You have worked long and hard to save up for retirement to settle into your dream location and lifestyle. Now that you no longer need to live in an area focusing on your job, schools, and status, your options are open. Your dream location is a possibility within reach, but you should consider a few items before purchasing that house or condo.
Are you someone wants to be able to travel? Do you have family you want to live near?
- Research – When investigating your next location there are many things to consider. You should explore areas that include recreational areas, history, a vibrant economy, low crime rate, good hospitals, housing options, geriatric services, relatively close to good retail, and engaging arts and education institutions. Moving away from “civilization” may seem like the ideal retirement but think about your family and your health. Speaking to a Relator about the area will give you deeper insight into the market and the best neighborhoods for your needs.
- Visit – Some retirees make the jump and move south, thinking they want the warmer climate and find themselves moving back a year later unable to handle the summer weather. Make sure to visit the areas where you are looking to relocate for a few weeks at a time. Visit during the worst weather of the year to make sure you will be able to handle the harsh winters of the North or the sweltering summers of the South.
- Testing – While staying in the area, test out the local favorites, transportation, and community activities. If you are going to be living there, you will want to know you will enjoy your retired life.
Be clear on your priorities for your retirement life. If you want a part -time job, explore the opportunities in the area. Read the local newspapers, visit the local bureaus, and get a sense of what shopping will be like. Look for discounts!
- Spending money –Many retirees are looking to downsize and stay in the area where they currently reside, while others are looking to have room for guests but want to move to another area. Research where you want to move by getting ideas at www.TopRetirements.com
Currently there are seven states that do not have personal state income taxes, however there are another 20 states that offer favorable tax breaks on retirement income. These states may not be the dream location but might just be the better fit financially. If you would like a state by state guide visit https://www.kiplinger.com/tool/taxes/T055-S001-kiplinger-tax-map/index.php
- Family – Don’t underestimate the power of being close to friends and family. Residing in the same city or within an hour’s drive can add meaning to your retirement years and your children/grandchildren will be there to help you.
We all have our dream location. These tips can help make your dream come true. Does yours fit into your retirement life criteria?
About FAI Wealth Management, Inc.: Located in Columbia, Maryland, FAI focuses on helping clients create the financial future they desire by protecting their wealth, making the most of their assets, and planning for life's uncertainties. The firm combines fee-only, fiduciary-driven guidance with highly personalized, consultative financial planning and investment services that enable individuals, families, and businesses to navigate complex life transitions. Founded in 1987, FAI currently manages more than $350 million in client assets nationwide. For more information about FAI Wealth Management, please visit the website at http://www.faiwealth.com or call 410.715.9200.