When You Retire, Would You Move for Financial Reasons?

Many people relocate closer to where they work. It’s a good thing to do because over the years it can save you thousands of dollars on your travel expenses. But when you retire, you have a whole different life to think about. With no more regular traveling to do, you could benefit from thinking about a change of scene. But would you do it in reality?

Retirement can seem like a distant goal when you are in your twenties, thirties and even your forties. But slowly and surely, it does creep closer, and there will come a time when you start thinking about it more and more.

Now one thing some people don’t consider, is whether they would stay in the same place when they finally stop working.

Should You Move To Downsize?

A large extravagant townhouse might be good for you when you are working to afford it. But it could be a different situation entirely when you have nothing but your pension coming in during your retirement years.

It’s not just the financial upkeep of a large property that could lead you to move elsewhere either. It’s the fact that a big house simply may not suit you any more. If you move to a smaller home, you will free up lots of built in equity in the process, and that can mean that you will be better off in more ways than one. So would downsizing be part of your retirement plan?

Go For More Peace & Quiet

If you are living in an area known for being inhabited by lots of commuters, then you might not want to be there any more once you retire. You may no longer feel that you are a fit in your neighborhood, especially if it is a “working community”.

Instead, you could finally make the move to the countryside or perhaps, you may be ready to live beside the sea. These are dream locations that most people only think about as retirement spots once they are finally done with their careers.

Move To Save Money!

Of course, when you move from a decent salary to a pension scheme of some kind, you could well experience a significant drop in your monthly income. Even if you have prepared well for your retirement, you could be facing a very different financial situation from the one you are accustomed to.

One of the best ways to downsize and cut costs, and to free up more cash to live off during retirement is to sell your home and relocate. It could make all the difference between struggling to get by, and living a life that is rewarding and more relaxing during your retirement years.

As you can see, it is worth considering moving to improve your financial situation when you leave work for the last time –- even if you hadn’t previously considered it. Retiring is a big change in your life though, so it may not necessarily work well to make the move as soon as you retire. It all depends on your preferences and where you want to move to though: you might find you cannot wait to move out of the city and into the countryside, if that has been your dream all along.

Whatever camp you fall into, think about your possible future: financially speaking and in terms of the place you call home.

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