7 Things I Learned Deciding Where To Retire
I hoped for this day. After over 50 years of employment, retirement is fast coming. Suddenly, an infinite sped towards me. Many new opportunities will open up after I no longer have to wake up every day and go to work.
My retired spouse and I recently decided we wanted to try something new and began thinking about moving to another place when it was my turn. Isn’t that simple enough? Choose a new location, sell your thirty-year-old home, and move.
There is a lot more to consider while moving. Moving within a community is something. There’s the place, the people, the costs. Moving to a new state a couple of thousand miles away is different.
Whether it’s to be closer to friends and family, downsize, migrate to a better environment, or simply change your surroundings, taking the first step can be scary. Here are 7 things I’ve learned about choosing a retirement location.
Make Time
My buddy told me she had a mile-long container list she wanted to check off when she retired. When she retired, she went on a trip.
We hadn’t heard from her in 3 months. When she returned, “What a mess! I tried to complete everything on my bucket list at once and discovered I have the rest of my life to do it.”
Moving is a mistake my partner and I both made. We’re moving, so let’s go! Relax. You’re done. You have time to decide. Don’t hurry into anything you’ll regret.
Think about why you want to move.
It may seem simple, but you should analyze your motives for moving. What is your goal? Do you want to be closer to family and friends? Do you want to change the climate? Will it be difficult to see family if you move far away?
Why not downsize? Maybe you don’t need that big house anymore or want less lawn work. Cutting a few acres of pasture in my old age is not how I want to spend my days.
Examine your reasons in the opposing instructions: The worst place to live now?
Sitting down and thinking about it with your loved ones, you may discover that you are happiest where you are.
It’s A Balance
A successful move requires a harmonizing act. You need to find a place where you can keep your financial security while enjoying the type of life you’ve always desired.
Finding the best balance takes a lot of effort and research.
Budget For Retired Life
Ideally, you should have created a retirement budget years before retiring. But it’s never too late to start putting things together.
This budget will aid you in discovering what is best for you and what you can afford when you review the other financial aspects stated below. Without it, the thrill of the new adventure might blind you and force you to make terrible choices.
Use this budget to plan your retirement.
Learn About The Location
Transferring is an exciting journey, but it is not without challenges. The first is knowing where you want to go before setting foot in it.
Spend a few weeks or months in the area to see it. Go on a walk. Go shopping. Talk to people, probate, and tax officers. Discover.
Don’t go by the past. My partner and I wanted to return home. We knew it had changed a lot in 40 years, but we had no idea how much until we spent some non-vacation time there. It helped us look further afield, not just where I grew up.
Also, do not base your trip on vacation. We’ve all done it. You go on a family vacation and fall in love with the region. However, many of us repeat the same road and never find the destination. Relocation may be excessive for numerous reasons.
Some questions to ask when visiting the area include: Where do you live and how is the weather? How will you spend your days there? Is the site appealing to you?https://livintheretiredlife.com/whats-new/is-signing-up-for-social-security-at-the-same-time-as-medicare-a-good-idea/
Consider your safety and security and the criminal offense rate in the place you want to relocate.
What about feature comfort and location? Is there a shop? This may not be an issue now, but it will be as we age. You won’t be driving 30 minutes for a gallon of milk every week.
Then there is the local medical system. Again, when you initially retire, this may not be an issue, but later on, it will. Ask about the health care quality, solutions, and prices.
Remember to think long-term, not just today.
The Bottom Line: Living Expenses
This seems obvious, yet many people put it off and are surprised when they finally look into it.
You may be surprised to see how much the cost of living and taxes vary by state. Locals may have a low cost of living, yet the property tax may be unexpected. I had actually heard that the property tax in New Jersey, where we were thinking about relocating, was among the highest in the nation, so I was astonished when I did the research.
It’s that equilibrium thing again. The trick is to move to a place where your money goes. The high three living costs are healthcare, food, and electricity. Real estate taxes help. With such figures, you can evaluate your options and make an informed choice. If your entire spending plan is modest and does not influence your retirement, you will be alright.
You may find that renting a home in your preferred state is cheaper than owning one.
Some states and towns provide tax breaks for retirees, but this may reduce your Social Security income.
The SmartAsset website is an excellent resource for finding the best states to retire in or how your new state compares tax-wise. It’s free and provides you a good idea of what to expect. Pick a state, enter some basic facts, and the numbers appear.
A Choice Is Made
There are many factors to consider before deciding to transfer, as my wife and I discovered.
Don’t make that decision alone. Assist your family throughout the process. They may have vital information, insights, or even contacts.
Similarly, find and consult with local professionals where you intend to relocate.
Whatever you decide, start prepping your existing home early. Whether you choose to sell and relocate or stay there, it is in your best interest to begin clearing the years of goods you have accumulated (and potentially do not even use any longer… trust me, I understand) and make any type of repairs your home requires.
Decluttering gives your existing home a fresh lease of life that may re-engage you. It also prepares it for sale.
Making such repairs will increase the value of your house, which is terrific if you intend to sell, but it also gives you peace of mind that if you decide to stay, it’s in good condition and make any type of repairs your home requires.Decluttering gives your existing home a fresh lease of life that may re-engage you. It also prepares it for sale.
Making such repairs will increase the value of your house, which is terrific if you intend to sell, but it also gives you peace of mind that if you decide to stay, it’s in good condition and will endure well into your golden years.
