Some people dream about retiring and jetting off to a tropical location to start a new life. In reality, the majority of people, when asked if they want to stay in their house once they retire, say yes. According to an AARP Report from 2018, 77% of people aged 50 or older think the best plan of action is to stay in their current town where they can keep their home and community nearby. As creatures of comfort and habit, this makes sense. It would seem like a lot less hassle to skip the move and stay where it’s familiar. But, some people also dream of moving once they retire to experience something new. There’s a lot to consider before making your decision, but the big question for retirees remains – is a big retirement move right for you?
One of the first issues that comes up is that houses require a lot of upkeep. Not only do you have to mow the lawn and wash the windows, but you also fix leaky drains and clean the gutters. Some of these tasks can become more difficult as we age and may have high costs associated with them if you are hiring a handyman or contractor. Depending on the home, other repairs like a walk-in shower or entrance ramp may be necessary ways to improve aging at home. Costs can add up quickly, and it’s hard to keep track of all the things you may need to account for.
On the other hand, moving is also costly and can be a lot of work. Selling your old home, finding a new house, and selecting your dream destination can all be difficult tasks. If you do decide to move, you should make sure that you have a budget set aside for movers and new furniture and make sure to account for taxes and other surprise moving fees. Another big question that surrounds the moving process concerns what kind of lifestyle you’d like in retirement. Like we mentioned earlier, many retirees want to stay close by to their kids and grandkids, so in that case, a move to a new destination may not be the best fit. For others, they may want to take up a part-time job in retirement, so being closer to the beach might give them an opportunity to fulfill a dream as a surf instructor.
In the end, the thing you must consider is what aspects of life are most important and fulfilling for you. We can help you review your goals, look at your priorities, and pinpoint what might be the best track forward for your future. Schedule your complimentary, no obligation financial review, and we’ll sit down to discuss your plans for the road ahead. We’ll look at your entire financial picture by assessing your current financial needs and situation and help you put together an actionable plan to help get you to where you want to be now and in retirement. By doing so, you can be one step closer to figuring out if you should make a retirement move.
Solutions First Financial Group is an independent financial services firm that utilizes a variety of investment and insurance products. Investment advisory services offered only by duly registered individuals through AE Wealth Management, LLC (AEWM). AEWM and Solutions First Financial Group are not affiliated companies. 859004 – 3/21