Newly Retired: The Ultimate Relocation Guide
As the end of your career draws near and your retirement approaches, you may begin to wonder what’s next. You may ask yourself, “Where do I go from here? What will I do with all of my spare time?” While these questions are completely valid, a more important thing to ask yourself is “Where will I live?” True, many people will remain in their home and conduct life as normal; however, a large number of newly retired ones may decide to relocate in order to be closer to family, to simplify their lifestyle, or to start fresh. If you are newly retired and contemplating a move, then you may want to consider a few aspects of relocating to a new home or city. Reviewing this relocation guide will help you conduct a successful transition into your new laidback lifestyle.
- Review the cost of living.
Retiring will likely mean that you are on a fixed budget. Now more than ever, it is vital that you begin counting every penny. Prior to deciding where to relocate post retirement, you will need to take a look at the cost of living for potential cities on your list. When weeding out cities, look at the average price in the housing market, taxes, medical costs, and general everyday expenses. Having an idea about the financial scene in a new city will help you make an informed decision about where to call home post retirement. Florida comes up often as the state of choice after retirement; however, there are numerous other states and cities with a low cost of living that you should consider. Properly researching all of your options will be instrumental in selecting the best city to live in following your retirement.
- Rent in a city prior to your relocation.
If you have decided to relocate after your retirement, then chances are this will be your final move. Therefore, this is a decision that should not be made lightly. When you think you have found your forever city, you should rent a home for a few months instead of buying property right away. Doing this will help you get a feel of the city before you make any life altering choices. If you decide that the area does not fit your needs, then renting will allow you the opportunity to move without any repercussions. Renting after retiring also comes with a number of other benefits for newly retired ones. When you rent property, you can quickly reduce your cost of living, save money on home repairs, and add your home equity to your post retirement funds. So, if you haven’t considered renting after retiring, you should indeed give it a second thought.
- Consider the climate of the area.
Once you retire, you will no doubt want to live in a city where you enjoy the climate year-round. You will need to ask yourself what type of weather you can and cannot tolerate. Do you prefer to live in a warmer climate or something cooler? Would you like to experience an equal balance of all seasons? Are you comfortable staying in a city that is known for hurricanes, flooding, or earthquakes? These are questions that you will need to ask yourself when trying to determine what city you will call home after your relocation. If you have a spouse, you will need to discuss a climate that both of you are comfortable living in.
- Decide if you want to be close or far away from your family.
When you retire, you will have more time to spend with your family. Thus, if you are considering a relocation, then you will need to decide on rather or not you will want to live within a driving distance from your family. Moving far away to your ideal destination may seem appealing; however, this could also mean that you will be further away from loved ones and will possibly have to travel a long distance to visit your family. If you are on a fixed income, this type of issue could become a problem. You will likely spend a great deal of your finances in order to pay for travel expenses. If this is not an issue or is a sacrifice that you are willing to take, then a long distance relocation may be just right for you. On the opposing end, if you have any concerns about the distance from your family, you should think a little more about the situation.
- Determine what the health scene is like in a potential city.
After a retirement, you will need to have access to healthcare. If you decide to relocate to a new city, then you will need to examine what type of health care the city has to offer. First, you will need to determine what type of insurance you will have post retirement. Once you have selected your insurance, you will need to check with your insurance provider to see the healthcare professionals that are available to you within the area. By doing this, you will be able to determine if a potential city is right for you and your family. Relocating to a city with very few in network providers can easily be a costly decision to make. So, if you want to save money when it comes to medical expenses, then you will need to properly examine your medical coverage in line with what city you intend to relocate to.
If you are approaching retirement, then you will likely have a lot on your plate. This retirement relocation guide will put you on the right track to help you make important decisions about your relocation after retirement. Deciding if you should or should not relocate after retiring is a decision that should not be taken lightly. A number of things should be taken into consideration before any final determinations are made. Cost of living, climate, proximity to family, and healthcare are just a few things to keep in mind when attempting to make a decision about future living arrangements. So, prior to making any final decisions, review this article and allow it to guide you through your post retirement relocation