Relocating During Retirement

If the time has come for you to downsize, become a snowbird or you’re simply ready for a new adventure, consider the following when relocating during retirement.

Review Costs

If relocating means purchasing a home in your new location, review your income and expenses to see how much house you can afford. Securing a mortgage as you get older may be more difficult. Lenders may require shorter terms or require a guarantor.

Also remember to consider maintenance costs on the new home. You may be able to do smaller repairs and maintenance yourself now, but you may need to hire professionals in the future. There are communities that will provide some maintenance services for owners. But that comes with a homeowners association fee that can be hefty. If you don’t want to worry about home maintenance, consider renting.

Don’t forget to review the cost of living amounts in your new locale.

Lifestyle Considerations

A change of location involves more than just considering monetary costs. Don’t forget to think about lifestyle concerns.

If you’re moving out of the country, ensure your health insurance will cover you. And more importantly, ensure health care in your new location is high-quality. Are there reputable doctors and hospitals nearby? If the nearest doctor’s office is not close and you aren’t planning on buying a car, consider how you will get there.

If you’re moving far away from friends and family, be sure there is an airport near your new home if you want them to visit you often. Also consider the cost of flights from your new location if you plan to do a lot of travel. Ensure you’re moving to a safe location. Research crime rates to know if there are any problems.

If you’re looking to escape the cold, be sure you’re comfortable with the new climate. If being active is important to you, look for places that have activities you’re interested in. Getting involved in your community and doing things you enjoy can make for a smooth transition.