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D.C. area among top retirement spots

August 1, 2012

Whether it's to move closer to family members, head to a warmer climate or just for a change of scenery, many older adults plan on relocating during retirement. Still, the decision can be a difficult one since there are many places to choose from. However, the Milken Institute, the economic think tank, recently offered its picks for the best retirement cities in the U.S.

When it comes to large metropolitan areas, researchers say that D.C. area retirement communities may be among the best in the country. The city and its surrounding area landed in the top 10 for a number of reasons. While the retirement cost of living might be higher than some other cities, it makes up for it with numerous volunteer and recreation opportunities. Additionally, for the history buffs out there, it's hard to beat the nation's capital.

If retirees are looking for a smaller metro area, Milken says Ann Arbor, Michigan, is a good place to start looking. Home to the University of Michigan, the bustling college city has plenty of employment opportunities for those looking for a retirement job or to continue their education.

The one thing that the D.C. area and Ann Arbor have in common is that they provide seniors with a more varied retirement than older adults of generations past are used to.

"What I would hope is that [prospective retirees] would look at the various indicators, from health to employment opportunities to education, and think about the factors that are most important to them," study co-author Ross DeVol told The Huffington Post.

The findings may be especially interesting to a number of adults approaching retirement. A recent study from the Life Options Institute found 59 percent of baby boomers plan on relocating in retirement.