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Stay Near the Grandchildren or Relocate? How to Decide Where to Retire
You’re in your golden years now, and you deserve to enjoy them. But with so many choices in the world, you may be torn about where you want to call your final home. Do you stay close to your grandchildren, or do you relocate to halfway around the world?
If you need some help, then here are some tips on choosing where to retire.
How Far Away You Are from Family
Obviously, the closer, the better, especially if you have strong bonds with many of your family members. Should you have a farther location in mind, think about how often you’d see one another; either you traveling to them, or vice versa. Use this criterion to determine if the distance is acceptable or not.
Ease of Travel
Sure, that little quaint town in France may be a fantastic place to reside, but how easy is it to get to the town center so you can do your groceries and shopping? Considering you’ll be a senior citizen, you’ll want to have good access to necessities and hospitals, should you need them.
Also, can you easily get to an airport that serves the cities your children and grandchildren live in? If there’s no convenient international airport around, then it’ll be harder for you to visit one another.
The Taxes
Even if you’re only thinking about moving within the country, there are still different tax laws to deal with in varying states. For example, there are some states where you’re exempt from paying taxes on your Social Security or pension. On the other hand, there are some states that heavily penalize you on taxes should you move there.
You’ll want to carefully research these state taxes when you’re making a shortlist of where to retire.
Language or Cultural Barriers
You may have picked up a few languages in your lifetime, so play to your strengths if you’re planning on moving overseas. In your golden years, you should be relaxing, not stressing out about learning a new language and assimilating into a new culture and society.
Picking somewhere like Spain would be ideal since many British people retire there. You wouldn’t have to exert effort to assimilate since there’s a decent expat community there.
Retirement Communities
You may choose to lead an independent life, but your health may fail at some point and you’ll need some professional care. It’s prudent to pick a spot that has exemplary retirement communities so when the time comes, you can receive stellar care.
This website shows you more about retirement communities if you’re interested in learning more.
Choose Where to Retire Wisely
You probably only get one chance at using your nest egg, so choose where to retire wisely. Use the tips we’ve given you here to pick a location that’s perfect for both you and your spouse, plus gives you easy access to your other family members.
If you’re interested in properties in Miami, please get in touch with us today.
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Kaya Wittenburg
Kaya Wittenburg is the Founder and CEO of Sky Five Properties. Since the age of 10, real estate has been deeply ingrained into his thoughts. With world-class negotiation and deal-making skills, he brings a highly impactful presence into every transaction that he touches.
He is here to help you use real estate as a vehicle to develop your own personal empire and feel deeply satisfied along the way. If you have an interest in buying, selling or renting property in South Florida, contact Kaya today.
