The Benefits of a College Town

I is not your parents' retirement anymore. Today Americans over the age of 50 represent 27 percent of the total U.S. population. The U.S. Census Bureau projects that within two years this group will be growing faster than any other age group. And thanks to advances in medicine, this group will lead longer and healthier lives. At the same time, a strong and booming post-World War II economy has made this generation of retirees the wealthiest in history. They are the first Americans to benefit from Social Security, Medicare, private pensions, IRAs, and employer-sponsored retirement contribution plans like 401(k)s, all ofwhich allow many people to leave the rat race before they are grandparents.

Endowed with relative youth, health, and wealth, retirees are making bold and diverse choices about where to spend their leisure years. Many are making a beeline to college towns, like Madison, Wisconsin; Oxford, Mississippi; and Amherst, Massachusetts towns that tend to be picturesque, small, safer and less expensive than cities but with access to good health care and a bounty of activities. The trend makes sense: "When you come down to it, retirees and college students are both looking for the same thing a good time," says Mark Fagan, an expert on the economics of retirement in Jack-sonville, Alabama. Taking that analogy further, retirees like many 18-year-olds are embarking on a new phase of their lives and seeking the support of a community of like-minded individuals. In fact, says Fagan, many retirees move near their alma mater because of nostalgia, social contacts, and familiarity with the area. And as more retirees move, college towns are becoming increasingly strong sources of the goods and services including legal and financial planning services required by older people.

In general, retirees who move to college towns tend to be physically active, health conscious, affluent, and intellectually curious, says Norman Ford, author of The 50 Healthiest Places to Live and Retire. The appeal of a place like Hanover, then, is obvious. "Retiring to a college town puts you in an environment where there is more to do per square inch than in a major metropolitan area," explains Saralee Rosenberg, co-author of 50 Fabulous Places to Retire in America. The College's Hopkins Center, for instance, presents world-class events at reasonable prices. Over the last year the Hop hosted performances by Mikhail Baryshnikov and the White Oak Dance Project, violinist Midori, and a film tribute to Meryl Streep, at which she talked about her career and answered audience questions. The Rockefeller Center for the Social Sciences and other campus organizations draw top-name speakers covering the full political spectrum, from former Attorney-General hopeful Lani Guinier to the conservative columnist William F. Buckley Jr. The College's Montgomery Fellowship program most recently brought Pulitzer Prizewinning playwright August Wilson to campus for a term-long residency that included several free public lectures. Sports fans can choose from a national-caliber schedule of indoor and outdoor athletic contests. Currently Dartmouth teams hold Ivy titles in men's tennis, women's crosscountry, and women's lacrosse.

One of Dartmouth's greatest attractions is an intellectual program created by and for the community. It's the Institute for Lifelong Education at Dartmouth, or ILEAD. Seven years ago local residents organized a peer-education program for members to teach their particular expertise or interests and learn about those of others. Membership has grown from 36 to more than 900, some from as far away as Cambridge and Gloucester, Mass- achusetts. The array of six-and eight-week study subjects ranges from "Scamps, Scoundrels, and Scalawags in American Literature," to "A Journey to the Ancient South- west" all at nominal cost. Members organize excursions, too, from daytrips to the Boston aquarium to fortnights studying Grecian antiquities in Sicily. "It's an organization full of marvelous people, it's intellectually challenging, and it's socially aggressive," says Joe Medlicott '50, a retired English professor and fouonding member. "It's designed to break the image of retirees as people who play shuffleboard in the morning and nap in the afternoon."

And Dartmouth isn't the only attraction to retiring to the area. New England's tallest mountains, the Connecticut River, dozens of lakes and streams, and the seacoast are within easy reach for first-class hiking, biking, skiing, canoeing, fishing, swimming, golf, and tennis. Scenic drives—and no fewer than 15 covered bridges meander through the greater Hanover-Lake Sunapee area. And of course, the fall foliage season is so spectacular that it draws visitors from all over the country. As Henry David Thoreau wrote, "Heaven is under our feet as well as over our heads."

Buying your own slice of this heaven—or other attractive college towns—does come at a price. Property taxes in the area are high (although, at least in New Hampshire, they are offset by the lack of income and sales taxes). A typical three-bedroom home in Hanover costs $253,000, with annual property taxes of $5,000. A much better deal can be found in Hartford, Vermont, just two exits south on 1-91. Houses of the same type there average $110,000, carrying a property tax of about $3,500. A number of retirement condominium villages are attractive both in price and in perks. In Quechee, Vermont, and Grantham, New Hampshire, for instance, prices for two-bedroom condos range between $107,000 and $136,000.

Two highly regarded retirement communities in Hanover are The Greens, which offers studio, one-bedroom, and two-bedroom apartments; and the six-year-old Kendal at Hanover. Kendal's 248 apartments, from studios to two-bedrooms, require non-refundable entry fees ranging from $79,000 to $280,000. Living within a stone's throw of Dartmouth's campus, residents of Kendal and The Greens are a particularly active bunch, forming close to 100 interest groups, from gardening to tennis. Many volunteer for organizations throughout the Upper Valley. Jo Birnbaum moved to Kendal from Greenwich, Connecticut, in 1991 because she was attracted to the active lifestyle. "Forme, Kendal is the perfect place because it gives complete medical care until the end of life and yet it's a very vibrant, living, active community," she says.

Excellent medical care, of course, is not limited to the retirement communities in the area. Lebanon, next door to Hanover, is home to the largest medical facility in northern New England. In its fiveyear-old, state-of-the-art complex, the Dartmouth-Hitchcock Medical Center, including Mary Hitchcock Memorial Hospital, continues a 200-year-old tradition of medical training, research, and first-rate health care. Although set far from a major city, the center provides comprehensive and advanced medical ser- vices, including cancer treatment at the Norris Cotton Cancer Center, trauma, and coronary care.

If there's a drawback to retiring in the Dartmouth area, it's the cold and snowy winters. Yet many people find these a plus rather than a negtive. "Florida in the winter holds no attraction for me. I'd rather be here spending a clear, crisp day on cross-country skis," says Joe Medlicott. "I don't want to go south with all those old people."

For most people, retirement planning principally concerns timing and finanes. For those who want to stay active and intellectually engaged, there and intellectually engaged, there are three other important factors: location, location, location.

Although football remains the premier spectator sport for retirees, Hanover's sports fans have their choice of 34 varsity teams to watch.

For those retiring to their alma maters, homecoming has even deeper meaning. After the parade, expect a reunion with old college Mends in your living room.

Free outdoor events, such as Dartmouth's Native American Pow-Wow, bring culture and a splash of color to small-town life.

The arts programs in college towns are as diverse as a Gospel choir (above) or ballet and performance art. College museums like the Hood Museum of Art offer exhibitions, gallery tours, and lectures, at no charge.

Although Jeanhee Kim '90 isn't even close to retiring she's an expert on the subject. Look for her articles on retirement and financial planning in Money magazine.