Relocation or Staycation?

Many retirees dream of ditching the family home and relocating to a retirement community or beachfront condo. While the idea may be enticing, it’s important to consider a few points before making this life altering decision.

 

You Can’t Take Your Friends With You

 

Often times we don’t forget that our “home,” is much more than bricks and mortar. Although we may be moving to a beautiful beachfront property with many things to see and do, it may be much less enjoyable without familiar faces to share the experience with. For those looking to move closer to friends or family, will you be able to see them as much as you’d like to? Remember that they have lives of their own. You may find out that they are too busy to get together as much as you wish.

 

Don’t forget what you are giving up. Do you enjoy experiencing all four seasons? Are you moving away from loved ones that you often spend time with? Are you abandoning clubs or organizations that bring purpose to your life? Who will you have over on Saturday nights for “dinner club,” or to watch the big game?

 

What Does The New Area Have To Offer?

 

What opportunities are there for you to create a new social circle or the ability to try new things? Or maybe spend more time doing things you enjoy, such as playing golf? Is your new neighborhood conducive to morning walks? Will your new community provide aging in place opportunities? Make sure there are continuing care retirement communities in your new destination.

 

How Much Will It Cost Me?

 

Whether buying or renting a retirement home, you may need to adjust your current budget to account for local sales taxes, utility costs, and other variations in the cost of living. Depending on which state you move to, there may be a change in the taxation of your retirement income. Then there’s the cost of moving as well as furnishing your new digs.

 

Would More Travel Be An Attractive Option?

 

Relocating costs time, money, and energy- all things you could spend on traveling instead. Perhaps you just need to add a bit of variety to your retirement routine. It may make more sense to develop a travel schedule that would mix bucket list vacations with fun weekend trips to visit family and friends. Being more thoughtful about how you use your time can allow you to change your life in retirement, without losing the comforts of your home.

 

Like what you just read?

Learn more with our “Weekly Insights” newsletter to receive more insights into the financial topics that matter most to you!

Submit a comment below!

Your email address will not be published. Required fields are marked *