HFHFHHDHNHD
DFJFJJFJJF
“Retirement is a blank sheet of paper. It is a chance to redesign your life into something new and different.” -Patrick Foley.
kdjkjdjdjjkd
Ten years ago, at age 62, I sold my dental practice and moved to a different location within the same state. What fueled my decision? Six months ago, my wife and I relocated to a different home within the same city. Why?
Relocating in retirement is one of the most discussed topics among pre-retirees and early retirees.
dhdhjdhhdhhjd
djfdjdfjhjdj
There are Many Mental, Physical, and Financial Considerations Involved in Relocating. This Blog Will Discuss Some of These Different Considerations.
First, let me say that very few things become simpler with age, and relocating after retiring is not one of these things. As most people age, they are less able to navigate life changes. Does that mean that once you retire, you should stay put and do nothing? The short answer is NO!
Ten years ago my wife and I moved to a different city. We were 62 years old when we moved. We moved again six months ago at age 72. The passage of ten years has made a difference and has challenged our ability to tolerate this move mentally, emotionally, and physically.
I’ve stated before that knowledge is power! Understanding the process of relocating helps ease the process.
fjfgjjgfjjug
dhdhhjjdjjd
Let’s Look at Some of These Areas:
Relocating and Physical Challenges– At age 62, when we relocated to our current city, my wife and I did all of our packing. Even though I had sold my practice, I worked 2 to 3 days weekly. My wife and I decided to move into the patio home we had purchased several years before in another city. So, while working and helping the new Owner to transition into what was previously my dental practice, my wife and I were also packing all of our belongings for the move to our new location. We had previously furnished our patio home and moved only a few items of furniture from our current home. This lightened our load, but we still had to move all our personal belongings. We hired a moving company for the day of the move and had everything moved and furniture repositioned at our patio home by the Movers. Even at age 62, this didn’t seem to be overwhelming. After ten years the whole process of packing, relocating, and unpacking seemed much more daunting mentally and physically. We also were faced with the process of negotiating, purchasing, and financing our new home.
Six months ago, and 10 years after our initial relocation, we moved to another home in our current location. This move across town involved packing and moving all furniture and personal belongings. Since the move was only across town, my wife and I packed and moved some fragile items in our vehicles. We still had to go through the same steps and hire professional movers for the day of the move.
My wife and I commented that 10 years had altered our physical stamina. We were also under a much tighter timeline for this move, which decreased the number of days we had for packing and increased the hours spent packing each day.
After moving into our new home, my wife and I had all window treatments, shades, drapery, furniture, and clothing placed and settled within three weeks. We spent 12 to 16-hour days unpacking and settling into our new home. This constant physical output and lack of adequate rest resulted in a state of exhaustion for both of us and a diagnosis of viral pneumonia for my wife. I was lucky in the fact that my only physical problem was a back strain that required a period of rest.
What Were the Physical Challenges?
The first consideration is that my wife and I are now 72 years old. With age comes the realization that we are not physically able to do the things we could do when we were 40 years younger.
We have always been very independent and reluctant to ask for the assistance of others. But, we did rely somewhat on our children and their spouses to help with the mental and physical process of placing furniture in our new home. We also hired a contractor to do all the painting and interior renovations required before moving into our home. We allowed the movers to do all of the heavy lifting of the move. When packing, I color-coded each box with a color designated for each room or area. In this manner, the movers placed furniture, fixtures, and clothes very close to their ultimate location. My wife and I were more amenable to trading dollars for labor than we were when younger.
My council concerning the physical aspects of relocating would include a critical self-evaluation of physical abilities. There is no shame in admitting that one cannot accomplish some physical tasks. It’s also OK to pay someone to do these things that you are no longer able or willing to do.
Don’t let pride result in a serious or chronic physical injury related to relocating. No one is happy after moving to a new location and not enjoying the amenities because of an injury.
fjfjhfhjhjfjhf
Relocating and Mental Challenges– The mental challenges of moving expend the most energy and brain power. Much energy is expended evaluating, purchasing, and relocating to a new home in a different area.
Does the move make financial sense? For my wife and I, moving to a larger city made sense regardless of the move to a larger area with higher property taxes. We purchased a patio home with less square footage, and even with higher taxes, our overall living expenses, utilities, taxes, and transportation expenses were less. Moving to a larger home, moving to an upscale area, moving to a larger city, moving to a resort area, or moving to a dedicated 55+ community all require different evaluations. How does a move within the same state or geographic area affect the cost? Does the area you’re moving to have the same tax base? How does the cost of living in your new location compare to the cost of living in your current location? How much time do you want to spend evaluating different potential locations? Are you planning a trial run by temporarily living in that new location before moving? Doing a trial run of living in your new location before purchasing a new home may make sense. What is the climate like in your new location?
Relocating and Emotional Challenges– *Living closer to loved ones– relocating closer to your children can have good and bad consequences. It’s great that you are closer to children and grandchildren, having the opportunity to see and interact with them regularly. Being closer also means that you will be more accessible to them if they need assistance or help with child care. Closeness can create a positive or negative situation for parents who spend substantial time doing things for their children and grandchildren.
*Determine goals and priorities– it’s critically important to spend time before an anticipated relocation to determine if this relocation will have a positive or negative life impact. Will moving to a new location change the retirement goals and priorities you’ve created? Will relocating help to formulate new goals and priorities? Does the area of the anticipated relocation provide facilities to enhance health? Is there a strong community that supports one another? Will a new location foster new goals and ideas? These are things to consider and evaluate before a relocation as they will impact your happiness in a new location. As stated above, will a relocation change your daily routine, and will these changes create more or less happiness?
