Five Things to Consider If You Are Contemplating Moving During Retirement

Ask many Americans what comes to mind when they think of retirement living and they conjure up images from old episodes of Seinfeld of Jerry’s parents living it up in Del Boca Vista. The truth is retirees are choosing to live out their golden years in all areas of the country. One recent study found that the top five states for retirees are Virginia, Florida, Wyoming, Pennsylvania and Idaho.

Here are five things the personal finance experts at Kiplinger say you need to take into consideration before making a move:

1. Tax implications — You can save money if you move to a state without a state income tax. You will also want to find out if the state has an estate or inheritance tax.
2. Homeowners insurance — Homeowners insurance premiums vary depending upon where you live, with higher premiums in states prone to natural disasters such as hurricanes, earthquakes or tornadoes.
3. Size Matters — Retirement is the time to downsize. A big house comes with big expenses, including higher property taxes, homeowners’ insurance and basic upkeep.
4. Lifestyle — Before you take the plunge, you might want to rent for a few weeks or months to test out the community to see if you like it and the lifestyle that comes with it. A retirement house in the mountains may seem idyllic until you realize it’s a 60-minute trip to get to the grocery store. Likewise, an active adult community may not be your cup of tea if you are not used to stringent homeowners’ association rules and deed restrictions.
5. Family Time — If you’ve always lived close to your kids and grandkids, you might not be ready to move five states away. Even if there are non-stop flights available you won’t get to see your loved ones as often as you used to. On the flip side, now might be the perfect time to move closer to your family if jobs had kept you apart over the years.

The Seniors Trust is committed to improving the financial well-being of America’s retirees through passage of The Social Security Expansion Act. It will give retirees an immediate benefits increase of about $65 a month, a fair annual cost-of-living adjustment (COLA), increased minimum benefits, and this bill will ensure the long-term solvency of the Social Security program.