Living your most illuminated retirement means going for what you’ve always wanted, and for many that can mean putting together a moving checklist, seeking out retirement relocation tips, and moving to the home of your dreams. If you don’t know where to start, this blog will provide you with a moving checklist for retirees, packing tips, retirement relocation tips, moving tips, and guidance for any retiree contemplating moving to another state.
Retirement relocation tips
In general, the most important moving tip that we give people is to examine the move from the following three perspectives: finances, emotions, and logistics.
The first of our retirement relocation tips is to consider if it makes sense from a financial perspective. Have you examined how this move would fit into your financial plan? Think about such questions as:
- Does it make financial sense to leave my current residence (lease, mortgage, etc.)?
- Will I have to pay fees, penalties, or face any additional charges by making this move now?
- What out of pocket expenses will I have to pay to get the relocation done? Have I budgeted for those?
- What are the tax implications of a possible sale of property and can I offer up the cash to pay for it?
- Am I standing to gain or lose property value if a sale takes place at this time?
There are of course more dimensions to consider that can only be determined by an in depth look at your finances. But the numbers aren’t the only factor in play…
As our second retirement relocation tips, we’d advise you to consider the emotional implications of a move. How will this impact relationships with other people in your life, such as a spouse, kids, grandchildren, and close friends. For example, consider what the cost of airfare or travel will be. Or, what if you wind up needing your family’s support as you age? Lastly, what about the emotional impact it may have – are people going to resent you for the separation anxiety it could cause?
Also think about the community you are moving into. Are these the kind of people you want to be spending time with?
The move has to make emotional sense from a relationship perspective. Retirement is a period of life where you should be illuminated by the relationships you’ve created, and the ones you have the potential to create while retired.
There is a slew of practical matters to consider, and looking at them in depth is our third and final category of retirement relocation tips. Your safety is the most important consideration. Will you have to get a security system? Talk to people who live there already.
Also think about what resources the new location will offer. If you were to become physically impaired, will it still be as easy to get around? Are you required to drive or are there public resources that you can access if you can’t? This may be a time when practical options are better.
If all of this has you coming up with question marks, take our life transition survey. It may give you a clearer idea of what the important things are to keep in mind as you consider each retirement relocation tip.
Packing tips for moving in retirement
It may seem like an obvious retirement relocation tip, but we’ll say it anyways: simpler is better. You may have the urge to pack it all up and take it with you. This brings us to the first of our packing tips for moving in retirement: less is more!
Now is the time to make room for new experiences and adventures in your life! It’s easy to do, but as a packing tip we advise you to try not to clutter your surroundings with relics of the past that may or may not convey all the emotional value you need them to.
As you clear out the clutter, keep these packing tips for moving in retirement in mind:
- Get out the shredder and do away with unwanted paperwork lingering in file cabinets, drawers, etc. However, do exercise caution when disposing of confidential information such as paystubs or credit card receipts. Also know that you should keep an archive of important financial documents such as tax returns, investment statements, etc. If you would like more information about what to keep and for how long, go ahead and reach out to us for some insight.
- Remember to get electronics (old tablets, computers, or phones) shredded – don’t just throw them away.
- Get organized – these packing tips are all part of a greater strategy – we’ll cover this in a minute when we get to the moving checklist.
- If you’re disposing of items that you feel you haven’t maximized usage of, that’s no reason to hold onto it! Get excited about donating or leaving it on the curb for someone else. If you donate, save the receipt for a tax break and use it to buy yourself a nice housewarming gift!
- If you have valuable items and you feel it is a shame to throw the money you spent down the drain, here’s our packing tip: never fear, Google is here! Use eBay, Craig’s List, or other second hand websites. Just keep in mind that you may have to declare sales tax if you are selling physical items in certain states.
- Think about how many things you need to keep to preserve a memory – are you doubling up or will one single item serve as a reminder? Be honest with yourself – do you really need every single fingerpainted picture from when your (now adult) child was in kindergarden, or will one or two suffice?
If all of this is overwhelming to you, as a packing tip for moving in retirement we advise you to just take it slowly. Go room by room or even drawer by drawer. This process should be natural and relieving, not painful and stressful. Allow yourself extra time – get started early – to make sure you don’t feel like you have to rush important decisions about what to keep and what to take with you.
And to that end, we’ve prepared a moving checklist for retirees that will help you leave no stone unturned – from start to finish as you plan your move.
Moving Checklist for Retirees
This moving check list for retirees has many elements in common with a moving checklist for non-retired people. However, there are certain elements that are directly specific to the lives of people who are retired or about to retire, namely:
- Decluttter – the first step is to take an inventory of all your goods with an eye towards reducing the nonessential items. Make room for new people, experiences, and adventures, and leave the junk behind!
- Find an impeccable moving company – we recommend you check out a potential moving company on at least three consumer websites, and get at least 3 estimates. You don’t need to be burdened by the stress of dealing with a company that breaks things, loses things, or doesn’t get the job done on time. Many of them do, so look before you leap!
- Explore the purchase of moving insurance for any fragile, valuable items such as artwork.
- Don’t forget about mail forwarding!
- Talk to new and old utility companies about your move dates. You don’t want to be cooking dinner in your new home over an open flame because your electricity wasn’t turned on at the right time.
- If healthcare is an immediate need, make sure you have adequate amounts of prescription medications and refills available – that way you don’t get caught in a pinch if you run out. Also try to get all essential doctor visits accomplished before you move so that you aren’t under pressure to get them done when you first arrive in your new location.
- Make list of all places you will have to update your address. This is no doubt going to be an exhaustive list, so take the time to write it all down when you’re in a clear state of mind and can make sure not to miss anything.
Tips For Moving To Another State in Retirement
Weather, taxes, or just the allure of a new, exciting place can all be reasons for moving to another state in retirement. Here’s our moving out of state checklist if this is something you are considering doing.
First, look at your finances.
- There are certain types of investments, such as municipal bonds, that may have different tax treatments for residents of different states. Consult a financial advisor if you want to take a look at this.
- Also, you may have a will or trust document in place. If you have gone through with moving to another state in retirement, you may need to update this for applicable state laws.
- There also may be tax changes that apply to your income, whether you are actively or passively earning it. You’ll probably have to pay partial taxes for the year to each state separately.
- Moving to another state in retirement may have required you to make a sale of property or other assets that could potentially generate a large capital gains tax event. It’s best to speak with an accountant and be in the know ahead of time.
Other general tips for moving out of state in retirement involve your general expenses and standard of living. Will there be a cost of living adjustment? If so, have you factored this into your financial planning?
Lastly, remember that you’ll probably have to update your driver’s license. Some states give you only a month while others are more lenient. You’ll also have to change your car’s registration and insurance to the new state. Check out the guide from the DMV which has specific instructions for each state.
Summary of our Retirement Relocation Tips and Moving Checklist for Retirees
Packing to move in retirement can be a stressful experience or a time of great exploration, excitement, and the start of a very illuminated time in life. It is a time to be treasured. If you’re feeling overwhelmed by the financial aspects of moving to another state in retirement or packing to move in general, we hope that our retirement relocation tips and moving checklist for retirees have provided you with enough insight. If not, please kindly reach out to us and let us know how else we can help!