Is There a Right Time to Move after you Retire?
Most people in the working world look forward to the day they will retire and spend the rest of their lives on their own terms. They can now have the freedom to live in their dream location, whether it's across the street or across the country.
Although most retirees continue living in their current homes, those individuals who do want to move face an important question- is there a right time to do so? Deciding when and where to move can be a long and carefully thought out process. There are several factors that influence one’s decision to relocate, but how do you determine what the right time is for you? Some of the following considerations can be helpful in making that determination:
From a financial perspective, it is important to determine whether or not you'll be able to afford your new area in the first place. Our previous blogs mention a variety of factors that must be evaluated, such as cost of living, healthcare, and local amenities. If you determine that you'd be stretching your budget to move in the near future, it might be best to get your finances in order before taking the big step.
For many families and individuals, equity in their primary residence is their biggest asset. For example, if you can sell your home in the Northeast for a few hundred thousand dollars more than you can buy one in the Southeast, this can be a factor which (depending on the market) could potentially make a move in the near future be more worthwhile.
Renting or buying
The buying vs renting question is a big one, and can have significant impact in regards to your moving decision. It is usually easier to find a rental apartment or home than it is to purchase one, so renting might be better if you are in more of a hurry to move to your new location. Many retirees also choose to rent in a new area before making a purchase to ensure that the local lifestyle is a good fit for them.
This is an important one. Although you may think you are on the same page with your spouse, children, or other family members, you'll never really now until you take the time to sit down and discuss it with them. How do they feel about you moving in the next few days/months/years? Is there any benefit to the family by delaying your move? Making sure everyone is on the same page will be instrumental in deciding when your move should occur.
Overall, these are just a few of the many factors that will help to decide when is the best time to make your move. Even if your calculations aren't perfect, immersing yourself in a new, exciting location always has it's benefits!