Moving When You Retire Is Dumb!

by Krantcents · 39 comments

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Unless you are moving with friends and family, moving when you retire is dumb!  You have roots in the neighborhood, family and community.  Social connections are very important to living a long happy life.  Do you really want to start over again in a new place?  Are you moving to a warmer climate?  Why do you want to move?  Is it the lure of an exotic location?  Would you move overseas?

The usual argument for moving is warmer weather or a lower cost of living.  If your goal is to be with other old people, moving may make sense, although your friends are probably your age.  Older people want to be close to relatives, particularly their children and grandchildren.  What will the new place offer?  Who doesn’t want a lower cost of living?  Don’t forget that there is a cost to get that lower cost of living.  Do you have to sell your current residence and to buy a new one?

It may be better and less expensive to rent out your current home or downsize before you retire.  When you sell there is generally a 5% commission and probably a similar cost to buy.  In a lower cost area, you are unfamiliar with the neighborhood, how you will live in the new community and no social connections.  In a foreign country, it is even more difficult.   Many articles tout less expensive countries with lower costs of living, but very little written about the downside of living in another country.

Moving to a different country will probably mean learning a new language and culture.  Other issues may be access to medical services and dietary requirements.  These are just a few of the changes you will need to get used to if you move to another country.  Do you buy or rent?   Investing in a foreign country has different risks, one of which may be restrictions/regulations to buy and sell property.  There are generally restrictions for foreign (non citizen) ownership, governmental restrictions and customs.

Many retirees move to warmer climates such as Florida, Arizona or California.  Do you want to start over again when you are in your sixties or seventies?  Making new friends and finding a new place to live can be a daunting task. It can be made a lot easier, if all your friends do the same thing, but that is rare!  If you have visited the community often and have a connection, it may work.  There are still risks, but it helps to do your homework!

What do you like to do?  What will you do in retirement?  It is probably all the things you did before retirement.  You want the things you like to do nearby including spending time with friends, relatives or grandchildren.  Moving may mean re-establishing your connections and travel to see your grandchildren.  How will you make new connections?   Will you join a church, social group, volunteer or meet your neighbors.  Does all this fit with your personality?

You may be moving for a more affordable lifestyle, but making friends will help you adjust.  If you are planning to move when you retire, you need to think about the changes.  Moving away from friends and family to a new location domestically or internationally just adds to it.  Remember, you were working for thirty-five to forty years and you just stopped!  That in itself is stressful and you are adding a change of residence and location.  Leaving your familiar community and connections adds more stress.  Why would yu want to have stress in your life at this time?   Unless you are moving with friends and family, moving when you retire is dumb!

Photo by RBerteig

Carnivals:

Carn. of Financial Camaraderie at Credit Resource Center
Carnival of MoneyPros at Debt Black Hole
Carnival of Retirement at Master the Art of Saving
Carnival of MoneyPros at Debt Black Hole
Yakezie Carnival at The Ultimate Juggle
Carn. of Financial Camaraderie at Credit Resource Center
Carnival of Financial Planning at Personal Finance by the Book
Y and T’s Weekend Ramblings at Young and Thrifty
Carnival of Financial Planning at Personal Finance by the Book
Y and T’s Weekend Ramblings at Young and Thrifty

Unless you are moving with friends and family, moving when you retire is dumb!

 

 

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