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

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