10 Best Retirement Plans

Updated on April 16, 2018
drpennypincher profile image

Dr. Penny Pincher founded the popular personal finance blog Penny Pincher Journal in 2013 and has published two books about saving money.

The best retirement plan for you depends on your interests, activity level, and financial resources. It is one that you can afford and that provides a lifestyle that keeps you engaged with the world in a setting that is comfortable for you. There are some interesting possibilities to take advantage of after retirement. You don't need to settle for a plan—you can choose the best features of these ideas and make one that best suits you.

Retirement is a great opportunity to take time to deeply explore topics you are interested in. You can do this through self-study, through informal internet courses, or through enrolling in classes at community colleges. If you are committed to an area of interest, consider pursuing graduate work at a university.

1. Go Back to School

Retirement is a great time to take courses in topics that interest you. There is a range of options with varying levels of commitment required. You can take free online courses—Massive Open Online Courses (MOOCs)—you can sign up for classes at community college, or you can enroll part-time or full time at a college or university. Going back to school in retirement is a great opportunity to continue learning and meet new people. Since your career days or over, you have the freedom to focus on topics that interest you.

Even if you are not interested in taking courses, going back to school may still be a good plan—move to a college town. College towns have a nice atmosphere and may have excellent hospitals and medical facilities associated with the local university. Real estate investments in a college town can be protected from some of the typical real estate market ups and downs. Even if you're not in school, you can participate in the academic, athletic, and social events in a college town.

Travel Trailer- One of Many Options for Full-Time RVing
Travel Trailer- One of Many Options for Full-Time RVing | Source

2. Live in an RV

Sell your house, buy a motorhome or travel trailer, and hit the road! Your new home will be your recreational vehicle (RV). You can stay at campgrounds or RV parks and are free to move whenever you wish. You can also drive your RV and park at friend's and relative's houses. Modern RV's have bedrooms, bathrooms, showers, and some even have a clothes washer and dryer on board. You'll need to sell or store most of your belongings since an RV will have less space than a house. If you get a motorhome, you can tow a car to drive when you reach your destination. If you go with a travel trailer, you can unhitch the trailer and drive your pickup truck at your destination.

Cost considerations: RVs use a lot of gas—you can expect to get about eight miles per gallon driving an RV. Also, the cost of a campsite at an RV resort can be about $30 per night. The cost of a new motorhome starts at about $50,000 depending on the type of RV and features that you want. You can get a new trailer for about $20,000, but you will need a pickup truck to tow the trailer.

Long Stay Hotels Offer Meals and Other Perks
Long Stay Hotels Offer Meals and Other Perks | Source

3. Live in a Hotel

Sell or store almost all of your belongings except for a couple suitcases. Now hit the road and stay in hotels. This lifestyle is similar to Jack Reacher in Lee Child's books. A vehicle is optional for this retirement plan- you can take a bus or airplane from one city to the next. Living in hotels will be a low maintenance lifestyle and you can focus on reading, working out, and exploring the city that you are visiting. You can get long-term rates at many hotels and stay for a month at a time. Most hotels include complimentary breakfast, and some such as Homewood Suites offer dinner every night as well.

4. Move Somewhere Warm

Sell your house and move somewhere warm. Since you are retired and no longer need to work or schools for your kids, you can look for real estate markets where you can get a good deal—Las Vegas and many areas in Texas are currently markets with great deals for buyers or residential housing. You can find bargain areas where you can get a lot of square footage and amenities for your money. Ideally, you'll want to find a neighborhood where you can walk or ride your bike to stores from your house to help you stay active.

One downside of this retirement plan is that you may move to a city where you will not have any friends or family. You can get involved with a church or other organization to meet people. Since you are retired, you will have time to visit friends and family in other cities. Get familiar with electronic communication and social networking to stay in touch with old friends.

Consider adventure jobs like transporting dogs on cross-country moves
Consider adventure jobs like transporting dogs on cross-country moves | Source

5. Find an Adventure Job

You can find jobs to take advantage of your flexible schedule in retirement. For example, some people will hire someone to drive their dogs on long-distance moves. You drive to the house the owner is moving out of, pick up the dogs, and drive cross-country with the dogs, staying at hotels along the way. This is a good way to travel at someone else's expense if you like dogs.

