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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. 

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