The Top 5 Reasons to Relocate in Retirement
There are a wide variety of reasons why you may find yourself wanting to change locations in retirement including downsizing, living closer to family, and more agreeable weather.
Updated on Jun 10 2020
When it comes to big retirement decisions, considering relocation is an important one. There are a wide variety of reasons why you may find yourself wanting to change locations in retirement including downsizing, living closer to family, and more agreeable weather.
Downsizing your home
Downsizing is a major decision for those about to retire and it’s an important one to consider. Selling your house and getting something smaller can provide many benefits including extra income and a safer space. As you get older, it’s important to realize that you may not be quite as mobile as you were at the beginning of your retirement, so moving to a smaller house without stairs may be the option you want.
If you downsize from a larger family home to a smaller one, you will also save money in the long run. Many count on selling their home as part of their retirement savings, but a smaller house will also mean a lower electricity bill among others. It’s a great option to consider when you are trying to up your income in retirement.
Staying closer to family
Throughout your golden years, you will most likely want to live closer to your family. You’ll be able to help out your children, see your grandchildren, and then also have them available to help you, too. Consider that you may need daily or weekly help as you grow older—like being driven to doctor appointments or going grocery shopping.
Living in a more affordable city
Just like downsizing your home, relocating to a new city can save money throughout your retirement. Once you finish working, you may want to leave the city where your office is and move to the suburbs. Because you’ll be retired, you’ll have much more time to go on vacation and visit different places. If you are planning to travel more, then relocating to a cheaper city may be for you.
Moving to a more temperate climate
What kind of weather do you prefer? Generally, retirees prefer warm, sunny weather which is why they are coined “snowbirds.” Snowbirds generally tend to flock to Florida during the winter months. If you have had enough with the snow and sleet, moving to a more temperate climate is something to seriously consider.
Going where your hobbies are
Do you have hobbies or activities that you participate in that aren’t close to home? Now is the perfect time to relocate to those activities! It’s easy to lose a sense of community when you are retired as you don’t interact with nearly as many people as you did when you were working. Hobbies are a fantastic way to stay involved in your community and keep mentally healthy.
There are countless reasons to relocate in retirement and everyone will have their own reasons why. Some want to downsize and others may want to live closer to their grandchildren. Regardless of the reason, this is something that you should discuss with your financial retirement planner.
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