Do you know where you’ll live when you retire? Deciding where to live in retirement is one of the biggest retirement decisions that you’ll make. There are so many factors to consider that it can be overwhelming with the myriad choices.
On this episode of Retirement Starts Today, we’ll explore a headline from J.D. Roth at GetRichSlowly.org that reveals a new tool from The New York Times which helps people find places to live that suit their lifestyles.
You’ll also hear the answer to Frank’s question about the inflexibility of safe withdrawal rules for those who choose to delay taking Social Security.
If you have been considering moving in retirement, don’t miss out on this episode to discover how this fun tool could help you narrow down your choices.Deciding where to live in retirement is one of the biggest retirement decisions that you’ll make. Click To Tweet
Outline of This Episode
- [1:22] A useful tool to help you choose a place to live
- [4:03] My thoughts on purchasing a second home in retirement
- [7:01] On taking larger withdrawals in your 60s to delay taking Social Security
- [11:14] How I use Guyton’s Guardrails to set up safe withdrawal rates
This useful tool can help you choose a place to live in retirement
Today’s retirement headline, A Useful New Tool to Help You Pick a Place to Live, comes from J.D. Roth’s blog GetRichSlowly.org. In the article, the author explores a new interactive tool from The New York Times that could help you decide where to live based on your lifestyle choices.
The interactive quiz uses 35 different factors which can help you narrow down the 17,000 cities and towns across the country. These factors include choices like population density, climate, racial diversity, political affiliation, the average cost of living, and many more. Users can even emphasize which qualities matter most to them.
After exploring a few options, users can compare their favorite choices in an easy-to-read table. Although the tool, isn’t the end all be all in deciding where to live, it may be able to accurately narrow down some areas for you to consider.
Since the tool comes from the New York Times, it is behind a paywall you may be blocked if you have already read your free articles for the month. If you haven’t, spend some time exploring the variables to see which places look good to you.The interactive quiz uses 35 different factors which can help you narrow down the 17,000 cities and towns across the country Click To Tweet
You may not qualify for a mortgage
Many retirees choose to buy a second home in retirement, and I work with several clients that have considered this option. When purchasing a home in retirement, it is important to remember a few rules.
Oftentimes, people don’t realize that after leaving their career behind it can be very challenging to get a mortgage. Since qualifying for a mortgage depends on income rather than assets, many recent retirees discover that they may not qualify for a mortgage even when they have the assets to purchase the home outright.
One way to prevent this issue is by massaging your portfolio income to a level that the bank would approve to secure the loan. After closing on the mortgage, then you can reset your portfolio withdrawals back to normal.Renting first could save you from a mistake that could cost hundreds of thousands of dollars. Click To Tweet
Don’t be afraid to rent
If you are considering purchasing a second home or moving to a new area in retirement, don’t be afraid to rent first. By renting for several months in the city you would like to move to, you’ll be able to explore the town and understand where the desirable (and undesirable) areas are. Renting first could save you from a mistake that could cost hundreds of thousands of dollars.
Learn more about moving in retirement and how using Guyton’s Guardrails could help you set up flexible, safe withdrawal rates in retirement on this episode of Retirement Starts Today.
Resources & People Mentioned
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