent Transportation Network, which is a nonprofit organization that provides rides for the elderly. It has 27 affiliates throughout the country. There are also new transportation services, including Uber, Lyft, and Sidecar, that offer rides for a fee. In addition, some senior housing communities provide shuttle buses that transport residents to medical appointments and other necessary meetings.

When faced with the decision of where to live once retired and your mode of transportation, perform an analysis of your neighborhood. Consider the places to which you usually travel and how you might get to and from those places if you no longer had the convenience of driving yourself. Do not forget to factor-in  your social support network where you have also formed friendships.