It is unsurprising that many retirees opt to enjoy their golden years in a different state, where they can enjoy a better quality of life and, often, financial benefits.
Your retirement presents an opportunity to start afresh. And with more time on your hands, it is important that you settle somewhere where you can enjoy this period of your life to the full.
Weighing up all the relevant financial and lifestyle factors will help you make an informed decision, based on what is most important to you. Here are some key things to consider when retiring and moving to another state.
Scope out the area
First and foremost, you need to find a destination that you like and feel comfortable in. Are you looking for an area with lots going on, or somewhere more remote?
Climate is a huge factor; many retirees choose to migrate to areas with year-round sunshine.
You might also want to look at how safe the community is, and how friendly the locals are.
Before you settle on a location, it’s a good idea to visit the region so that you can get a feel of what it would be like to live there and determine whether it is the right place for you.
Property prices
The price of a property varies greatly across the US. In some states, you can get a lot more for your money, but where all depends on the type of property you are looking for.
While the size of the property may be important to some, others may prioritise being close to the beach, or in the city centre. We recommend having a think about what kind of property you are looking for before you start to compare prices between states, as this will help you find your ideal property in the most affordable location.
Cost of living
Quality of life is often greatly determined by the cost of living in your area and, in other words, how much you can afford. Look into the cost of necessities like food, bills, health care and insurance policies—as well as recreational activities such as the price of club memberships, eating out, and cultural experiences.
Other expenses
Property and tax laws also vary between states, so it is important to consider any changes to your expenses and income when moving across borders.
Look into the cost of state income taxes, sales taxes, property taxes, estate taxes and taxes on retirement income, as these vary between states.
If you’re moving somewhere where you will have more tax expenses, it is important to consider how this will affect your disposable income and quality of life.
Connectivity
Upon retiring and moving to a new state, you will likely have more time to travel and see family and friends. You may want to visit relatives in a different state or have friends come to visit, for example. In this case, you’ll want to find a location with good transport links.
Strong social networks within your community will also help you maintain an active and fulfilling social life. Are there opportunities to socialise and meet new people within your preferred location?
Lastly, it is important to consider your proximity to services and amenities including shops, healthcare, educational institutions, and places of worship. Having to travel far for facilities like these on a regular basis could negatively impact your lifestyle.
Taking these factors into consideration should help you identify an ideal destination for your retirement. Best of luck with your search for your new home.
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