The mere thought of retirement might put a chill down your spine, or maybe it brings a huge smile to your face! In any case, there are probably many things you will have to think about before starting this next phase of your life and one of them could be where to live.
You may be quite content living near family and friends, and be unwilling to even contemplate the idea of a move. But if you envision this new chapter of your life as an adventure, moving to a different place may make it more interesting, more enjoyable and even make your money last longer. So, think about it carefully, it could mean a great financial help for your future.
Here are some points to consider before packing your bags:
The things you like to do
You are going to have much more free time and will want to pursue your hobbies and interests in your new home. Are there places where you can do that? If you like to walk in a big city and feel the energy of the people around you, moving to a quieter town might not be for you. If you enjoy listening to music and going to concerts, make sure there are venues where you can go and delight in your passion.
No matter where you decide to relocate, it is always a good idea to be close to a place where you can receive the medical care you might need. Of particular importance are facilities that offer care for heart disease, cancer and general geriatric care.
Give it a try
It may be worth it for you to plan a trip to your new location before making the move official. Do you dream of living by the beach? Rent a place by the ocean for a couple of months and see if your dream matches a reality that might include high heat and humidity. And if you are attracted to places with seasonal crowds like ski areas, rent there during the summer to see if the peace and quiet is something you will feel comfortable with.
Will you be too far away from family and friends? How often will you want to go back to visit? How much of your budget will those trips consume? And also, will you be too far away for children, grandchildren and friends to travel to your new home to visit you?
Know about the area’s economy
You may not be looking for a job in your new community, but you should still be aware of the economic conditions that prevail. You do not want to move to an area that is heavily dependent on a single industry. If there is an economic downturn, your new home may end up losing value.
These days, many retirees are considering moving to a big city. Not only are more cultural activities available, but the thought of ditching the car also sounds quite attractive and cost-saving (although you should factor in costs of taxis or buses to get around). On the other hand, if you are planning on taking your car, consider the added costs of insurance, maintenance and parking.
These are just a few of the factors you need to contemplate before making the big move. Keep in mind that your ultimate goal should be finding the perfect balance between quality of life and financial security. Both should be a part of your decision and will make your retirement years much easier to enjoy!