Retirement is a major milestone, one you may have been dreaming about for years. While it’s common to spend the most time planning for the financial aspects of retirement, another important question is where you want to enjoy your post-work days. According to a study by Age Wave and Merrill Lynch, 64 percent of retirees say they expect to move during retirement. Whether you’ll be relaxing on a beach or teeing off on the golf course, you should give some thought to relocation after retirement.
There are a few big factors to consider when planning how and where you’ll spend your retirement. Cost, of course, is one of the most important issues and is different for everyone. Once you’ve worked out your personal budget and put some thought into relocation, here are a few other important questions to ask before making a final decision.
What Do You Want to Do?
The idea of not working every day can be liberating, but once the novelty has worn off, you may be looking for activities to fill your time. From volunteer work to travel, from exercise to meditation, there are probably a million ways you’ve imagined spending your days. As you plan your relocation after retirement, consider how your living arrangements factor into your daily life. If you plan on putting your way through retirement, then a house with a view of the fairway is ideal, but if you want to explore the world, then modest accommodations to use as a cozy home base without impeding your travel budget might be more ideal.
Where Are Your Friends and Family?
Many retirees choose to relocate in order to be closer to family, but it’s important to consider some long-term risks. As a Wall Street Journal blog post explains, moving to be close to your kids can end up leaving you alone in a new community if your adult children decide to relocate themselves.
Even if you plan on staying in the same city or state, you might consider relocating to senior housing to take advantage of the built-in community. Retirement communities are not what they used to be. According to a U.S. News & World Report article, the number of retirees moving into age-restricted senior communities has increased significantly, leading developers to modernize amenities to cater to retiring baby boomers.
What’s Your Favorite Climate?
It might seem frivolous to make weather a major factor in your decision, but as CNBC reports, it can make or break your retirement. Many people choose a favorite vacation destination they’ve only ever spent a small amount of time visiting. However, when faced with a harsh winter or a humid summer, you might quickly change your mind. Experts suggest visiting your retirement location during each season to make sure you’re comfortable with the climate year-round.
Plan a Visit
Beyond weather, there may be other factors to consider when relocating that aren’t so obvious on paper. Once you’ve narrowed down your relocation options to a few choices, plan a short trip to visit each one. Rather than vacationing, however, spend your time as if you were living there. Rent a car to run some of your daily errands, check out community events and spend time around the neighborhood so that you can get a realistic picture of what it’s like living there.
Planning your relocation after retirement is a major decision, so it’s important to do your homework. From finances to daily activities, there are many resources available to help you plan, like the AARP Retirement Calculator. Weigh your options carefully to ensure an enjoyable, stress-free retirement.