Where are you going to live in Retirement?

When you retire you have the chance to live wherever you want, within reason. After all, there is nothing holding you back. While you have many options, deciding where you are going to live in retirement is not as simple as it sounds. This is a big decision, and one that you want to put a lot of thought into.

If you are already retired or will find yourself in this position soon enough, ask yourself the following questions:

  1. Do you want to stay in the same home you have been in? Although it can be tempting to move, there is something to be said for continuing to live in the home that you are familiar with. Those who are unsure of what they want to do next should wait until making a final decision. The last thing you want to do is move, just to find yourself regretting this decision with each passing day.

  2. Are you interested in selling your home and moving elsewhere? As you know, tens of thousands of retirees pack up and move every year. For instance, those who live in cold climates often times head for Florida as soon as possible. If you want to sell your home in retirement and buy in another part of the world, make sure you begin to plan for this as soon as possible.

  3. Will you buy a second home? Some people don’t want to move, but at the same time they don’t want to stay put. In this case, buying a second home is a great option. Of course, you must have enough money to do this. Although you may think that you have the money to make this happen, don’t forget that the ongoing upkeep on two homes can be very expensive. Before you make this decision you should weigh out the pros and cons.

  4. What makes the most sense financially? If you have your home paid off you may not want to move and take on another mortgage. This will bite into the money that you can spend on other things during retirement. On the other hand, you may find that moving allows you to save money. Not only can you opt for a less expensive part of the world, but you can cut your housing costs at the same time.

  5. What about your family and friends? Spending time with family and friends is very important to most people. This is particularly true during retirement when you plenty of time on your hands. If you move out of the area are you going to be able to visit with loved ones as often as you would like? Unfortunately, this is one question that many people don’t take the time to answer.

When making a decision on where you will live in retirement, be sure to ask and answer the five questions above. They will help lead you towards the best decision for you, your family, and your budget.

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