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, 87% of people aged 65 or older think the best plan of action is staying 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, should you make a retirement move?
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 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 down the line. 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. You should make sure that you have set aside a budget for movers and new furniture if you do decide to move, as well as accounted for taxes and other surprise moving fees. Another big question that surrounds the moving decision is, Are You Nurturing Your Relationships? 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, which can in turn end up changing the dynamics of their different relationships and ties within the local community.
In the end, the most important aspect surrounding the choice that you make, is what’s going to be most important and fulfilling for you. Our team of experts at Mercer Advisors, Formerly Epstein & White,can help you review your goals, look at your priorities, and pinpoint what might be the best track forward for your future. Click HERE to 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 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.
