Considerations When Relocating in Retirement

As we reach the end of another year, retirement may be on your mind. Are you considering relocating? Moving to the proverbial beachfront condo or gated golf and tennis community are still popular retirement goals. Many seniors also plan to relocate to be closer to family or friends, to immerse themselves in their interests and hobbies, or to shake up their retirement routines with a little adventure.  

But while retirees who want to move often focus on the financial and logistical challenges, relocating also involves some significant lifestyle challenges that shouldn’t be overlooked.  

As you’re plotting your potential retirement relocation, don’t forget to discuss these three issues with your spouse AND your financial advisor.  

Will You Have a Support System?

 If you’re planning to move so that you can spend more time with your adult children, grandchildren, or other friends and family, consider where your loved ones are on their own stage of life. 

You’re now retired. You have the freedom to schedule your time however you want.  

Working parents and growing kids who are juggling professional responsibilities, grocery shopping, cooking meals, soccer practice, and homework don’t have the same luxury.  

Sure, knowing loved ones are nearby to help with a major medical emergency can provide some peace of mind. But you also need someone to grab a cup of coffee with during the week, an exercise buddy, or a tennis partner. It’s unrealistic to expect your adult children or grandchildren to fulfill all those roles, especially since they are not in the same stage of life as you are.  

And if you move somewhere completely new, are you prepared to step out of your comfort zone and meet new people? Befriend new neighbors. Find a new gym. Get settled into a new church. 

How Accessible and Expensive Is Healthcare?

Many retirees aren’t prepared for how health care costs typically rise over the course of retirement. With seniors living longer than they ever have before, you need a plan to secure your healthcare both now and in your later years.  

When thinking about healthcare in potential relocation destinations, ask yourself:  

• Who will be my primary care doctor and (if needed) specialists? 

• Will I need to change my Medicare coverage? For example, if you currently have a Medicare Advantage plan, your network of providers may be limited to a specific geographic area. 

• How close is the nearest hospital? 

It’s also important to think about care you may need later in life. Long-term care, such as in-home nursing, usually isn’t covered by Medicare. And even if you don’t develop any serious health issues, as you age you may need help from your support network for things like grocery shopping or transportation.  

How Convenient Is Traveling?

If your bucket list is full of travel goals, you may want to stick close to a city with a major airport. Otherwise, plan for an extra hour or two in the car as you travel from the suburbs or countryside, as well as some extra transportation expenses like long-term parking. 

Urban life can also make domestic travel easier if you’re connected to the rest of the country via train.  

You should also assess how easy getting around your new city or town will be, especially as you grow older. Take a long weekend vacation and see if you can leave your car in its parking space. How convenient are the walking paths and bike lanes? Are key destinations spread out or centralized? How long does it take to order an Uber after dinner on a busy Saturday night? 

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Do you have relocation in retirement in mind? Look beyond the obvious – the desire to be near family or friends – and consider what a move would mean to your daily life. Again, we often focus on the financial and logistical challenges; keep in mind that relocating can often involve significant lifestyle challenges that shouldn’t be overlooked.  

Retirement is down the road a bit for me personally, but I recognize that “moving” to Tulsa, Oklahoma to be close to my grandbabies would be a significant change, having lived in Central Pennsylvania my entire life! Many things to consider as we look to our future, for all of us. 

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