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For many, retirement is the perfect time to spend with family, especially your children and grandchildren. However, if your kids have left the nest and moved far away, even across the country, visiting them can become a financial burden. And there are other considerations as well, like making sure you have the help you need as you grow older. Here are a few things to consider if you have children who live far away.
Moving Closer to Family
Now may be the time to consider downsizing your home and moving closer to your family. Talk with them about the decision, and they can help you decide on a nice neighborhood that will allow you to enjoy your retirement near your family. In some cases, your kids may even want you to move in with them, though that’s always something that should be discussed and not expected. Depending on the area you move to, the sale of your house could help fund the move as well.
Help with Travel Costs
If a move isn’t in the cards for you, some assistance with travel costs never hurts. If you aren’t interested in driving yourself on a long trip, consider some other methods of travel. Amtrak offers a 15% discount to seniors. Some airlines offer discounts as well, and members of AARP can often get discounts on flights, car rentals, and hotels.
Some seniors rely on their kids for help around the house if they aren’t able to move as well as they once could. If your kids live far away, however, you may need to look into other services that can provide that assistance. Cleaning services, home care, travel and transportation, and even cooking services are all available and can cater directly to seniors.
Of course, a big move, travel, and in-home help all cost money, and you may not have factored those costs into your retirement planning. Downsizing and selling your home can help fund a move, but it’s important to look for other, alternative ways to afford the costs as well. For example, selling an unwanted or unneeded life insurance policy in a life settlement can get funds into your hands and get you closer to your grandkids. Use our qualification calculator to see if you’re eligible for a life settlement, or call us directly at 888.849.0887.