| Suppose you picture yourself living in a new locale after you retire-in a different city or state or even a country other than the U.S. As nice as the dream may be, you shouldn't just pick up and move without doing some soul-searching and homework first. We'll get you started. |
|
|
| Consider relocation options from the following perspectives. |
|
| You may want to live near your children or siblings, which is not always easy in these days of geographically dispersed families. Or, you might need to live near aging and frail parents, an increasing possibility for today's "sandwich generation" of younger retirees. |
|
| Do you consider geography an important factor in deciding where to live? Do you love the four seasons, or would you rather have more uniform – or warmer – conditions? Do you like mountains, desert, ocean, the tropics? Do you like city or country life? Do you like lots of action and noise or peace and quiet? Do you want to spend all or part of your retirement in another country? |
|
| Do you want to live in a planned community, maybe one specifically for retired people? If the locality you're considering is not a retirement community, are retired people welcome there? Will you be able to take advantage of special senior programs at cultural institutions, entertainment and retail establishments, or restaurants? Are there activities readily available for you to enjoy? |
|
| Do you want to own your home or rent it? Do you want to live in a single-family home, cluster home, condo, or townhome? |
|
| Especially for single or widowed retirees, the question of shared-living arrangements comes up. Are you willing to share your living space, and if so, with whom – a sibling, a child, a friend, or someone who pays you rent by shoveling your driveway, cutting your lawn, or doing other chores you no longer can or want to do? Make sure you get references from people you trust before you enter into this type of arrangement with someone outside your immediate family. |
|
| When considering any relocation, don't forget to check out the total tax burden of the place you're thinking of moving to. In addition to state income taxes, look into sales taxes, property taxes, and inheritance taxes. Every state has its own web site where you can look up various tax rates. To find your state's site, go to www.taxsites.com/state.html. |
|
| If you have a particular retirement location in mind and you haven't already lived there, you should probably plan on paying an extended visit, say one to three months. This will enable you to find out if life there really is nirvana, or if the grass-is-always-greener syndrome has gotten hold of you. |
|
| Don't wait until you retire to check out your potential future haven-if your job allows, lump all your vacation time into a "mini-sabbatical" a couple of years before retirement. When you return to work after the trip, you'll feel not only more relaxed but also further advanced in your retirement planning. |
|
|
