Have you been considering a change of scenery in retirement? Before you pack up the house, make sure to listen to today’s episode.
In the Retirement Headlines segment, we’ll check out an article from Harriet Edelson at MarketWatch.com which discusses 6 considerations before moving in retirement. This informative article lists statistics and anecdotal examples that can help you make the relocation decision easier.
I was really excited to see today’s listener question as I have been researching retirement calculators. Stick around until the end to discover 2 helpful calculators that could help you understand when you have enough to retire.Have you been considering a change of scenery in retirement? Before you pack up the house, make sure to listen to today’s episode. Click To Tweet
Outline of This Episode
- [1:22] Why people choose to move in retirement
- [3:43] 6 things to think about before moving in retirement
- [11:06] Recommendations for public websites to understand whether you are close to your retirement goals
There are many reasons people choose to move in retirement
People choose to move in retirement for many reasons: to be closer to family and friends, to reduce expenses, to downsize, to start a new chapter in life, or to move to a better climate. Whatever the reason that you are considering a move it is important to remember that every place is different, so it is critical to do your research and explore what your options are. This is a big decision to make at a significant transition in your life. Carefully weigh your options before making a decision.Whatever the reason that you are considering a move it is important to remember that every place is different, so it is critical to do your research and explore what your options are. Click To Tweet
6 considerations before moving in retirement
- The cost of living – Remember that cost of living is more than just the cost of housing. You’ll want to budget for insurance, taxes, homeowner’s association, transportation, food, utilities, and healthcare costs.
- How you’ll pay for your new home – Think about whether you can buy with cash or whether you would prefer to take out a mortgage. Mortgage applications can present challenges for retirees. Without a regular job, many have difficulty showing where their income will come from. Even if you could buy the home in cash many times over, you could still have trouble getting a mortgage if you are unable to demonstrate a steady income.
- How much space you’ll have – If you are downsizing, you must remember that you aren’t vacationing in this smaller home for a short period. You’ll be there together all the time, so consider your space and privacy needs.
- Services offered in the new area – Make sure to research what recreation, social, transportation, churches, and medical services are offered in the area where you want to move. If you’re going to be traveling a lot, you’ll also want to think about how far away the airport is. Drive around and check out the parks and other recreation spots near your desired home. It’s even a good idea to interview people who are currently living in the area to hear their opinions.
- The lifestyle and mindset of the community – Imagine what it will be like to live there full-time instead of just vacationing there. Do you want like-minded neighbors? Do you like the overall attitude of the community?
- Consider the snowbird lifestyle instead of moving full-time – It might make more sense for you to move to different climates seasonally instead of making a permanent, year-round move. If you decide to do this, check the weather where you’re thinking of moving for six months out of the year to use as a reference.
Try renting first
My biggest piece of advice for those considering moving in retirement is to rent first. Make sure you love the place (even in the off-season!) before you make that big down payment. Consider the neighborhood, the seasons, the climate, the people, and the activities.
There are so many unknowns when moving to a new place, but renting for 6 months first can help you confirm your decision. With Airbnb and VRBO, renting has never been easier, so do your due diligence so that you can make your purchase with confidence.
Resources & People Mentioned
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