When you dream of your retirement, do you envision living in a picturesque home by the sea? Or waking up each day to a perfect mountain backdrop? When you start your retirement countdown, you might consider the possibility of moving. If you’re considering relocating in retirement, put a lot of thought into it before simply picking a beloved vacation spot. Here are some things to consider:
- Vacation is different from real life
You might love visiting Telluride or Fort Collins for vacation, but living there can be very different. The traffic, taxes and high cost of living might not make moving to your favorite vacation spot realistic. If you can, give your ideal moving destination a trial run by renting a house there for a few months and getting a good feel for what life is like as a local.
- Geographical implications
Not only is it important to consider things like hurricanes in Florida, earthquakes in California and dust storms in Arizona, but also consider whether your health would benefit from a warmer or cooler climate.
- Distance from family and friends
It can be exhilarating to move to another state or country, but this might mean putting a lot of space between you and those that you love the most. Consider the back-and-forth travel costs for both you and your family, as visits could be that much harder.
- Accessibility to healthcare
While your planned new home might be in your budget and ideal climate, it’s important to consider how easily you can access reputable healthcare. Check for reputable medical centers and access to any specialists you think you may need. It’s also important to contact your insurance company and ensure you can use your insurance in these new locations.
- Change in cost of living
Compare the cost of living between your current city and where you wish to relocate. Include factors like housing prices, healthcare and everyday goods and services. It’s also important to compare the tax differences between the cities. And don’t just consider the everyday essentials. If you plan to golf frequently, are their green fees affordable?
- Housing Situation
Selling your current home and relocating to a home that costs less can make financial sense. But if you sell your current home and go into a new long-term mortgage, you’ll want to carefully consider the financial impact. It’s important to also think through how the climate of your new location might impact your utility and electrical bills. And don’t forget to factor in increases in property taxes and insurance!
What is your ideal community? Do you want access to public transportation? Do you enjoy living in a bustling community where everything you could ever need is within just a few blocks? These are things to consider when pinpointing options for retirement destinations.
Some retirees plan to work in some capacity during retirement. If you’re a retiree planning to maintain some level of employment, take a good look at the job market in your future city. Look for towns with strong, diverse economies and steer clear of seasonal or resort towns, as jobs tend to dry up in the off-season.
- Retiring Abroad
Retiring abroad might save you big bucks. But before you decide to retire abroad, consider the same factors you would in evaluating U.S. locations. You’ll want to consider things like cost of living, crime rates, healthcare and cultural differences.
Ready to start planning your retirement? Connect with a Farm Bureau agent to discuss your retirement dreams today!