Retiring and Not Moving: The Many Benefits You May Not Have Considered
According to Kiplinger.com, since the burst of the housing bubble and the subsequent decline in home values, fewer people, including retirees, are relocating. A study by the National Association of Real Estate Investment Trusts shows that only a very small percentage of seniors move in their 60s – only about 1% per year. The vast majority are opting stay in their own homes and/or communities. Migration among retiring Americans to favorite areas such as Arizona and Las Vegas is also down.
What accounts for this trend? Increasingly, Americans approaching retirement are realizing the many benefits of staying right where they are. Allow us to break down for you the top benefits of retiring and not moving.
The Benefits of Retiring and Not Moving
Staying Close to Your Support Network
You’ll have more time to see your friends and family when not working. Also, it’s very easy to become isolated when you no longer have a job to go to. Staying in close proximity to friends and family helps ward off the loneliness that often comes in retirement. You won’t need to invest the time and energy to build a new social network if you stay put.
Maintaining Services You Know and Value
From your doctor to your mechanic; from your hairdresser to your personal trainer, you’ve likely spent a lot of time creating and building professional relationships. Retiring and moving to a new area and starting all over can be a daunting task! This is especially true if you have an ongoing medical condition that requires a lot of continuing care and appointments.
Moving is an expensive undertaking. You will spend considerable funds getting your home ready to list, hiring contractors and movers, and in closing costs. If you are able to stay in your current home, those funds can be put towards your retirement nest egg instead.
Staying with what is familiar and comfortable can be very reassuring as seniors enter retirement. Retiring and ending a career can seem like a major loss; moving and leaving a beloved home at the same time can feel like a double blow. If a member of the family is dealing with a failing memory, it is almost always best to stay where you are.
Loving Where You Live
You once chose your home and neighborhood very thoughtfully. Surely there are many reasons you’ve stayed there all these years. You’ve also likely spent a lot of money decorating and renovating your home to your liking. Your home is chock full of memories and stories. Why not stay where you are and enjoy the home you’ve worked to hard to create now that you have more time?
The Bottom Line
Staying right where you are as you’re retiring is a wonderful option. There are countless benefits to not moving when retiring – both emotional and financial.
No one knows what the future holds. Things may change a few years down the road. You may find you can’t keep up with your home’s maintenance any longer and want to downsize or relocate to a less expensive area. You may want to be done with snow once and for all! You’ll know if and when the time is right for a retirement relocation.
Want to talk through your options? Please reach out! This is what we do every day and we’d be happy to help you too!
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