Retirement can be a luxury. However, to make this luxury possible, you’ll need to plan ahead, especially in regards to where you want to live. Below are some things you should consider when deciding where to retire.
Taxes
When deciding to retire, you’ll need to consider how much property tax you’ll pay. Every state has different taxes. So look into how much you’re going to pay in each state before deciding to live there.
You’ll also need to consider how much you’ll pay in taxes when you withdraw money from your traditional individual retirement account. Taxes may have gone up since you put your money into the account, so you’ll have to pay those increased taxes when you withdraw your money. This can affect how large of a home or property you can afford. If you have a Roth IRA, then this likely won’t apply to you because you already paid taxes when you put your money into your account.
Proximity to Health Care
As you age, you’re likely to encounter more health risks and chronic illnesses. This is a fact of life that many retirees face. So you should find a home that is close to health care. That way, you won’t have to drive far when you’re in an emergency.
If you’re close to health care, you can try TMS therapy. TMS therapy is non-invasive and doesn’t use medication like traditional depression treatment. This therapy impacts the brain to help with depression. So if you already have depression and know you’ll still face this mental challenge during retirement, be close to health care.
Proximity to Family
After retiring, you’re likely to miss out on the social life you had before, whether that was through the community or through work. You may be the type of retiree who doesn’t want to leave the house that often or is unable to due to health reasons. This is why proximity to family is important when considering a home.
If you’re close to your family, they can come visit you and vice versa whenever you’re looking for social interaction. You can see your family and descendants grow and mature. You can also pass on your stories to the next generation, so your legacy won’t be forgotten.
Before retiring, consider what your future will be like. If you don’t like your prospects, change them before being out of a job. Unsure of what steps to take? Consider talking to friends or family who have already retired and see what steps they wish they had taken when retiring.
Read this next: How to Get a Better Price for Your Home When Selling
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