If you’re thinking about retiring soon, you might be wondering what to move in retirement. While it’s important to consider your budget and what you’re comfortable with, it’s also important to think about your needs and wants. In this article, we round up five things you should consider when move in retirement. From packing your old belongings to choosing the right housing, read on for advice that will help you make the best decision for your needs!
Well, my house will be on the market next week-with a new foundation and garage door. I’ve cleaned and organized and put items away. Other than those two items no repairs have been made. I may work on the yard a bit-at least the front door. My goal is to sell as quickly as possible and I probably will be flexible with all offers. More about the house and the selling process to come. That said, my daughter looked at me the other day and said “What are you going to do if it sells right away???” (My neighbor sold his house in three days). To which I threw up my arms and said “I have absolutely no idea”.
Move In Retirement
The truth is I still have not decided where I want to end up. Not in the short term and not in the long term. I expect in the short term that I would rent locally while making a decision. Obviously how quickly the house sells and what kind of money is available at the end will certainly have some impact.
However, I am determined to do my research better this time around-emotion no longer being at the forefront (one can only hope). It would seem that at least one quarter of us relocate in retirement (not just downsize, but change locations), and almost sixty five percent of us will move at some time after we leave the regular working world. In reading about their retirement, there seem to be a few major reasons people move, and that affect where we move. These are issues that I am working through as we speak:
Cost of Living
there is no doubt that the overall cost of living in Dallas is less than in Denver. The overall cost of living differential between the two is almost eighteen percent. Were I to stay in Texas and move to the hill country area outside of Austin or to the beach, my COL might even go down more. Housing is the biggie in terms of cost difference. However, Texas has no income tax (although Colorado does not tax the first $25,000 of retirement income). We pay more for electricity, but we use natural gas to heat and very little of it.
Here I see no major difference between the two-in either case I would be living in a small town near a big city, or more urban. The hill country areas could require more exploration. Both areas have good medical care, plenty of hospitals and folks I know who can recommend doctors and caregivers.
Either way I go, family will be nearby, at least for now. I’m not sure my daughter will ever have children and I don’t think she and her SO know where they will end up. They could end up moving to the Cayman Islands again. Son does not know where he will end up either, and is investigating Colorado as a choice for his future so that he can spend time with my side of the family. If my children were “settled” here, or if there would be grandchildren, my choice might be different. Denver holds my sister, and my brother and sister in law-who see each other often (at least twice a month), and another brother and sister in law may move there (my sister in law in Seattle works for Trader Joes and is waiting for them to come to the other big D). Either way, I have family. My kids however, are embarking on their own lives. I do get jealous when my sister and brother in law mention getting together for the football game or the like.
I’ve not lived in Denver in twenty five years. I would go there hoping to build community and friendships-primarily through church and quilting friends. Many of my former friends are spread across the globe and have become online friends. This would not be a large change-most of my friends in Dallas are those I found through quilting, church or other volunteer or craft organizations.
And here, as they say, is the other major rub, other than the cost of living. Believe it or not, I went to college in Connecticut and have spent most of my life in Connecticut, Germany or Northern Virginia. After a mere six years in Texas, I have turned into a weather wimp! Truth be told, I love the four seasons much of the time-but my injury makes my knee quite painful during those winter months. Even if I moved, I might have to “go south” for a couple months here and there. I would certainly be spending money part of the year to keep my home warmer than many-no longer is 68 an acceptable indoor temperature for me.
Of course, there’s good old “culture” and recreation. The more I think about this one, the more I think it’s a wash. Dallas is a bigger metropolitan area-it has more museums, more of everything. Denver, however, is not the backwoods. They have a state of the art museums, a concert center and convention center. They also have MANY small venues, which for me tends to be generally what it’s all about. I am not an outdoor sports person, though I do want access to recreation centers and walking paths and parks and the like-both cities have that in spades.
Finally, and this is not on the list of reasons to relocate, you have natural beauty and diversity. Texas certainly has those things, but not in this part of the country. There are a few lakes, but northern Texas is flat, with little visual beauty in terms of nature. Not important to many, and certainly not a high thing on my list. There is something to be said for looking out your window and seeing the mountains on any given day. If I was to move further south into the so called hill country, that kind of geographical beauty would reappear.
Oh, and when it comes to travel, I see both as viable alternatives and the hill country option as a far second. Were I always flying, Dallas would probably be the winner. When it comes to the proverbial “road trip” both towns are at the center of multiple interestate highways as well as smaller roads.
There you have it-reasons for relocation and where I am on my “where to live” continuum. I’ll continue to do my research while looking for an immediate place to put myself, my belongings and two dogs post home sale.
And by the way, do any of my readers live in the Louisville, Loveland area of Colorado?
After reading this blog, you should now have a better idea about what to consider when it comes to move in retirement. While there is no one-size-fits-all answer to this question, taking the time to think about your priorities and how you want to live your remaining years is sure to make the relocation process a lot smoother. Remember, as long as you are comfortable with the decision and are able to afford it, anything is possible in retirement! Do you have any questions or suggestions on what we should include in our next blog post? Let us know in the comments below!
Frequently Asked Questions
What is the best age to retire?
When asked when they expect to retire, the majority of people believe they will do so between the ages of 65 and 67. However, according to a Gallup poll, the average age at which people retire is 61.
Is it a good idea to move when you retire?
So, if your lifestyle changes, moving from one state to another makes financial sense, especially if the state where you plan to retire offers lower taxes, cheaper housing, and a lower total cost of living.
Where do most people move in retirement?
The top three states for retirees are Florida, South Carolina, and Arizona. Last year, New Jersey had the highest percentage of outbound migrations, at over 71 percent. One of the most popular areas for retirees is the Mountain West.