Retirement: 8 Hidden Traps of Relocating In Retirement
I've mentioned this topic before. I can't speak for other people thinking about retirement, but I've thought about relocating. My primary reasons for considering relocation include the following:
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No family nearby. My generation moved to the work, and we moved all over the country. Parents, grandparents, siblings and cousins living far away. I've seen how much help my mother has needed as she's aged. I worry family won't be around to help my wife and son someday. Relocating to be closer to family might be something to consider.
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Cost of living in coastal North Carolina. I read today that our homeowners insurance is going up. This is no surprise given the catastrophes we've been dealing with lately in this state. Other states like Florida and California are seeing the same insurance price increases. In some cases there's just no insurance for certain hazards available any longer. Relocating to a place where the cost of housing, taxes and insurance is lower might be prudent.
The following video provides some food for thought on the idea of relocation after retirement. The comments are interesting as well.