Retirement is already a huge thing to go through, so adding a move can be too much for some. It involves possibly living part of your family, social life and acquaintances behind, so, naturally, a lot of people wouldn’t be comfortable with that. After all, we are creatures of habit.
So why would moving at your golden years be a good thing? And what are the best options? We have all the information for you.
If you live and work in a city with high costs, once you retire, the idea of living in an area with lower expenses is definitely a nice one. USA Today mentions that stretching your savings as much as possible is something you want to consider, even if you have accumulated wealth, as long-term care can get quite expensive (Brockman, 2019). And depending on who you will be living with, considering a downsize on your home is also a good option when trying to spend less.
When pondering where you might want to move, it is important to look at all the angles. Tax regulations vary from each state and city, and this might be come in handy if you plan on saving from your Social Security. Alaska, Florida, Nevada, South Dakota, Texas, and Wyoming, for example, do not have state income tax (Brockman, 2019). On the other side, if you’re thinking about in-home care for the future, Cecily Laidman, is the executive director of Springpoint Choice, which is a membership-based program for senior citizens that offers you the option to continue to live in your own home, protect your income and assets against future long-term care costs, and have the added assurance of care when needed. Laidman mentions that in the East Coast, people pay around $13,000 a month for skilled nursing, while under their program, which currently has members in New Jersey and Delaware, that would cost $400 a month (Span, 8).
Moving to a new town or city can be an adventure, and when your starting a new age in your life, an adventure might be exactly what you need. However, we definitely encourage you to continue researching if this is something you are interested in. Make sure to do your homework and then just worry about enjoying the adventure!