Retirement Considerations for the Young at HeartSeptember 4th, 2013 by The JetSetter Team | Comments Off on Retirement Considerations for the Young at Heart
More and more, Americans are choosing relocation upon retirement, finding new homes in states like Texas, Florida, and Arizona. Such locales are appealing because of their mild climate, relatively low cost of living, and established communities of other retired people. While these are all great reasons to relocate, there are other factors worth considering as you prepare for this important decision.
First, what sort of tax system is at play in the state you’re considering moving to? Usually, this information is available online or by calling the municipal office of your chosen city. Think about housing exemptions available to you, like the Senior Citizens Homestead Exemption, which averages about $4,000, or, a variety of homestead exceptions that offer breaks on property taxes. Also check out the financial climate present in your potential new home. What is the economy like? Will it support your investment interests or those you may develop?
If you have real estate investments or are looking to make them, make sure you are familiar with the state of rentals in the area. Areas with high student populations are usually a safe bet, as are middle-income areas where people are financially sound but may be unwilling to themselves buy a house.
Think about and make a list of your own housing priorities—is location more important, or would you prefer to have a large home? Are you interested in owning land or would you prefer to invest in a smaller house that will be more accommodating of your new found desire to travel? Because moving can be such a stressor, most prefer to do it as little as possible. These considerations ensure a happy home for a happy lifetime.
You may also want to consider proximity to family. For many, being a car ride away from grandchildren may be the most important factor. For others, who may have a spouse who is still working, it might be important to consider the unemployment rate or available career options. Different cities also have different cultures and overall environments—as Jason Hartman always recommends, make sure you do your research to make sure that you’ll feel comfortable in your new home.
What works for one person, couple or family may not be what is right for another. While advertisements and cultural norms may help influence your decision, remember that your retirement home should suit your needs, which may be the Arizona sun or an Alaskan winter. Find a place right for you and sit back and enjoy your hard-earned retirement! (photo credit: slack12 via photopin cc)