Posted on Thursday, March 21 2024
Have you ever travelled somewhere and liked it enough to wonder, Should I move here?
You're not the only one; relocating after retirement is common! The allure of a warm climate, being closer to family or friends, reducing costs, or downsizing home upkeep has enticed many retirees to make the move. However, choosing to relocate is a complicated and personal decision. It's crucial to consider all the factors and potential impacts and do your homework.
Before you make any decisions, take time to reflect on what truly matters to you. Consider your desired lifestyle, hobbies, travel aspirations, and family priorities. Assess whether your current financial situation aligns with these goals and if adjustments are needed. It's essential to balance enjoying your retirement years and maintaining financial security for the long term.
Ensuring that the cost of living aligns with your financial goals and expectations is essential. Additionally, consider whether home prices are reasonable in the desired location and compare tax obligations to understand their impact on your finances. By carefully assessing these factors, you can make an informed decision that supports your long-term financial security and retirement lifestyle.
Prioritize evaluating the healthcare system in potential relocation areas. As we age, access to quality healthcare becomes increasingly vital. Ensure you can still access specialists and necessary medical services in the new location. Additionally, consider the proximity and travel distance to local hospitals to ensure timely access to emergency care if needed.
Start with a master list of what you need from a new home: consider the distance to your friends and family, whether quality healthcare is available, does the area aligns with you socially and politically, how close you are to essential amenities like grocery store, is public transit readily available? With each location you consider, evaluate them based on this master list.
Now that you know your goals, budget, and healthcare needs and have your potential location lists ready, go and visit them!
Taking the time to go to your new location and physically spend some time there will allow you to get past first impressions. Visiting a place for vacation versus residing there are markedly different experiences. A brief stay may not accurately represent the area's climate and lifestyle.
Booking a long-term hotel stay from a company like Premiere Suites which offers all the amenities of home while you’re away can provide much-needed insight. Spending a month or more in your new potential neighbourhood will allow you to get past feeling like a tourist and ensure you’re confident in your relocation decision.
The decision to relocate after retirement is not one to be taken lightly. By evaluating your retirement goals, budget, healthcare needs, and desired amenities, you can create a roadmap for finding the perfect new home.
Additionally, planning a trial run by visiting potential locations firsthand can provide invaluable insights that go beyond surface impressions. While starting a new chapter in a different location may be exciting, taking the time to make an informed decision will ultimately lead to a more fulfilling retirement journey.
To find out more about how Premiere Suites can support your retirement relocation planning, reach out to us here.