Things To Consider Before Relocating During Retirement

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

If you are located on Long Island or elsewhere in the North East, then you know just how brutal winters can be. And if not, well, you have probably at least heard about them! Prior to officially entering the retirement phase, many couples often make the decision to relocate to somewhere warmer where such snow covered roads and sidewalks are the least of their worries. However, although the thought of soaking up the sun day in and day out can be tempting, the decision to leave certainly shouldn't be made on impulse. But if relocating is indefinitely a part of your retirement plans, consider the following first:

1. Location: First and foremost, you will have to determine where you want to live. As you ponder potential regions, take into consideration the weather, what kind of community you want to be involved in (for example, will you be seeking a retirement community?) and the amount of traffic you are looking to be surrounded by. If you know a trip to the beach is a must, then naturally you should focus your research on states and towns where the water is nearby. 
2. Type Of Home/Cost Of Living: Are you looking to rent? Buy? Have a home? An apartment? Once you know where you want to live, you will want to figure out what type of facility you are looking for. This is where the cost of living comes in - how do homes in one town differ from another? And don't forget about recreational activities. In addition to being able to afford your abode, you will need to determine if you have enough set aside to participate in some of your favorite activities.
3. Taxes: What you are paying in taxes now may not be a direct reflection of what you would be paying in taxes elsewhere. As you work to narrow down your options, consider how pensions are taxed (if you will be taking one with you) and how your state and local taxes will differ from what you are prepared to pay.
4. Job Opportunities: Although taking on another job is probably not at the top of your to do list once you enter into retirement, there is always a possibility that you will need and/or want to find a part time job. Before you make anything official, be sure to check out the potential job opportunities in that area.

In addition to these variables, don’t forget to do things like seek out medical offices and determine how far you will be from your friends and family. Furthermore, you should also make a conscious effort to determine if your favorite hobbies are available to you; how could you play golf without a golf course? For more great tips to help you plan for relocating during retirement, check out our very own Lee Rosenberg's book, 50 Fabulous Places To Retire In America!

As a financial planning firm that specializes in retirement planning, we at American Investment Planners LLC know exactly what you should be considering when it comes to relocating during retirement. Our extensive background and expertise in the field is the reason that we are so well able to provide each of our clients with a solution that finds them financial success for the latter half of their life! For more information on how we can help you plan for the future, visit us at www.americaninvestmentplanners.com or contact us at (516) 932-5130 / (866) 932-5130 today.