The 5 Mistakes People Make When Moving After Retirement
Moving after retirement and discovering a new home can be a lifelong rewarding experience. However, if the decision is made hastily without the proper research, unwinding a move is more difficult than it seems. Taking time to educate yourself is half the battle, as is learning from the mistakes of others. Here are 5 common mistakes people make when moving after retirement:
Moving without Having an Ample Budget
You've all heard the lectures before. The benefits of saving for retirement are seemingly infinite, and these benefits become even more apparent if you are planning a move. Make a budget for life in your new location, and make sure that you have the funds to make that budget a reality. If things appear to be a bit tight, it might be useful to consider areas that are more budget friendly.
Thinking They Can’t Work Anymore
Many retirees who plan to move believe that once they are in their new location, their only source of income is their retirement savings. Isn’t there a way to open a new door for some type of income stream? The benefits of working after retirement aren't only financial, but can provide perks, a sense of purpose, and new social connections. Check out our recent article on the 5 Reasons to Continue Working After Retirement.
Not Considering the Cost of Living
If your health or other factors do not allow you to start another job after retirement, but you still want to make a move, cost of living is an important factor to consider. Having a cushion beyond living paycheck to paycheck can be a valuable asset, and having disposable income can lead to more enjoyment in your new location. Especially for people moving from expensive areas of the country, new areas with low costs of living can be life changing.
Not Thinking about Medical Facilities
When retirees make their move, some of them are in the best shape of their lives. They run, bike, hike, and pride themselves on staying fit and healthy. Although clinical care might not be on their minds now, there will be a time that medical facilities play a larger role in their lives. Ensuring that you move to a location with excellent medical care can ensure that when the time does come to visit the doctor on a more frequent basis, you are in good hands.
Ignoring Loneliness and Depression
Some retirees want to move to a new place because they don’t want to be a burden for their children and grandchildren. Others take the stability of having a group of friends close by for granted. Loneliness and depression can be a serious issue for a retiree who has just moved, and can often be accompanied by feelings of regret ("Why did I move here?"). If you are planning on moving to a new area on your own, it is crucial to stay socially active. Join a local book club, attend the religious ceremony of your choice, or explore area Meetups.
Moving to a new area after retirement can be incredibly rewarding if prepared for correctly. Make sure you do your research ahead of time, and avoid the mistakes that others have made!