According to statistics released by the US Census Bureau in 2016, only about 5% of retirees relocate. While most of those retirees remained in the same city or state, some ventured to new states—even new countries—as a retirement lifestyle choice.
The reasons to move are many: to be close to children and grandchildren, warmer climates, even adventure are among the reasons retirees relocate. If you are considering a move after retiring, ask yourself these questions:
- Am I moving for the right reasons? If the answer is that you are moving to be near family, will your family move away from your new location?
- Will I be able to replace the social network I have in my current location? How much will I miss my friends, my community activities, my church?
- Will there be a cost of living increase in my new location? Will taxes be higher? Can I afford the new location?
- Will the community support my interests?
- Will the medical care I will need in the future be readily available there?
It’s often exciting to think about an adventure to a new locale. But there is something comforting about familiarity—the same doctor and dentist, the same hairdresser, the same friends we’ve had for years. As you contemplate a move, be sure to honestly assess the costs – both psychological and financial – of a move. And consider renting a small home or apartment in your planned destination for a few months before making the move. You may find the locale perfect—or you may be happy to go home.