8 Pros and Cons of Moving After Retirement
You decide to spend your retirement years is one of the most critical choices you make after leaving the workforce.
Aging in place at a home you love can make those years a wonderful experience. You can replace in your garden, enjoy time on the front porch, and be around the people and places that were special to you over the past decades.
It can also be a massive chore to stay in a large home after you’ve raised a family. The rooms can feel cold and empty, filled only with memories of the life you once had.
That’s why everyone eventually works through the pros and cons of moving after retirement.
What Are the Pros of Moving After Retirement?
1. It can take away a financial burden from the family.
Living in a big house can be a financial burden for everyone. Not only is there a hefty mortgage that might need to get paid each month, but there are also property taxes and other expenses to consider. Downgrading to a smaller home can reduce costs without eliminating some of the essential quality-of-life needs you want in your retirement years.
2. Maintenance costs start adding up quickly.
Even a house in excellent condition requires ongoing upkeep to maintain its appearance and value. Unfortunately, it isn’t as easy to get some of that work finished as the body ages. That means you’ll be hiring others to get the job done, and those expenses can be problematic for those on a fixed income.
That money could be better spent on other things during your retirement years. It might even be better to consider converting to RV life or renting a small home to keep your ongoing expenses low.
3. You can explore a new community.
If you’ve always dreamed about living in a specific community, moving after retirement can turn that idea into reality. When NYC isn’t in your budget on a fixed income, you’ll find that cities like Orlando, Austin, Minneapolis, or Chicago can deliver a similar experience while keeping the overall costs lower for your needs.
4. It’s a chance to meet new people.
Retirement can get surprisingly lonely. Even if you have your life partner at home with you, it’s nice to have some friends who will stop by. Although clubs and neighbors can fill in those gaps a bit, they’re not options for everyone. On the other hand, moving after retirement allows you to meet some new people, explore different relationships, or have an adventure.
What Are the Cons of Moving After Retirement?
1. You might be moving away from your family.
Some families stay within a few miles of each other because of their support. If you have kids or extended relatives near a home, it could be better to stay put instead of finding a new place to live. Although the costs of being in the same house might be higher than in another space, the emotional attachment the kids have to it might prompt them to help out with things.
2. Moving can be an overly emotional experience.
Although the kids are off living life, they’re creating for themselves, staying in a place you’ve worked hard to call your own is still emotionally helpful. You know most of the people and places that offer support in the community can help develop plans for extended care since your insurance coverage from a pension or employer might stay in that region.
3. You might not save money on the move.
The housing market in 2021 skyrocketed upward, with demand outweighing supply significantly in most markets. Some offers were $100,000 or more above a property’s asking price. Even if downsizing makes sense, it might be cheaper to stay where you are until costs stabilize.
4. Moving has a time and a cost commitment.
Even if you decide to move by yourself without professional help, there’s still the cost of the truck, packing supplies, and other necessities. It takes time to stack everything, move the furniture into a new home, and the various deposits that are sometimes necessary. If you stay in place, those expenses are typically avoided.
If you’re considering a move after retirement, we hope you’ll consider Expo Movers. Our prices are fair and competitive, and our professional staff can help you with local or long-distance moves. So be sure to check out our reviews! We’ll help you get to where you need to be.