Are You Considering a Move in Retirement?

RetirementFederal Employee Articles

Are You Considering a Move in Retirement?

Posted by Benchmark Financial Group, LLC
3 years ago | February 20, 2017

Unlike some industries, federal employees can be fairly well tied to a specific community during their working years. Your presence is needed at that particular location. But as you dream about retirement, you might find yourself hoping to reinvent your life. Once you stop working, and begin drawing your retirement income, you could conceivably live anywhere you want! So where will it be?

As you plan for your retirement, it’s a good idea to ask yourself whether you want to stay put, or move somewhere else. This can aid you considerably in determining your future budget. If you’re “shopping” for a retirement location, you might be interested to know that the AARP recently conducted a poll of current retirees. The respondents listed the following community features, which significantly impact satisfaction with their locations:

  • It’s pedestrian friendly (some retirees say that driving becomes difficult)
  • There is a bus stop nearby their home
  • The community offers transportation options for seniors and disabled residents
  • There is a strong police presence in the area, and a low crime rate
  • A favorite grocery store, church, pharmacy, park, and hospital are all located within one mile of home

Naturally, some retirees are already heavily invested in their current towns. They have family and friends nearby, or they are happy with medical care providers. Even so, you still might prefer to move within your own community, for improved access to the above features.

Another important consideration is your home’s upkeep. Will you be able to keep up with yard work and housekeeping? In the future, you might hire a service to help with those chores, and you need to plan your budget accordingly. You might prefer a smaller home at that point, to save money on upkeep and repairs.

Since housing is the greatest expense for most people’s budgets, it’s important to consider how your living arrangements will affect your retirement. As always, make regular appointments with us to discuss your goals as they change, and we can help you make adjustments to your financial plan.

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