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Britt Erica Tunick is an award winning financial journalist who has spent the past 17 years writing about virtually every aspect of finance.

Things to Consider If Moving Is Part of Your Retirement Plan

Things to Consider If Moving Is Part of Your Retirement Plan

By Britt Erica Tunick

If your plans for retirement include the possibility of moving to a different state or home, you’re not alone. Many people plan to move when they retire.

Motivations for relocating in retirement are varied: from the desire to live in a more pleasant climate or somewhere closer to family, to lower property taxes and home expenses. It may be just the desire for a new home — whether it is to downsize, upsize, or trade up to a home with more modern conveniences that may benefit the day-to-day lives of older individuals.

If a move in retirement is something you are considering, here are some things you may want to keep in mind:

  • Retired individuals account for a large part of the money spent on home renovations each year. Given that most home renovations cost at least a few thousand dollars, it is worth taking the time to think about any improvements or changes you are likely to want to make to your home when you retire and factoring such costs into your retirement planning.
  • Where you live when you retire will determine everything from the weather you will deal with throughout the year, to the activities you can engage in, and even the day-to-day resources that are available to you. Beyond choosing an area that is most conducive to the lifestyle you are planning for in retirement, however, make sure to factor in the resources available for healthcare later in life, or any other support or assistance you are likely to need as you age.
  • People’s health usually begins declining or failing once they reach their 80s and a large portion of people 85 or older have difficulty with some of their day-to-day activities.
  • When determining expenses that you are likely to face in retirement, make sure not to overlook home-related costs –from the cost of relocating, to rent or mortgage payments, insurance, property taxes, utilities, and maintenance and repairs.
  • Don’t automatically assume that you will want to downsize your home when you retire, as a variety of factors actually lead many people to choose to remain in their homes or even enlarge them –from emotional ties to a longtime home, to the desire to make their home an attractive place for family to gather and come together.
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