Skip to main content

Additional Considerations on Relocating in Retirement

 


The obvious: Pray/seek God's guidance.  While some Scripture passages speak well of old age, there is no retirement plan like one reads about in Kiplingers or Money magazine. King David died in a palace (but with a bit of strife within his family).  Moses died somewhere in Moab (not the Promised Land).  Mary (mother of Jesus) was given to the care of the disciple Jesus loved (probably John).  The Apostle John may have died in Patmos (maybe in a cave). Paul and Peter did not have a Kiplingers' retirement.  Enoch's last days sound a bit more appealing.  If you like hot rods or roller coasters - Elijah.  I suspect that, back in Biblical times, there were more conventional ways for people to live their senior years, and for most of us, our retirements will be reasonably traditional within our times.  But, with God, there's an element of faith.

More secular thoughts:

-          If possible, try "vacationing" in the prospective area for a few months (particularly in the least season least attractive to you).  This option will help provide a better feel for the local culture, the "rhythm" of the area, traffic, noise, etc..

-          Health:  some places can trigger allergies (although Northern Virginia is probably one of the worst for that); conversely, freedom from allergies could be considered.

-          Inheritance:  If passing along a legacy is an important consideration, check the state's inheritance and estate taxes.  Some states have one or the other; some have neither; Maryland has both. Here's a site I found that has some excellent information.

Also, if living with children is part of the decision, be informed about the potential tax implications of co-owning real estate. For example, financial advisers generally advise against having a child as a co-owner of real estate (or other assets subject to capital appreciation). Co-ownership might make it easier for the title to pass from one generation to the next, but it would probably change how capital gains would be calculated if the survivor later sells the asset.

 Similarly, if you end up owning real estate in different states, that might affect inheritance and estate taxes and the settlement of an estate. Owning property might bring your estate under the scrutiny of each state in which property is owned. Owning property in a retirement community could either complicate or simplify some of these considerations. 

Comments

Post a Comment

Popular posts from this blog

Finding Beauty in Life’s Upheavals: Reflections from The Weathering Grace of God

  Retirement provides us with a rare chance to pause, reflect, and consider the patterns of our lives—the successes, the setbacks, and the quiet work of God in all of it. Recently, our group of retired men benefited from a book report on The Weathering Grace of God: The Beauty God Brings from Life's Upheavals by Ken Gire, a book that uses the Rocky Mountains as a metaphor for life's upheavals and God's grace that transforms them. Gire reminds us that even the most frightening and confusing circumstances can, over time, be shaped into something beautiful. Gire’s insight begins with a simple but profound idea: life’s upheavals—whether death, disease, or disappointment—are like storms in the mountains. The bedrock of our certainties may shake. We feel lost, afraid, even abandoned. “We feel our way in the dark. Until we find each other. We huddle together in the storm. Wet and shivering, but together. And maybe in the end it will be our huddling in the storm that gives us mor...
Post a Comment
Read more

Perspectives on Social Interaction, Community, and Friendships

Scientific research has concluded that ongoing, close relationships are cognitively and emotionally critical, especially as we age. Beyond science, Christian theologians, pastors, and authors have recognized the requirement of relationships for centuries. I have sought helpful perspectives from various sources to highlight the vital nature of relationships and community.   Scientific Research: ·        Sanjay Gupta: Writes in “Keep Sharp: Build a Better Brain at Any Age,” “It turns out that people who are more socially connected to family, to friends, to community, are happier, they’re physically healthier, and they live longer than people who are less well connected.” ·        Robert Waldinger : In “The Good Life: Lessons from the World's Longest Scientific Study of Happiness,” describes his research and says, “Loneliness is associated with being more sensitive to pain, suppression of the immune system, diminished brain ...
Post a Comment
Read more

How to Avoid Identity Theft: Tips for Retirees

Identity theft can happen to anyone, but taking proactive steps can significantly reduce risk. Here are some practical tips tailored for retirees: Monitor Your Credit Report Regularly Check your credit report frequently with agencies like Experian, Equifax, and TransUnion. Look for any suspicious activity or accounts opened in your name. Freeze Your Credit Consider freezing your credit to prevent unauthorized access. This makes it easier for fraudsters to open new accounts in your name with your knowledge. Monitor Your Financial Accounts Review your checking, savings, and credit card statements for unusual transactions. Knowing your payment due dates helps you spot discrepancies early. Beware of Check Washing Check washing involves altered intercepted checks to change the recipient and the amount. Use secure methods to mail checks and regularly monitor your accounts for unautho...
Post a Comment
Read more