You can also find opportunities to deliver RVs or vehicles. This is increasing in demand due to Internet purchases of RVs and vehicles. You travel to the location of the vehicle or RV that was purchased, drive it for delivery to the buyer, then return home. Another opportunity to travel at someone else's expense.

6. Live Abroad

You can move abroad to find lower expenses and adventure. Some popular retirement destinations abroad are Vietnam and Cost Rica. You will want to check out the ex-patriot community and also the availability of high quality medical care in your intended destination. You may not be able to see your friends and family very often if you move abroad. Living in a different culture can be stimulating and provide lots of opportunities to try new things and live an adventure every day. There are also potential cost savings benefits to living abroad as well to make your retirement dollars last longer.

7. Downsize and Move Downtown

Sell your house and most of your belongings and move to an apartment downtown in a big city. You'll have the convenience of living near big city attractions such as sports venues, museums, and arts facilities. Transportation is readily available, so you won't need to drive anymore. Moving to an apartment will mean that you no longer need to do as many chores and yard work to maintain a house and yard. Housing prices vary a lot, you'll want to see how close you can live to the action without paying a huge price.

Shelter in place- buy your current home and retire there
Shelter in place- buy your current home and retire there | Source

8. Stay in Your Current Place

This one is pretty boring, but you might like it. Pay off your current house and stay there in retirement. Since you are familiar with the area and local employers, you may be able to continue working part-time in retirement. You already have connections to the community and neighborhood. You can stay in a familiar place—you'll just have more free time after you retire. The weather may not be ideal in your current location, but you are used to it. You can avoid the stress and hassle of packing and moving by retiring in place. You can take vacations in retirement to visit other places, with your old house still being your home in retirement.

9. Rent a House

Sell your house and rent a house instead. This plan works best if you sell most of your unnecessary belongings so you can move easily. This plan allows you to try suburban living in different cities and neighborhoods as you choose. Since you are renting, someone else will take care of the maintenance for you. You can try different styles of houses and different neighborhoods, moving whenever you wish. This plan allows you to select houses that already have accessible features rather than remodeling your existing house as you grow older.

Permanent vacation retirement plan- all vacation all the time!
Permanent vacation retirement plan- all vacation all the time! | Source

10. Permanent Vacation

Go on one cruise after another. Stay in hotels when you are not cruising. Another option- buy a houseboat and live in a boat full-time. You could also get a tent and live in campgrounds. Travel from one city to the next following your favorite baseball team or visiting famous museums. The permanent vacation retirement plan is to be on vacation all the time with no regular residence. One downside of this plan is that it can be expensive, you'll need to have a decent amount of retirement savings for this plan to be viable for very long.

This article is accurate and true to the best of the author’s knowledge. Content is for informational or entertainment purposes only and does not substitute for personal counsel or professional advice in business, financial, legal, or technical matters.

© 2013 Dr Penny Pincher


    0 of 8192 characters used
    Post Comment
    • drpennypincher profile imageAUTHOR

      Dr Penny Pincher 

      4 years ago from Iowa, USA

      Annuity Direct, sometimes I think just relaxing, reading, and working on small projects at home is a pretty good thing to do... but not as exciting as a permanent vacation.

    • Annuity Direct profile image

      Anne Morrison 

      4 years ago

      Permanent vacation sure sounds nice! But all that traveling can be exhausting as well.

    • drpennypincher profile imageAUTHOR

      Dr Penny Pincher 

      6 years ago from Iowa, USA

      Thanks agvulpes, I think it would be fun to try several of these retirement plans as well.

    • agvulpes profile image


      6 years ago from Australia

      Some great ideas for retirement and we are enjoying a combination of some of them. It's a great time to be alive. Come to think of it any time is great to be alive lol

    • drpennypincher profile imageAUTHOR

      Dr Penny Pincher 

      6 years ago from Iowa, USA

      kidscrafts- I have cats too, and I agree they are a problem! Pets are actually an important consideration for retirement planning. Thanks for your comment!

    • kidscrafts profile image


      6 years ago from Ottawa, Canada

      I like your last point and no 1 point the best :-) My only problem.... my cats! Thanks for sharing all those suggestions!


    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, toughnickel.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: https://toughnickel.com/privacy-policy#gdpr

    Show Details
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)
    ClickscoThis is a data management platform studying reader behavior (Privacy Policy)