7 Tips For Following The Open Road To Your Retirement Destination
After financial planning, the second most common retirement issue that boomers consider is where they will retire. It’s a lifestyle decision that many explore. While a majority of people decide to retire in place and live in the home they’ve lived in for many years, others are considering relocation for numerous reasons. These reasons might include moving closer to family, looking for a warmer climate, searching for a slower paced lifestyle, living closer to medical facilities for health reasons, or finding lower cost living for financial reasons. I am devoting this newsletter to people who are considering moving to a new location or purchasing a second home elsewhere.
A Time for Discovery
Fall is a wonderful time to explore moving options because the crowds are gone and you can feel more relaxed in the process but how do you know where and how to begin this exploration journey? Years ago, we began subscribing to a wonderful magazine, Where to Retire. This magazine includes information and articles on a variety of places that have been designated as attractive places to retire based on research done by teams of experts. Think about this as a resource. Your individual lifestyle interests will attract you to certain locations.
Begin by considering why you might want to move in the first place. Will it be a permanent move or are you considering a second home while you maintain your current home?
Closer To Family
If you are moving to be close to your family, will the environment, climate, and amenities be compatible with your needs? Some move with the expectation that family members will be available to spend more time with them only to find the opposite is true. Others move close to family to ensure they will have their adult children available to help care for them in later years. Time together as a family should be a complement to the life you will want to create for yourself after you move. When moving, consider your personal lifestyle needs: intellectual stimulation, activities that satisfy your interests, a climate that is compatible with your physical needs, and a host of other variables only you can define. In spite of all of these conflicting tradeoffs, your move should meet your requirements with or without your family close by.
Warmer Climate
If you desire a warmer climate because of personal preference or medical challenges, make sure the other needs of your retirement lifestyle will be met as well. This includes various activities that are important to you, intellectual and physical stimulation, good hospitals, and socioeconomic compatibility.
Slower-Paced Lifestyle
If you’re searching for a slower-paced lifestyle, you’ll need to be specific on what slower means to you and your partner. What is slow for one spouse/partner may be too slow or too fast for the other. Communicate your needs and why they are important to you. After having these discussions, you then need to do your homework. If you find a community, town, or city that interests you, I recommend you subscribe to the local newspaper and magazine. If you become more interested in the new location as a possible place to live, visit for a month or two to get a feel for the neighborhoods, housing, and cost-of-living.
Excellent Medical Facilities
If you are moving to be closer to better medical facilities, make sure you define what that means to you. Will that be a teaching hospital like the Mayo Clinic, Sloan-Kettering, or Johns Hopkins Hospital? If you have a complex medical condition, you’ll want to go where the experts are. This could be complicated because the location may not be conducive to the climate and environment necessary for your medical condition. Will this destination have most of the other desirables on your list?
Lower Cost Of Living
If your goal is to lower your cost-of-living expenses, make sure you do good research and find the best place for you. Some people prefer states where there are low or no taxes. Be aware that this can be a tricky issue. Some states have no income tax but have high sales taxes or vehicle taxes. Also, you have to consider a state’s estate or inheritance tax when considering the total tax liabilities. Some areas have more lower-cost home options. Living in a condo may seem as though you’re cutting costs but the condo fees might be high enough to offset the real estate taxes if you purchase. This all requires a lot of research and self-education.
Moving can be an exciting adventure if you communicate well with your partner and family, and it is best to plan three to five years in advance. Make sure you do all of your homework. This due diligence will assist you in avoiding major mistakes.
7 Tips
Here are seven tips to guide you as you consider different locations along the road to your perfect retirement destination:
- First and foremost, start by talking with your partner about what would be ideal for each of you and then find your way to some kind of middle ground. Listening well and compromising are essential when you’re having these conversations. Make sure you talk realistically about financial considerations.
- Gather as much information as you can from websites, the public library travel section, Chambers of commerce, and from subscribing to local newspapers in your geographical areas of interest.
- Before visiting areas of interest, develop a series of questions about your lifestyle needs in relationship to this possible destination. Ask questions of local residents. They have an abundance of first-hand information and experience.
- Search for and evaluate services and opportunities that matter to you. If you would still like to work and the area you are considering doesn’t have enough work opportunities, you may be frustrated and disappointed.
- Evaluate how you feel during your visit to this area. Stay for at least a month if not more. Time is a great teacher. This is a process so don’t pressure yourself to make a decision quickly.
- Prepare yourself for a soft transition. Start exploring while you’re still working. Doing homework earlier in the process can relax your anxiety about the transition to retirement.
- Know what will give your life purpose and significance in this next stage of life so you can enjoy the privilege of a longer and meaningful life.
I wish you safe and enjoyable travels as you make the very best of the rest of your life.
Dee
Dee Cascio
Author, speaker, Licensed Psychotherapist, Certified Life Coach, Retirement Lifestyle/ReCareer Coach, and Life and Work Transitions Strategies Coach.
The Life and Work Transitions Community
You’ve joined a great group — people who plan to make successful transitions in life and work. May you be inspired to use your strengths and skills to grow in this season and may each transition be your best ever.
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