*Do a trial run– one of the best things you can do is to spend time in potential relocation sites. My wife and I attended college in the area we presently live, but we had not lived here for approximately 40 years since we graduated from college. We spent significant time evaluating what living here would be like since our memories were created 40 years ago. Since the area we relocated to was only about an hour from our prior home, we spent significant time here before our relocation. We wanted to be here during weekends and weekdays to evaluate traffic conditions and culture and to evaluate areas most desirable for our needs. Spending significant time doing trial runs on our potential relocation site gave us more confidence when we decided to move to our new location.
*The chance to develop new habits and behaviors– when we moved to our current city approximately 10 years ago, we had access to more restaurants, culture, and fitness opportunities. Even the move across town we recently accomplished has provided the opportunity to develop new and positive habits. The scope and layout of our new community provide opportunities for me to walk more and more often. Our home resides across the street from a small community park, and I now spend time sitting on my porch enjoying the view and visiting with neighbors. Now that our move is complete, we anticipate becoming members of our local community exercise and restaurant facility. Membership in our community club Association also provides access to tennis, pickleball, and swimming facilities.
*Ease of developing new friendships– moving from one area of our state to another didn’t present significant cultural problems in developing new friendships. The city we now live in is multicultural, but many people share the same cultural background, language, religion, and interests. Moving to a different state or a location with a radically different cultural base would present more significant problems. The ability to develop friendships quickly will normally be transferable to a new location.
*Ask for help from family and friends– asking for help is very problematic for many people. We have three children who were willing to help with our move but are all very busy with their careers. My wife and I have always prided ourselves on being self-sufficient. This self-sufficiency comes with an energy cost, and that energy cost has the potential to cause more problems with age. There is no shame in asking for help when the lack of help increases the chances of physical and emotional injury.
*Declutter– I spoke about decluttering in previous blogs about downsizing and rightsizing in retirement. Our biggest “decluttering” project occurred with the move into our smaller patio home. That move uncovered many things that my wife and I had been saving for years that had remained untouched for a significant period. Even though they had remained untouched for years, we had kept these items because we knew we would need them. Selling, donating, or gifting many things we had not used in the last few years was liberating. It’s hard to release many things that you think you will need. After our major decluttering, my wife and I felt a sense of lightness and release. We were no longer bound to all these “things” that we didn’t use or need.
*Availability of public transportation– various means of public transportation may be a dominant concern and play a significant role in choosing between two locations. Public transportation was not a concern of ours, but in some cases, it can be a consideration.
*Social opportunities– my wife and I enjoyed the fact that our previous neighborhood and city were smaller. A downside was the fact that a smaller neighborhood means there were fewer people to engage with socially. Moving to a larger city and a larger neighborhood within the same city has provided more people to engage with socially.
*Cultural opportunities– it is generally recognized that larger cities will have more cultural opportunities. Larger communities have more educational opportunities such as colleges, junior colleges, and technical schools. There is also greater access to theaters, museums, and cultural centers. More restaurants mean more opportunities to interact.
*Recreational opportunities– larger cities tend to have more varied recreational opportunities. Larger communities can support more recreational facilities such as parks, athletic stadiums, golf courses, lakes, etc. The dynamics of larger cities decrease the ability to provide outdoor activities such as hunting and fishing in a natural environment.
*Climate– climate is another concern when relocating. Many people grow tired of years of cold weather and want to relocate to a warmer climate. These same people may be unprepared for long periods of uncomfortably high temperatures. Many retirees who move to warmer climates state that having warm weather every day is great, but they eventually miss the change of seasons and the temperature changes they provide.
*Pet-friendly– this was not a concern of my wife and I since we no longer have pets, but it’s a concern for retirees relocating with one or more pets. Most areas are pet-friendly, and most areas with outdoor seating capabilities welcome pets. Not everyone enjoys dining with pets. Not everyone feels comfortable around animals. It is a lesser but important consideration for those with strong emotional attachment to their pets.
dhfgfghgf
Pros of Moving
-New lifestyle
-Potential savings by moving to a location with a lower cost of living and housing prices.
-develop new friendships
-Chance to develop new habits and behaviors
-Live closer to loved ones
-Mental stimulation that comes with relocating
-Opportunity to enjoy new sites and experiences in your new location
fhhfghhfghf
Cons of Relocating
-higher mortgage rates
-steep cost of living
-Leaving the familiar
-Financial outlay involved in relocating (estimated at $12,000)
-energy needed to sell current home, pack, and move into a new home
-Climate
-reestablishing essential services such as physicians, Dentists, banks, health clubs, restaurants, etc.
dhdhdhhhd
Things to Consider
-Tax rates on retirement income
-Availability of healthcare
-Living accommodations (including the availability of 55+ living retirement communities, transitional communities, assisted living facilities, and critical care facilities
-Cost of living
-Average home prices or rental rates
dhgfghfhjghj
Practical Steps
-Communicate with everyone involved in the move
-Create a moving schedule
-Build a notebook of people, services, dates, and ideas
-Hire a moving company
hghghhgghf
Tax Implications of Relocating
One of the most underrated aspects of relocating is the tax implications associated with moving.
–Income taxes– will the move result in higher state or federal income taxes? If moving internationally, where will income be taxed?
–Property taxes– holding property in different locations will result in differing property taxes.
–Sales taxes– different localities tax different items at different rates.
–Excise taxes– some localities may levy excise taxes.
–Estate and inheritance taxes– some states levy taxes on the value of estates, while others do not. Also, taxation of estates and inheritances will vary widely among different countries.
dkjdjdjjhd
dkjdjjhdjjjdj
If you’d like to be a part of a free online retirement community, join us on Facebook:
COMMENTS