Financial
Planning
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.
- Has this move been thoroughly and thoughtfully discussed with family
members?
- If your spouse died, would you stay in the new location?
- Will your children and grandchildren be able to visit easily?
- If you are considering relocating to be near your children, have
you considered the implications of their future moves?
- Do you and your spouse agree on the relocation choice?
- Does your new location afford ample opportunity to develop friendships?
- Will you have the opportunity to pursue the same kind of hobbies,
volunteer activities, and religious activities in your new location?
- Is there a difference in the cost of your living now and at your
new location?
- Are there differences in costs of services such as insurance, dentist,
doctors, hospital care, etc?
- Have you explored rental versus purchase of property in the new
location?
- Have you explored the differences between property taxes, utilities
and insurance in your current residence and your new one?
- Have you experienced the off-season climate?
- 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?
- Is the quality of health care, nursing facilities, etc. up to your
standards?
- Are you moving into an area with high probabilities of natural
disasters, such as hurricanes, floods, earthquakes, or tornadoes?
- Are emergency service response times reasonable?
