Reinventing Retirement
by Ken Dychtwald, Ph.D.
College Towns -- the Next Retirement Meccas?
by Ken Dychtwald, Ph. D., and Daniel J. Kadlec
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Mom and Dad may have chosen to stay put in the house they worked so long and hard to pay for. But for many of us, a more adventuresome model is emerging -- one where healthy and active folks in their later years disperse literally around the world.
Why shouldn't they? The kids are destined to move away again and again when working with today's rapidly restructuring and decentralized corporations. What's keeping you from picking up stakes and looking for something better?
The good news is you don't have to go far if you don't want to. For most folks, a college town in the U.S. has everything they'll need and want. Start with pocketbook issues. College towns tend to boast a variety of rewarding, flexible employment opportunities through the university and small businesses that surround it.
Because teachers and students typically don't have a lot of money, these towns often have low tax rates, affordable housing, and a reasonable cost of living. Beyond all that, crime rates tend to be low, and there are many cultural attractions, educational opportunities and leisure activities.
Universities Mine a Sweet Spot
Moving back to your alma mater, or any region dominated by a university, is a blistering trend. As Boomers reach their next life stage many will recall those exciting college days and seek to recreate the best parts.
And universities -- finding themselves in a sweet spot -- will make the most of it. They have quite accidentally acquired a valuable lifestyle brand and will see aging Boomers as an important constituency, offering not just continuing education and class auditing but special housing to woo you back to campus. Instead of organizing your life around the third tee, you might prefer to do it around a coffee house or lecture hall.
In recent years, dozens of special housing communities have sprouted near college campuses to attract the growing number of older adults looking for a place that will continue to stimulate their minds and bodies. John and Betty Jean Rife found their ideal spot in Oak Hammock, an adult community with ties to his alma mater, the University of Florida. The community in Gainesville, Fla., offers campus privileges similar to those of faculty, a fitness center, massage therapy, and a computer lab.
John coveted the chance to hone his computer skills, and his wife looked forward to learning to be an artist. "We looked at retirement places pretty much all over the South," said John. This one kept the Rifes close to their children as well as former classmates.
For This Couple, Rejuvenation
After more than 20 years of living in Southern California, Elliot and Patricia Mininberg thought they would make Santa Fe, N.M., their later-life home. But when they visited friends who had moved to Charlottesville, Va., a college town in the foothills of the Blue Ridge Mountains, everything changed.
"We fell in love with the place. It's very peaceful and beautiful, and there are plenty of cultural activities," said Elliot, a professor at California State University, Northridge. They bought a house on the spot even though Elliot returns to California to teach one semester a year.
Patricia loves the historic downtown pedestrian mall. Elliot enjoys playing tennis at the Boar's Head Sports Club, which is owned by the University of Virginia but offers memberships to the public. "Everything here -- from home and car insurance to utilities and state income taxes -- costs about half what we paid in California," says Elliot.
Another big selling point is its mild, four-season climate. "In California, one becomes used to day after day of sameness," says Elliot. "Here, the seasons change, and the leaves disappear. There's an annual rejuvenation."
Your Alma Mater and Beyond
When considering any college town, look for one where the town isn't so large that the general population overwhelms and dilutes the university's influence. The campus should be walking -- or at least biking -- distance from the town square. If you live on or near campus, will you be too close to frat row and unwanted beer bashes? If you live far from campus, will you have convenient transportation, including a place to park?
Inquire at the university if events it sponsors are marketed to the general population. Does the school invite the community to participate through reduced noncredit-class tuition for adults?
To get started, think of your own alma mater and that of friends. To expand your search, try helpful Web sites found at Money.com (which has a cost-of-living calculator and real estate comparisons), FindYourSpot.com (which weighs 40 criteria in matching your needs), and BestPlaces.net (where you can throw into the mix such concerns as the unemployment rate and expected job growth).
Your research may take you to faraway lands. Venezuela is a beautiful country with relatively low costs of living. Finland, Norway, Canada, Switzerland, New Zealand, and Australia are rated as the cleanest countries on earth. Luxembourg, Denmark, and Iceland are among the wealthiest nations per capita. Countries deemed to have the highest quality of life include Norway, Sweden, Canada, Belgium, and Australia. Brazil is known for easy access to airports. No country provides more educational choice than India, home to a staggering 8,407 universities.
Favorite College Towns
But most folks can find everything they want in one of the America's idyllic university hamlets -- from affordability to safety to intellectual stimulation. Here are some of our favorites:
Ann Arbor, Mich. This is the home of the University of Michigan. Yes, it's cold in the winter, but this midwestern enclave makes up for it in charm. The university is at the center of the town's cultural life, from plays to live music. This is a Big 10 school, and home football and basketball games are marquee events. Yet you're just an hour from Detroit for a taste of true big-city life, and an abundance of lakes and beaches are within easy reach. Ann Arbor has 147 parks, a Bicycle Touring Society, and a Ski Club open to all.
Eugene, Ore. This is home to the University of Oregon, where adults can audit classes and attend campus events for one low annual fee. Homes are reasonably priced, and the views in the Willamette Valley can't be beat, framed by the Cascade and Coast mountain ranges and just two hours from Portland and an hour from the Pacific Ocean. "Money" describes it like this: "The surrounding area is a nature lovers' paradise the size of Rhode Island and Connecticut combined: Natural forests punctuated by volcanic peaks, wilderness inhabited by black-tail deer, elk, red-tail hawks, bear, and cougar; and 21 state parks, including nine-mile-long Detroit Lake."
South Oxford, Miss. This is home to the University of Mississippi (Ole Miss). William Faulkner and John Grisham have called this home. Oxford is a bastion of Southern culture and tradition, rich with literary and historical heritage. In addition to the concerts and theatrical performances on campus, non-students can attend brown-bag luncheons with visiting notables. There's a local choral group and band, giving musicians an outlet and music lovers easy access to performances.
You can travel the world and not find a better setup for the next chapter of your life than in America's college towns.
Adapted from "The Power Years: A User's Guide to the Rest of Your Life" by Ken Dychtwald Ph. D. and Daniel J. Kadlec
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