If when you think about moving during retirement all sorts of financial alarm bells start ringing in your head, we’d like to stop you right there!
Sure, the initial financial toll might be a little daunting, what with moving costs and having to budget heavily in order to make the switch more affordable, but it could also be an extremely cost-effective venture in the long run.
A lot of people who are close to retirement may consider that making such a huge move would be too big of a hassle, but that’s because they haven’t looked at the bigger picture.
If you’re having second thoughts, check this article out, where we’ve outlined all the things you have to consider before downsizing!
Today, however, we’d like to talk about 10 do’s and don’ts when looking for a place to retire. With the help of financial experts and people who have seen their fair share of senior couples relocating, we’ve come up with a list of crucial tips for any soon-to-be-retiree!
Do Look for a Lower Cost of Living
When it comes to relocating to a different city within the U.S., you’ll find a lot of variation when it comes to the cost of living. Ideally, you want to make sure you pick a place that will go easy on your finances. At the end of the day, you want to ensure you won’t break the bank when it comes to three main components of retirement: food, healthcare, and energy.
Those are your three biggest spenders, especially as you grow older. Sure, at first you might spend quite a bit of money on recreation, such as on playing tennis or golf with new friends in your community, but those costs will go down to zero eventually. But when it comes to food, healthcare, and energy, those three things will be a constant, no matter where you live, so picking a city or even state that has affordable costs is a great idea.
Some retirees would go to even greater lengths to make their money last longer, such as moving to another country like Mexico. But you don’t have to jump over the border to find an affordable place to live.
Talking to a financial adviser who has plenty of experience with helping seniors relocate is your first step. Crunch down the numbers, see how much you have and how much more you’ll gain if you downsize to a smaller home and you should be good to go!