Yahoo Finance 7 Key Signs You Should Move for Retirement
Retirement looks different to everyone. Whether you are a few years away or have settled firmly into it, you may wonder if you should consider relocating.
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There are several reasons that you may want to move to another area, including cost of living, proximity to family, and lifestyle, but it may be hard to know the final straw that will make you pack your bags.
At GOBankingRates, we asked financial and retirement experts nationwide when retirees should consider relocating. Here are the 7 key signs you should move for retirement, according to our experts.
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Desire for Adventure
Nick Whitfield, the CEO of City Unscripted, suggested retirees may want to move if they have a desire for adventure. He explained, “It is a clear sign that you should consider moving when the yearning for new experiences becomes stronger than your attachment to the place you currently call home.”
He continued, “The years after one has retired are ideal for broadening one’s horizons, seeing new cultures, and going on adventures. Moving to a region that excites you becomes an enticing alternative when you have a craving for new and exciting experiences, and you want to satisfy that craving.”
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Climate Preferences
“Moving becomes an intriguing alternative during retirement years, particularly if you have a strong desire to spend those years in a particular climate,” said Michael Hurwitz, CEO of Careers in Government.
“It is a good idea to give some thought to relocating to a location that offers a climate that is perfectly suited to your preferences, regardless of whether you yearn for the warmth of sunny beaches, the temperate environment of a mountainous region, or the opportunity to experience each of the four seasons. Your golden years ought to be spent in a climate that perfectly suits your preferences,” he concluded.
Lifestyle and Healthcare
Eric Lam, founder of Exploding Ideas, noted, “An important consideration for moving in retirement is your desired lifestyle and healthcare needs. If you have specific healthcare requirements, it may be beneficial to relocate to an area with top-notch medical facilities or specialized care centers.”
Additionally, Lam said, “If you desire a more active or relaxed lifestyle, you should choose a location that aligns with your preferences. For example, some retirees may prefer a quieter, rural setting, while others may want the cultural amenities and social opportunities of a city. Analyzing your lifestyle and healthcare needs can help determine whether a move is right for you in retirement.”
Home Size and Maintenance
“As the time for retirement draws near, one important factor to think about is the size of the home one currently resides in,” explained Sol Kruk, a licensed home inspector and owner of Property Inspection Pros in Baltimore, MD.
He added, “It may be time to downsize your home or relocate to a neighborhood that caters to retirees if the space in your current home is overwhelming to you or if you simply favor a living environment that is smaller, more organized, and easier to maintain. A retirement lifestyle that is more comfortable and joyful can be supported by choosing a home that requires less upkeep and is on the smaller side.”
Difficulty Getting Around
Jason Gottschalk, a retirement expert and founder of Vibrant Aging, said that people may want to consider relocating if they have difficulty getting around.
He explained, “Increasing difficulty walking, climbing stairs, or even driving can make it difficult to maintain normal routines. For example, lots of stairs mean lots of hazards. Getting around the house can become a pain. And running errands can sometimes seem like an impossible task.”
He continued, “Isolation can become a challenge. Mobility issues may just make it hard to get out. Hearing and seeing problems might make someone feel alone, even in a group of people.”
Safety Concerns
Gottschalk also noted that people may want to relocate if there are safety concerns.
He said, “If retirees don’t have friends or family close by, an illness or home need becomes more of a concern. Having someone close by eases that anxiety. Crime and scams might also be a concern, especially if they live alone.”
Expensive House
Finally, a retiree may want to move if their current home is an unnecessarily high expense.
According to Gottschalk, “Many people live in large family homes in great school districts. This is perfect…when they have kids in public school. Once the kids are out of the house, however, they’re paying extra in heating, cooling, and taxes that they don’t really need.”
He added, “Selling a large home can shed the extra expenses that accrue, such as utilities and upkeep. However, when researching a sale, consider agent commissions, taxes, and any moving expenses involved. There may be repairs or improvement costs needed to bring up the value of the house.”
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This article originally appeared on GOBankingRates.com: 7 Key Signs You Should Move for Retirement
