Retiring is the goal of many Americans. If you have achieved this milestone, congratulations! Many important decisions still lie ahead, such as where you will live. You may decide to ditch the big house and downsize into something more suitable for your needs without all the upkeep. Or, you may decide to stay put.
Check out some of the pros and cons of moving after retirement.
Moving after retirement has many advantages, such as:
Moving to a more affordable city
Keeping expenses to a minimum is a wise idea when you’re a retiree. The best way to do that is to move somewhere with a low cost of living. Generally, inland areas are less expensive than coastal areas when it comes to home prices and rents. You’ll also pay less for smaller communities and rural areas over big cities.
Downsizing your home
Once you realize that big home in which you raised your children is much too big for just the two of you, it’s time to consider downsizing to cut living costs. First off, smaller homes are cheaper so you can put the difference in money you got from your original home right into the bank.
Smaller homes also translate to lower living costs, such as reduced energy bills and property taxes, and fewer maintenance costs.
Moving closer to family
Being close to your family is probably a main priority for you now that you have free time in retirement. With no job tying you down, you can finally move closer to your children and grandchildren. If you decide to move in with one of your kids, such as in an in-law apartment, you can also save the cost of owning or renting your own space.
Finding a better climate
If you live in a cold and wintry area for much of the year, you may decide to head to a warmer locale with ideal weather all year long.
There are also some cons to moving after retirement, such as:
Missing family and friends
One of the biggest disadvantages of moving away after you retire? The emotional cost that comes as a result of leaving friends behind that you have made over the years. It will be tougher to see those close friends after you move, which means you won’t be spending quality time with them any longer. If they are an integral part of your network, this will come as a big blow.
Leaving the home you raised children in
Moving after retirement is also tough when faced with leaving the home in which you started out your married life and raised children. Living in one place and neighborhood for decades certainly creates a strong emotional attachment, which is a powerful psychological bond that can’t be ignored during this decision.
Leaving the home where you have put down roots is not only hard on you, but it can be hard on your children and grandchildren, as you’re selling their memories as well.
This isn’t as much of a problem for people who can adapt more quickly to new settings, but many have difficulty accepting such a major change. Leave yourself time to adapt to the idea and think about what type of person you are: grounded in roots or willing to accept change.
Your partner doesn’t share your enthusiasm to move
Hopefully you and your spouse are able to retire at the same time, and ideally, both of you will be supportive in the decision to move. Sometimes, that’s not the case. One may really want to move and the other may want to stay put. It’s important to be on the same page as your partner; if you don’t agree, this can bring strife and tension to the relationship, and make you question if a move is really in your best interests as a couple.
Being on the same page will ensure you can continue to live together harmoniously and avoid those hard feelings that may morph into serious issues over time.
Starting over again
Moving often means getting another mortgage, unless you can pay outright for the new home. It can also take a physical toll as well, with all the packing, moving and transporting, and later, the maintenance that comes with a new home. Many retirees prefer to age in place, or move to a small retirement community where all the maintenance is taken care of for them.
Contact Olde World Movers
Whichever decision you make as a retiree, Olde World Movers is here for you. We offer assistance with statewide, local and long-distance moves, as well as packing and storage. Contact us for a free quote today.