Tuesday, October 22, 2013

Why You Should Consider Moving to a Small Town for Retirement

English: Jasmine House retirement home The ret...
. (Photo credit: Wikipedia)
Traditional retirement has changed greatly in recent years, as many couples and individuals can no longer afford to keep up with their lifestyles while completely retired. As a result, these people are not fully retiring, but are rather going through with semi-retirement. 

This, however, is not necessary if you can make a few lifestyle adjustments leading up to your big day. One of the most effective adjustments that you can make is moving to a smaller city, as you will find that the difference in the cost of living could make full retirement more palatable. 

Selling Your Home

You might plan to sell the family home before retirement anyway, but if you are buying a condominium in the same city, you might not end up too far ahead. When staying in the city, your condominium could end up costing almost as much as your home, so you will not have much left over.

Some retirees choose to rent a place, but this constantly eats away at your retirement funds and does not provide a return on the investment. If you can sell your house in the large city and move to the suburbs or a smaller town in the same area, you could save hundreds of thousands of dollars. This money can then be put towards your retirement goals, which leaves you in much better financial shape. 

Cost of Living

In addition to the money that you make on the sale of your house, you will find that other expenses are far less in smaller cities. Since you will not have to drive as far to reach destinations, you will spend less on fuel. Things like restaurants and entertainment will be cheaper, unless you move to an exclusive suburb that has an inflated market. 

Quiet Lifestyle

Perhaps the main reason to relocate to a small town is the lifestyle that it affords. You will not have to worry about traffic and crime during your retirement, but can instead spend your time relaxing and enjoying the region.

You can go golfing multiple times per week without worrying about the course being overly crowded and can walk into your favorite restaurant, sometimes without even needing a reservation. The slower pace of life is much easier on you as you age, as you can avoid the big city problems that have plagued you during your working years. 

Checklist before Moving

Before you choose to move to a smaller center, you should consider a few things. First, make sure that you are close enough to visit your children and grandchildren before you go. Nothing is worse than moving on to greener pastures, only to find out that you miss your family and do not get to spend enough time with them.

Secondly, you should ensure that you have the right personality type to make friends in a new environment. You will be starting from scratch in your new town and you will not know anyone. If you struggle to make new friends or are introverted, you could struggle and become lonely very quickly.

Thirdly, you should look at the activities in your new city to see if they interest you. If you do not like fishing or swimming, moving to a beachfront community might not be your best option.

Overall, you have countless choices when selecting a retirement destination, so choose one that not only allows you to reach your financial goals, but your personal goals as well.

No comments:

Post a Comment

Join 1000's of People Following 50 Plus Finance
Real Time Web Analytics