Don’t Base Your Decision Solely on Proximity to Family
Just like you shouldn’t make a decision based solely on income taxes in a given state, you shouldn’t base your decision on your proximity to family. Plenty of retirees decide to move closer to their loved ones, which can be a great decision for some families, but a pitfall for others.
Perhaps your kids or grandkids live in a highly expensive area and you simply won’t be able to keep up with high costs. Perhaps your family will be more likely to move around and visit you instead- is this something you’ve considered? In a worst-case scenario, you might move closer to them only to find out a couple of years down the line that they themselves will have to relocate, such as for a new job opportunity. Then what? Will you be packing your things and moving again? That’s unlikely, especially on a lower budget.
The best thing you can do is move somewhere that fits your financial needs that is also close to an airport. That way you can easily travel back and forth, or your family will have an easier time coming to you!
We hope this list has shed new light on what you should expect if you’re planning on downsizing by the time you retire. Let us know your thoughts in the comments down below and help other seniors see the pros and cons of such a move!
