Should You Move Away When You Retire?
By Benzinga
As you already know, retirement involves a considerable shift in thinking about money. It’s inevitable this may involve a change in living arrangements.
Here are some things to consider when thinking about whether to move when you retire.
First, Consider The Cost
You’ll have to make sure you can afford to move away. Because retirement means the beginning of life on a fixed income, Increased rents or property tax payments can eat into an otherwise significant 401(k), Individual Retirement Account, or Roth IRA. Look at your budget and determine the house payment or rent you can afford.
You might see that it is helpful to at least consider moving somewhere with lower costs. If you’re looking to travel, start an expensive hobby, or be more frugal, this might be a good choice. This will mean moving to a more suburban or rural area, away from the coasts, or into a smaller home.
Do You Want New Surroundings?
Figure out what you really want. Where would you like to live? Would you like a different landscape? Or amenities? For example, maybe you’ve lived in rural area, but have always wanted to learn to sail. Maybe moving closer to a body of water would be in the cards for you. Others may crave a small town with history, museums, and cafes to occupy their time. Few may choose the independence of rural life.
Would You Live In A Retirement Community?
There are certain communities targeted towards retirees. These are not retirement homes or assisted living facilities, which meant for much older individuals. Instead, they are more active and mimic life outside of the community. They often have restaurants, movie theaters, libraries, bookstores, and even bars within walking distance.
These communities may be located far away from where you may live now. Therefore, a potential retiree needs to closely consider the costs associated with retirement communities. You’ll often pay rent or a mortgage, an HOA fee, and any other fees.
You need to be careful in planning for retirement. You need to carefully consider your finances and your goals. Once you establish your goals, you can then determine whether a move is good for you.
Check out Retire Fast Best Retirement Cites
Check out Retire Fast Resources
Try Bob's free retirement calculator - The retirement calculator was featured on 'The Saturday Early Show' by CBS' top financial analyst just click the blue button below. Take control so you can reach your retirement goals and connect to a trusted financial advisor near you.
