Many retirees consider relocating to another state upon retirement. Whether it is to be closer to children or grandchildren, to move to a different climate, or simply for a change of scenery, relocating to another state can be a great way to make your life easier and healthier while making your retirement savings last longer. Here are some of the things you need to evaluate before deciding to move:
- Can you afford to relocate? It’s not cheap to uproot your life and make a long-distance move. Make sure you can afford the initial outlay and that the overall cost savings are worth it.
- Does your state have income and/or sales tax? If you can move to a state that doesn’t have income tax or sales tax, your retirement savings will be able to go further. Just make sure the ultimate savings isn’t eroded by a higher cost of living.
- Does your state have a high cost of living? It’s very difficult to sustain a long retirement in an expensive area. But many states have lower-cost areas within them, so you don’t necessarily have to move to another state to cut your budget.
- Does your state have high quality medical care? The quality of medical care can vary from state to state. If you’re in a state with top-notch medical options for general health and any special medical conditions you have, it may not be a good idea to move.
- How are the senior resources in your state? The older you get, the more likely you are to need assistance from a public program. If your state doesn’t have solid, accessible programs in place to help the senior population, then it may be a good idea to move.
- What’s the weather like where you live? It’s very difficult to deal with extreme weather conditions at all ages, but especially as you grow older. Shoveling snow, driving over ice, or prepping your home for a hurricane are all challenges you might not want to face anymore.
At Kramer Wealth Managers, we can help you assess how a move to another state might affect your overall WealthPath. Contact us today to find out more about how we can help.