Reasons You Shouldn’t Relocate in Retirement
When most people think of retirement, they usually picture themselves on the beach in Florida or playing golf in Arizona. However, unless you live in one of those states already, you might want to reconsider moving to either of those places.
You’re probably already happy where you are, which is why you should consider staying there after you finish your career. Here are a few more reasons you shouldn’t relocate in retirement.
Staying Where You Are Is Cheaper
If you’re looking at homes in a different part of the country, then you must consider budgetary concerns. Homeowners typically pay closing costs somewhere between two and five percent of the purchase price.
This means if you want to buy a $200,000 home, you may need to pay an additional $10,000 in closing costs. These costs don’t include moving everything you own to the opposite side of the country, which is why staying put might be the safest option.
Your Taxes Might Go Up
Some places can include a tax hike if you aren’t careful. States such as Washington and Tennessee don’t have a state income tax, which means if you want to move somewhere that does have one while operating a business on the side, you’ll need to save up.
California is a top retirement destination, but it also boasts some of the highest tax rates in the country. You must understand how taxes will affect your finances if you plan on moving somewhere with different rates.
You Can Stay With Your Current Doctor
You’ve developed a close relationship with your doctor, so why make it go sour by moving cities? Maneuvering through our complicated healthcare system is difficult at any age, but if you want to find a specialist, the ones you want might not be in-network with your insurance. In addition, if you’re on Medicare, some doctors won’t accept that type of insurance.
Your Current Home Is Closer to Your Friends and Family
Socializing becomes more challenging the older we get, which is why staying in touch with friends and relatives is so essential. Whether you’re looking for things to do with your kids while using a cane or finding people to spend time with, connecting with others after retirement is tough. It’s easier to stay in touch with those you love if you’re in the same location.
Overall, relocating presents new challenges that might not be worth the effort after retiring. Now that you know some reasons you shouldn’t relocate in retirement, stay put and enjoy your golden years!
