The excitement of relocating after retirement is palatable. However, before you jump into purchasing a home in your dream location, be sure to do your research.
Comparing the pros and cons of a new town against where you currently live and understanding the financial trade-offs will ensure you make the best decision. A sunny plot of paradise to escape cold, harsh winters could keep you just as cooped up during stifling summer months.
If you’re leaving urban life for a less expensive rural area, balance that with the convenience of a metro area’s public transit, the closeness of health services, and an airport nearby if you plan to travel a lot.
Taxes will play a big part in your decision. Many seniors depend on social security income, and it’s essential to know which thirteen states tax it. The cost of living may appear lower in a new location, especially if local taxes are lower. However, if your new town doesn’t provide the services you need, you’ll have more out-of-pocket expenses.
Set your expectations correctly so that your next adventure holds no surprises!