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Retirement is time to take for yourself, doing the things you want to do. Moving to a new location, where the weather is warmer and the air is cleaner, is a popular option for seniors after entering retirement. The kids are out of the house and careers no longer dictate where you live, so it becomes really appealing to open up a map and mark a trail to a new home on the coast or in the warm, dry climate of the south. Of course, there are many reasons that you may choose to move, but regardless of why, it’s important to know how much it will cost to support that move and still maintaining the standard for living you want during your retirement.
Choosing Where to Live
There are many reasons seniors choose to move after retiring. One reason is to escape snow and cold weather. But perhaps the biggest reason seniors move is to be with family. When you’re choosing where to live, consider the reason you’ve decide to move in the first place.
Or perhaps it’s not a matter of where. Some retirees choose to load up an RV, sell their home, and live on the road, visiting campsites and going wherever the roads take them. Obviously it’s a serious decision to make, but with the right amount of research it can become the retirement of your dreams.
Research Cost of Living
Aside from house hunting and price-pointing a new home, you’ll want to research the cost of living where you have chosen to move. If the cost of living is higher than where you live, you may consider how you can better your financial situation so that you can maintain your standard of living or enjoy a higher standard when you move.
Raising Moving Funds
If you don’t have the funds to move comfortably, you can consider different options to help raise the necessary funds. One option is to downsize your home. While the house you might have now was great when your kids were all still living with you, the extra space is no longer necessary. Consider a life settlement as a great way to downsize your assets while increasing your nest egg. If you have a life insurance policy that is unneeded or unwanted, you can sell it for an amount higher than the policy’s cash value. Selling a policy not only gives you a large sum of money immediately, it also gets rid of the responsibility of maintaining the policy.
Moving after retirement is a popular choice for many seniors. When you decide to move after retiring, consider all of your options on how to best support the move.