Where you live in retirement might have a significant impact on your total financial strategy. “Where do I want to retire?” is one of the most fundamental questions people must ask themselves when considering retirement.
Will you be content in a new location? The response will differ from one person to the next. So, what exactly are you looking for? Is that move going to improve or degrade your quality of life?
Consider the following eight questions before making a significant retirement move, keeping your happiness in mind.
What will you do with your time?
Weekends often seem to fly by, but when you don’t have much to do during the week, days might feel forever. “What will I do all day?” is a fairly easy question that many individuals overlook before retiring and relocating to live out their golden years.
If you have a busy social life, making the decision to relocate may be challenging. Moving may be a lot easier for my workaholic readers who simply drive from home to the office and back.
Have you had enough of the rush and bustle of city life? Do you wish you could relocate to the country and live in peace and quiet?
Are you, on the other hand, bored to death in the country and yearning for the thrills of city life? It’s possible that you’ll be moving to the city in the near future.
Coastal lovers should also bear in mind that, while beach cities are fantastic for holidays, they may not be as tempting during the winter months. They can also be missing out on nightlife and cultural activities. Consider your activities and if you’ll be able to continue to engage in and enjoy them in your new place.
Are you willing to rent after you retire?
“Should retirees own or rent?” is a more in-depth discussion of this question. Consider renting if you’re relocating somewhere new. If you change your mind or choose the incorrect neighborhood, you’ll have the greatest flexibility. Renting in retirement may sound strange to individuals who have owned houses their whole adult life, but it might make financial sense in specific situations.
Renting gives you the opportunity to figure out where you belong in the city. It also allows you time to evaluate if you can manage the four seasons (or lack thereof in Los Angeles) that come with moving to a new city. Renting also eliminates the hassle of house upkeep. Maintenance and repairs must be scheduled and paid for by the landlord.
Downsizing in retirement might help you save money and reduce your responsibilities. On the other side, some couples overestimate their ability to manage a tiny space. Renting allows you to expand or contract your living space as needed. It also makes it easy to relocate if you decide that being closer to friends or family is more important to you.