Have you ever considered how you would spend your retirement? Additionally, have you made a decision on where?
In a nationwide survey, 40% of working Americans plan on relocating after retirement. The most common reasons for moving to a different city are to lower their expenses and pay less taxes. Furthermore, those surveyed wanted a better atmosphere for relaxation.
If you’re among the thousands ready to make the big move, read our tips below before making your journey. The more you know, the more you can ensure relocating after retirement is right for you and your family.
Pick a town, then read the headlines
You most likely already have a place in mind. The next step is to read the local news and government pages of your proposed destination. The internet is a great resource to see what’s happening and what you could expect if you lived there. Don’t forget to follow your new potential city’s officials on social media. You’ll get several clues about the town and the issues its residents deem important.
Take an extended vacation
Seeing is believing. What better way to get a REAL feel for your new location than spending a few months in a temporary rental? Think beyond the touristy hotspots. Go past the places you’d usually book a hotel. You want to see your city through the eyes of someone who lives there, especially if you plan to move there permanently.
Estimate the moving and living expenses
If you and your family still want to relocate after the trial, the next thing to consider is the moving expenses. Will you sell your current home, and how much does it cost to buy a new one in your retirement location? Some other factors to evaluate are:
• Average utility costs
• Job availability (in case you get bored)
• Medical provider availability
Ask your extended family their thoughts about you relocating after retirement
For some, relocating means moving further away from extended family. It’s good to ask how this might impact time spent together. Will it change the way you and your family celebrate the holidays? Does it make visiting on special occasions more difficult?
It’s common for retirees to suffer from isolation, especially if a spouse passes. While no one wants to worry about the negative, it’s better to look at the big picture as well as the long-term effects.
Create a deal-breaker timeline
The idea of moving to a new city is exciting. However, it loses merit if kept unobtained for too long. Create a deal-breaker timeline so you do not spend too long dreaming and not actually enjoying your retirement.
As the saying goes, a financial decision that doesn’t make sense after 5 years is not a financial decision after all; it’s a waste of resources.
Need more money-saving tips? Continue following the Achieva Life Blog for additional lifestyle and finance articles.