We have all heard the saying that “there’s no place like home,” but things can change once you retire. More and more people are choosing to relocate in their golden years whether it be for a new adventure or financial reasons. Leaving the place you call home can be difficult, but it can also offer certain advantages you may not have considered. Here are a few things to consider:
If you are looking for a new place to relocate, you should first consider your priorities. Are you moving for a change of scenery? Are you looking to cut costs in retirement? You should determine what is most important to you as this can impact your decision. Next, ask yourself whether you can be away from family, what type of climate do you prefer, and what type of lifestyle you plan to have. Most importantly, take time to consider where you will be most happy!
There are many places across the country that are made for retirement, offering various financial incentives. Many people think of Florida when they think of retirement, and it’s definitely on the list, but there are other states such as Tennessee which is tax friendly and the cost of living is 12% below the U.S. average.1 Georgia, Virginia, and Utah are also high on the list. You should also take time to visit the place you are considering before you move to make sure you can see yourself living there.
A financial professional can help you with the financial process of moving in retirement. They can give insight on where you can save money and what makes sense for your situation. You should also ask your financial professional if they are licensed in the state you’re considering moving to, if not ask if they have someone they would recommend in the area.
Moving is a big decision, and not one to be taken lightly. It can also be even more difficult in retirement. If you decide that relocating is the right choice for you start by considering your goals and priorities, determine the right location, and seek help from a financial professional. You can also find more financial insight at an ARI course near you!
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