Pitfalls to avoid when relocating in retirement
You shouldn’t be moving for tax reasons alone. If you do, it oftentimes backfires on you. Many retirees move to avoid paying taxes during their retirement years. But, they realize that in this process, they’ve lost their entire support network after making the move.
They miss their friends and family and even their old physicians. If you decide to move, ensure there is a reason other than to decrease your tax liability.
Another thing to think about is that although you might want to move to live closer to your children, this isn’t always a good idea. If you make this change, you’ll likely leave behind your friends and the comfort of a familiar area.
And once you make the move, your daughter or son might transfer to a different city for work, leaving you in an unfamiliar town. You should also avoid moving in with one of your kids.
This move can cause conflict with your child’s partner. Sharing expenses can also damage that relationship.
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