Cost of living varies from area to area as well - keep in mind where you are going, your money may go a lot further if moving out of a denser area but the opposite is true. Image: Joshua Rainey Photography/Shutterstock.com
By: FEDweek StaffMoving to a new home in retirement? Along with the lifestyle changes, remember to pay attention to:
* Estate planning. You probably will want to retain an attorney in your new state; at the least, have this lawyer review your will to see if it needs to be changed because you have a new residence. You also may want to change your executor if the person you have named lives far away and might not be able to handle all the necessary details.
* Taxes. You probably will want to hire a new tax preparer if you move to a new state because each state has different laws. However, if you’re comfortable using the Internet you can file taxes online without having to pay a tax preparer.
* Funeral Arrangements. You also may want to think about funeral and burial arrangements at this time. Especially if you’re moving away from your closest relatives, it will be very helpful for your survivors if you make your own plans in advance. (Of course, make sure your family knows of any arrangements you’ve made.)
* Downsize. If you’re going to move into a new home, go over all of your furniture, furnishings, clothing, etc. Be sure to take only the items you’ll really want afterwards. (Take only what you’ll need, too: you can do without most of your sweaters, winter coats, and earmuffs if you’re moving to Arizona.) Hold a garage sale or advertise unwanted items in the local papers. Not only will you earn a few dollars, you’ll pay less in moving costs if you’ve trimmed your household possessions.
Other considerations include home maintenance costs and whether you could live with a smaller yard or want room to garden, as well as the condition of the house. Are you going to be handling maintenance and spending time on a ladder swapping out light fixtures? Those days may be past.
Cost of living varies from area to area as well – keep in mind where you are going, your money may go a lot further if moving out of a denser area but the opposite is true.
Are you moving somewhere with frequent coastal storms – like Florida? That will play a role in the cost of home insurance. Of course, there are always tradeoffs and financial considerations are only one part of the equation for a successful retirement. Equally, if not more important, is how you will spend your time and maximizing your quality of life. You deserve to make the best of it right?
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