Financial Planning - Retirement Relocation Considerations

Retirement Relocation Considerations

Where you live, why you live there, and the part it plays in your happiness have much to do with your planning. At retirement, many people consider moving. Some people seek a warmer climate; others move to a smaller home or apartment where maintenance and upkeep are not as extensive. Often people move to be closer to children and grandchildren. Still others pursue a quieter, slower paced lifestyle by moving to small towns, farms, or lake cottages. If relocation is part of your long-range planning, carefully consider the effects, both emotional and financial.

1. Has this move been thoroughly and thoughtfully discussed with family members?
   
   
2. If your spouse died, would you stay in the new location?
   
   
3. Will your children and grandchildren be able to visit easily?
   
   
4. If you are considering relocating to be near your children, have you considered the implications of their future moves?
   
   
5. Do you and your spouse agree on the relocation choice?
   
   
6. Does your new location afford ample opportunity to develop friendships?
   
   
7. Will you have the opportunity to pursue the same kind of hobbies, volunteer activities, and religious activities in your new location?
   
   
8. Is there a difference in the cost of your living now and at your new location?
   
   
9. Are there differences in costs of services such as insurance, dentist, doctors, hospital care, etc?
   
   
10. Have you explored rental versus purchase of property in the new location?
    
    
11. Have you explored the differences between property taxes, utilities and insurance in your current residence and your new one?
    
    
12. Have you experienced the off-season climate?
    
    
13. Are you accessible to public transportation, grocery stores, shopping areas, physicians, dentists, hospitals, airports, major transportation facilities, and employment opportunities if you choose to work?
    
    
14. Is the quality of health care, nursing facilities, etc. up to your standards?
    
    
15. Are you moving into an area with high probabilities of natural disasters, such as hurricanes, floods, earthquakes, or tornadoes?
    
    
16. Are emergency service response times reasonable?