After (or before) retiring, should I move?

One big question retirees face is should you remain in your current home. Options include downsizing or moving to a different part of the the country or world to save money or be closer to family and friends. Here are some questions to consider in making a decision.

1. Is there a good church at your new location? Theologically aligned?

2. Consider the financial implications

1. real estate and closing costs, both locations

2. is comparable real estate really cheaper?

3. understand the real cost of living at your new location (income tax, property/real estate taxes, etc.)

4. moving costs

5. tax implications if don’t reinvest the entire equity of existing home

3. Loss of relationships at the existing location - count the costs

4. How readily do you make friends (at the new location) and build relationships in a new environment? If you lost your spouse, would building new relationships be easier or harder for you in a new place?

5. If you’re moving to be near a child (children), how does this impact them? Are they in favor of the move? What happens if they move (even if it seems a remote possibility)?

1. if you are going to live with your children, do you have a defined joint-financial plan in place before the move? Are everyone’s expectations clearly understood? House rules/division of labor agreed upon?

2. Do you have a clear exit plan?

6. Compare/contrast the health care available at the two locations (existing and future). If you are currently in need of non-routine health care, how easy will it be to replace your existing doctors/facilities? Are there adequate services (like in-home health care workers) for older adults? Are there adequate seniors’ programs?

7. Is the new location lifestyle compatible with you both? (i.e. if you golf, are there golf courses; if you sail, is there water? If you want to travel, access to international airports? etc.)

Comments

Book Review: How to Retire

Christine Benz’s How to Retire: 20 Lessons for a Happy, Successful, and Wealthy Retirement is a thought-provoking and practical guide to navigating one of life’s biggest transitions. Drawing on her expertise as Morningstar’s Director of Personal Finance, Benz compiles insights from 20 retirement thought leaders, each contributing a single lesson on what makes retirement fulfilling and financially secure. While the perspectives sometimes differ, the book offers a wealth of guidance for those planning their retirement or already living it. In this post, I’ll share some key lessons that stood out. One recurring theme from Benz’s interviews is the challenge of finding purpose after leaving the workforce. Retirement often brings a sudden shift in daily structure and a sense of identity. As one expert explains, “Serotonin gets released by our body as a way of rewarding us for maintaining a higher social status, and we lose that when we leave the workforce. In fact, it’s as if we had...

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 ...

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...

Retirement Insights

Search This Blog