A move during retirement might benefit you in more ways than one.
When you’re working, it’s important to live somewhere with access to jobs — both in your industry and in general. In retirement, you get more flexibility as to where you can live because you don’t have to worry about being gainfully employed.
But it’s important to choose the right place to call home during your senior years. And if these three signs apply to you, it may be time to relocate as a retiree.
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1. Your property tax bills keep rising
Seniors are often advised to try to pay off their homes before retirement so they’ll have one less expense to deal with. But even if you enter retirement mortgage-free, it doesn’t mean your housing costs can’t rise.
If you’ve settled in an area where homes are assessed often, you may be subject to property tax increases — sometimes on a yearly basis. And while some states have property tax freeze programs in place, qualifying isn’t a given. If you’ve found that your property tax bills keep rising, you may want to consider relocating to an area where those costs don’t increase as frequently and are lower to begin with.
2. You don’t have many great health plans to choose from
Seniors aged 65 and older can choose to enroll in original Medicare for their health coverage needs, or opt for a Medicare Advantage plan instead. But if you’re living someplace where there aren’t many Medicare Advantage plans to choose from, then you may be doing yourself a disservice.
A lack of health plans could make it harder for you to get the care you need. And also, it could force you to pay up for health coverage when you’re trying to conserve funds and stretch your retirement savings. It could pay to do some research and consider a move to an area where healthcare is easier to come by.
3. You don’t have a support network nearby
My close friend’s parents retired last year and decided to move from New York to Florida. They liked the idea of not having to pay a state income tax, and they were equally excited to avoid the cold, snowy winters New York is known for.
But roughly 15 months later, my friend’s parents are regretting their decision for one big reason: They’re all alone. Of course, they’ve met other retirees in their community. But when it comes to things like needing help setting up a new laptop or being driven to medical appointments, they’re on their own because their grown kids all stayed in New York to be close to their jobs.
If you’ve without a local support system, it could make retirement much more challenging. So you may want to consider moving someplace where you’ll be closer to family, or you’ll at least have a few lifelong friends you can spend time with.
Consider multiple factors before moving
Moving is a big expense — in retirement and in general. So it’s important to research your choices carefully if you’re seeking to relocate as a senior. But if any of these signs apply to you, then it may be time to reconsider the state or city you’ve decided to settle down in during your senior years.