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Should your future living arrangements be included in your full retirement plan? Past Retire With Purpose podcast guest, Steve Parrish, seems to think so. Read the article from Forbes below.READ THE ARTICLE
Head for home base: Not only can changing up where you live make more sense financially, but it also affects you in other ways. Your hobbies, social network, family life, and even access to health care are all impacted by where you call “home,” which essentially makes your residence, your retirement.
If you believe a big move is on the horizon, be sure to plant your roots purposefully. Start by going through a retirement living checklist, which includes items such as:
📌Geographic location – Consider factors such as proximity to family and friends, hobbies, and last, but definitely not least, tax impacts
📌Residence – An “active adult community” can be ideal for those seeking social connection, while a Continuing Care Retirement Community caters to your needs as you age
📌Health coordination – Access to healthcare is key, so ensure you’re located near a hospital and have readily available travel arrangements to doctor appointments
📌Financing – Leveraging existing equity (such as from a current home or savings) creates options to finance a change in residence and prevents a financial burden from overtaking your second act
📌Contingencies – Realize that not everything always goes to plan; A spouse might pass away earlier than expected, your healthcare needs might change or an opportunity might arise, which means flexibility in planning is a must
Above all, take your time: I’ve seen retirees lose six figures by making relocation decisions too quickly and without considering all necessary factors. Don’t let that be you.