The Go-To Guide on Relocating after Retirement

For most people, retirement is a time of freedom. Once you retire, you no longer need to go to work every day and can use your time as you wish. When people leave the workforce, they often decide to relocate. About 1 million people move every year following their retirement.

Some people move to be closer to or farther away from family, while others take this step for health or financial reasons. When it comes to moving in retirement, there are a number of benefits. These range from the excitement of living in a different city to saving money by renting a smaller place.

We created a retirement relocation guide you can use to plan and prepare for the big change. Here’s everything you need to know:

Why Consider Relocating for Retirement?

Tired of maintaining your family-sized home? Ready to downsize to something smaller that aligns better with your retired lifestyle? There are many reasons why you might consider relocating after retirement.

Moving in retirement is a great way to simplify your lifestyle and lower monthly costs. Downsizing also requires less maintenance and leads to easier everyday upkeep. As you get older and enjoy your new retired lifestyle, you can look forward to a fresh start in a new home.

Top Factors to Consider When Relocating for Retirement

Before moving in retirement, there are a few factors you'll need to

consider that can impact where you move and when you move. This includes:

Health: As you get older, you might need to commit to more doctor appointments or run into unexpected health concerns. Downsizing can help simplify your life so you can focus on your health and stay healthy. If you move closer to family, they may also be able to help you keep up with the appointments and check-ins.

Before making any serious plans to move, check into your healthcare program. Anticipate future medical needs and plan for unexpected ones. Too often, health problems develop quickly and without warning. If you have formed a relationship with a medical provider that you cannot easily replace in another locale, you may want to reconsider moving.

Finances: If you're retiring soon, you'll want to search for a new place to live that aligns with your budget and expenses. If you have to borrow money to buy a new home, you'll want to ensure you can afford a new mortgage and the payments won't put you at a disadvantage. Most retirees benefit from downsizing, moving into retirement communities or living in apartments instead of family-sized homes.

One way to keep costs down is to rent your retirement home instead of buying it. If you decide to rent, you can live in a building that lets you keep your independence longer. For instance, select a complex that has elevators in addition to stairs or convenient access to laundry facilities as well as handles in the bathrooms.

If you currently own a home, you could sell it and use the proceeds to increase your nest egg. This step could extend your retirement finances by increasing the interest amount that you're earning.

Family: As you get older, you might want to be closer to your family. If your kids have moved away due to work or to be with a significant other, you may want to live near them and your grandchildren. In some cases, people change locations to be close to their parents or a sibling to help care for them as they age. Moving to an apartment or smaller home closer to them is the best way to maintain social interactions and help you feel connected to the ones you love most.

Potential Downsizing: If your current home is too large to maintain on your own, it may be time to transition to a smaller, more manageable space. Downsizing after retirement is a great way to simplify your everyday life. It can also help you lower your cost of living and reduce stress levels.

Reasons to Consider Moving in Retirement

While many people stay in their homes until they're forced to relocate for medical or financial reasons, reports show that those who move to a new place are happier than those who remain in their homes. Moving can improve your emotional well-being. Those who relocate experience more positive emotions than those who stay put, even when the move is due to an illness or a financial burden.

Here are some common reasons for moving in retirement:

Better Weather: When people retire, many of them move to warmer locales because the higher temperatures make it easier for their bodies. In addition, once you reach your golden years, you may be ready to live in a city where you can avoid shoveling snow or budgeting for high heating bills.

Places with desirable climates often have a higher cost of living. However, there are a number of towns where you can live affordably and enjoy warm weather. For instance, many retirees are heading to Punta Gorda, Florida. This city is a popular place to retire due to its warm climate and reasonable cost of living. Albuquerque, New Mexico, and Prescott, Arizona, are also affordable cities that come with a comfortable climate.

Affordability: If affordability is more important than climate, consider moving to cities like Decatur, Sioux Falls or Topeka. Decatur, Alabama, features a low cost of living for retirees that's 11 percent lower than the national average. Alabama is a tax-friendly state, and its healthcare costs are affordable. In Decatur, the median home value is just $122,500.

While Sioux Falls, South Dakota, may not seem like a populous city, the community has plenty to offer retirees. For one, the city's cost of living for those who no longer need to work is 5.8 percent below the country's average. Healthcare costs are also lower in the state. With the median home price at $152,000 and a thriving economy, Sioux Falls will likely enhance your quality of life. The city also features low overall population numbers and plenty of outdoor activities.

Topeka, Kansas, is another U.S. city that offers its residents a low cost of living. In Topeka, the cost of living for retirees is 8 percent below the country's average, while the median home value is a mere $95,600. The city features treatment facilities that are specifically for older adults, and the area's healthcare costs are below the national average.

New City: Once you've made the decision to relocate, you'll need to choose your location. If you're moving to be closer to your family, then you already know where you're going, but if you're changing hometowns to explore a new place or for financial or health purposes, research several locations before making your selection. Check into a city's cost of living, ease of transportation and access to medical care.

Retirement Relocation Checklist

This tool can help you plan and prepare for your next big journey. With this retirement relocation checklist, you can ensure every part of your move is cared for before the big day.

Here's our 10-step moving checklist for retirees:

Create a budget for moving expenses
Invest in moving and packing supplies
Cancel utilities and memberships
Switch or turn off services
Contact your gardeners or landscapers
Explore quotes from different moving companies
Start packing room by room
Change your address
Explore healthcare options in your new area
Conduct research on retirement communities and social activities in your new area

Contact North American Van Lines today for a free, no-obligation quote for your next move.