Whether you are planning for retirement or are retired, there are many important decisions you will need to make to ensure your retirement is financially stable, provides the lifestyle you desire, protect your health, and maintain the friendships you have developed over the years. One of the decisions many retirees face is whether to relocate to another state in order to save $, provide the lifestyle they desire, or be by family. This is a monumental decision in that it affects all aspects of your life, and if not well planned, may create substantial unwanted issues that may be terribly expensive and challenging to rectify.
No matter the distance, relocating homes is never easy. But moving to a different state in retirement comes with special challenges and considerations. From legal and financial implications to navigating the intricacies of an unfamiliar environment, it’s important to prepare for your move and position yourself (and your family) to flourish. Designed Retirements shows you how here!
Approach your relocation with an all-in mindset. Yes, you want to diligently plan your move for a smooth transition. But embrace this opportunity by assessing any areas of your life you would like to change.
For example, would you like to shift your career path by entering a new industry? Is it time to get that dream business off the ground? How is your overall health? Maybe you should start this new chapter with a robust fitness and nutrition regimen.
If you decide to start a business, make sure you have a thorough business plan in place. Besides describing your company mission and values, your business plan should explain:
- How you will sell your services?
- Who you’ll be selling to?
- How you’ll build your brand?
- How you’ll acquire the capital necessary to thrive?
Find Area(s) of Interest in the New State and Visit Them
Define the type of area you would like to live in the new state – city, country, beach, mountains, college town? Then investigate the amenities in the area(s) you have chosen, such as medical facilities, proximity to shopping, mass transportation, highways, recreational facilities, etc. Once you have narrowed the areas down, take a trip to visit the areas and spend a few days, so you get a good feel, and see the amenities first-hand. Explore the local restaurants, coffee shops, museums, gyms, and other establishments that will play a role in your lives. Make sure you feel comfortable in the area and it has what you expected. This is well worth the expense and time to ensure you are making the right decision.
Take advantage of tools like Google Street View to research neighborhoods and the businesses and attractions therein. Also, use GreatSchools or similar platforms to look into the various school districts.
Meet with a Realtor and Investigate Properties
Meet with a realtor in the desired area(s) and look for a home that accommodates all of your needs. Ultimately, the home layout should let your household live comfortably and safely, and the location should allow easy access to work, school, and other functions.
You also need to learn about the cost of living in your new state. The cost of living in Maryland, for example, is a bit more expensive than the national average. The median home price is $361,900 and groceries, health care, taxes, clothing, and childcare are on the higher side. However, you must also take into account that the average household income is significantly higher than the U.S. average ($84,805).
Say Goodbye and Say Hello
Planning a party may not be the first thing on your mind as you’re dealing with moving stress. But it’s a simple way to enrich your journey!
Organize a going-away party to say goodbye to your close friends and family members. And arrange a housewarming party once you arrive in your new state. This will provide an opportunity to meet people in your community and start developing new relationships.
A critical step in integrating yourself into your new community will be finding local services to use. If you have some difficulty making an appointment at a local doctor’s office, a virtual doctor visit saves time and can be even more convenient. You’ll be able to meet with a licensed physician from the privacy and comfort of your home, and, should you need medication, prescriptions can be sent to your local pharmacy.
Change Your Address
You’ll also want to inform the US postal service, utility companies, and bank and credit card institutions of your new address early in the process. You may want to throw in any subscriptions and memberships you plan to maintain while you’re at it. Establishing residency in your new state right away will simplify tax filing and keep your previous state from assuming you still live there.
Moving to another state can require a little more time, effort, and money than moving into the house across the street. But if you research and come up with a plan, you can keep your stress to a minimum and get the most out of this new chapter. Remember to consider your needs in retirement as you make important decisions, and enjoy each step of the journey!