Making a move can be an exciting part of retirement. Maybe you want to ditch the harsh winter, move closer to family, or simply have an adventure in a new region…or country.
There are no shortage of lists of Best Places to Retire, and online sites you can dive into to find areas that tic all your important boxes.
If you’re thinking of making a move when you retire, consider these tips for making a smooth transition:
- Vacation there first. If you’re still working, use vacation time for a few dry runs. If it is an area popular with tourists, consider staying in a more residential area (Airbnb is great for this) to get a feel for how the local live. Plan on cooking a few meals in, just so you get a taste of where to shop etc.
- Check it out off-season. If you have your eye on a place that has a high season, be sure to visit off-season as well. Are you okay with the weather? Do you like the quiet? What about restaurants and services?
- Make sure it will entertain you. If you like going to concerts, or museums, or sporting events, what will your options be in your new town? This isn’t a two-week vacation where you might just want to veg out on the beach. Think about being there full time. You want to make sure the community offers you the fun and stimulation you care about. Tip: college towns can be a great choice, as they often have a steady schedule of concerts and talks, or you can audit a class.
- Shop for a primary care physician. Don’t take a real estate agent’s word that there is great medical care. You want to make sure there are quality doctors who a) accept Medicare and b) accept new patients. Don’t assume all do. And spend some time sussing out the quality of local hospitals.
- Understand how retirement income is taxed. Every state treats retirement income differently. Make sure you understand the tax structure for the state and your municipality.
- Rent first. Even if you love, love, love an area, consider “dating” for a year, rather than a full-on commitment. Just to be sure. And you can use that year to scope out neat neighborhoods.
- Rent out your current home. If you own your current home, don’t be in a rush to sell. Give yourself a year or so to live in your new hometown. If you want to make a long-term commitment, great! Then you can sell your home. But if you decide the move wasn’t all you hoped for, you can easily move back to your old stomping grounds.
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Disclaimer: the content presented in this article are for informational purposes only, and is not, and must not be considered investment, legal, accounting or financial planning advice, nor a recommendation as to a specific course of action. Investors should consult all available information, including fund prospectuses, and consult with appropriate investment, accounting, legal, and accounting professionals, as appropriate, before making any investment or utilizing any financial planning strategy.
Disclaimer: the content presented in this article are for informational purposes only, and is not, and must not be considered tax, investment, legal, accounting or financial planning advice, nor a recommendation as to a specific course of action. Investors should consult all available information, including fund prospectuses, and consult with appropriate tax, investment, accounting, legal, and accounting professionals, as appropriate, before making any investment or utilizing any financial planning strategy.