Moving in Retirement: 10 Pros and Cons

Nearly 400,000 retirees moved in 2020 — and you can do it too! However, before you make your decision, it’s important to educate yourself on the pros and cons of making such a big move at such a unique point in your life.

Thankfully, Carvaygo is here to help guide you through the ins and outs so that you can make an educated decision:

Moving in Retirement: The Pros

Moving in retirement is a popular option for a reason — it comes with many pros. Here are some of the specific advantages of moving in retirement to convince you to make the move:

1. Downsizing as Empty-Nesters Means a Lower Cost of Living

Most retirees have lived in their homes for many years — sometimes for decades! This means that your home was likely bought when you had children at home and needed more room. Now that you’re empty nesters and are getting ready to retire, you definitely don’t need to live in a house with four bedrooms, three bathrooms, and 2,500 square feet.

Instead, you could downsize to a smaller place, translating into a lower cost of living. When you’re spending less money on housing, you can spend more money on things like travel and entertainment — even with a fixed income.

2. Proximity to Grandchildren and Other Family Members

Many new retirees also choose to move to be closer to their grandchildren and other family members. Spending time with family regularly rather than just on holidays is a main motivating factor for retirees who choose to move.

Moving to be closer to your family can even be mutually beneficial — on the one hand, you can get help with things like yard work, and on the other hand, your family can get help with things like childcare.

3. Leaving a Busy Area for Peace of Mind

If you’ve spent many years living in a big city, you might be tired of all the hustle and bustle and ready for a slower pace of life. Big cities are great for young people, but they can be exhausting for older people who are simply at a different place in their lives.

As a result, many new retirees leave places like New York City, Chicago, Los Angeles, Dallas, Houston, and Washington, DC in favor of smaller towns that move slower. In these small towns, no one’s in a rush to go anywhere, people tend to be friendlier, and lives are simpler, which can be beautiful.

4. Cashing In on Retirement Savings

Moving in retirement is also a great way to cash in on retirement savings. After all, you’ve saved up your entire life to be able to enjoy your retirement — now is the time to make decisions that will make you happy.

Additionally, selling a house that you’ve lived in for a long time often comes with a lot of equity that you can then use to either buy a new place in your new location or spend on some of the fun things on your bucket list, like that cruise you’ve been wanting to take.

5. The Excitement of a New Location

There’s a stereotype that older people don’t like change, but change can be extremely exciting and even beneficial when you go about it in the right way. Moving to a new location can provide retirees with levels of excitement that they haven’t experienced in years.

These levels of excitement can help you feel half your age, as you get used to a new city with new things to offer. For example, you could have fun trying all sorts of new restaurants to find a new favorite. You could even meet new friends and try new hobbies like golf, gardening, fishing, and cooking.

6. Your Golden Years Are the Perfect Time for a Move

You’ve likely spent years putting things off and prioritizing other people instead of yourself. But now that you’re in your golden years, now is the time for you to prioritize yourself and do what you want to do — and that includes moving to a new city or state!

For example, if you spent years in a small Midwestern town longing for the beach, now is the perfect time to make your dreams come true by moving to a Florida beach town.

7. Retirement Savings Can Cover Closing Costs on a New Home

Retirees are rightly concerned with finances, but the good news is that there are tons of ways that they can afford to buy a new home in a new location. For example, retirees can use some of their retirement savings to cover closing costs on a new home.

Alternatively, retirees can even choose to take out a home equity loan or a home equity line of credit to cover the down payment and closing costs for a second home. Many retirees choose to maintain two homes — one that they live in during the winter months and another that they live in during the summer months. Becoming a snowbird allows retirees to enjoy the best of both worlds.

Moving in Retirement: The Cons

While there are countless pros of moving in retirement, there are also cons. Here are some potential disadvantages to consider so that you can make an informed decision:

1. Long-Distance Moves Can Be Stressful

Any move is going to be stressful, but long-distance moves are especially rough on the mind and body. Long-distance moves can take months to organize and come with a never-ending list of things to do. Managing all of this on your own can be more trouble than it’s worth.

2. Relocation Comes With Expenses

Moving also comes with a lot of expenses that can be difficult to swallow as a retiree on a fixed income. For example, the national average cost of moving is about $1,400, ranging between $800 to $2,150. These numbers are based on a two-person moving team for a move of fewer than 100 miles.

If you’re moving long-distance, the costs can be even higher. In fact, the average cost of a long-distance move is about $4,900. As a result, it’s extremely important to consider the costs of moving when making your decision.

3. The Average Cost of Living Varies From State to State

And while moving to a new location could come with a lower cost of living, that’s not necessarily the case. It seems like the cost of living is increasing everywhere these days, so it can be challenging to find a place that has everything you’re looking for but won’t break the bank.

Some of the states with the lowest cost of living include Indiana, Michigan, Missouri, Tennessee, Georgia, Arkansas, Alabama, Oklahoma, Kansas, and Mississippi. However, you also need to balance the cost of living with the quality of life — which isn’t always easy.

What Are the Best Places To Move in Retirement?

If you’ve decided that the pros of moving in retirement outweigh the cons and are now looking for the perfect place, here are some suggestions based on affordability, quality of life, and healthcare:

1. Florida

It should come as no surprise that Florida is at the top of the list here. Florida is by far the most popular state to move to for retirement due in part to the sunny and warm weather. The Sunshine State is ranked #4 in terms of affordability, #5 in terms of quality of life, and #27 in terms of healthcare.

Within the state of Florida, some of the best cities for retirees include The Villages, Sarasota, Ocala, Naples, and St. Cloud.

2. Virginia

Next on our list is Virginia. Virginia has mild weather and has access to everything from the mountains in the west to the beaches in the east. The Old Dominion State is ranked #9 in terms of affordability, #7 in terms of quality of life, and #13 in terms of healthcare.

Within the state of Virginia, some of the best cities for retirees include Roanoke, Fredericksburg, Charlottesville, Williamsburg, and Falls Church.

3. Colorado

Coming in at #3 on the list is Colorado. Colorado may have colder weather compared to Florida and Virginia but it is actually one of the sunniest states in the country, with more than 300 days of sunshine every year. The Centennial State is ranked #11 in terms of affordability, #21 in terms of quality of life, and #4 in terms of healthcare.

Within the state of Colorado, some of the best cities for retirees include Fort Collins, Colorado Springs, Boulder, Denver, and Estes Park.

4. Delaware

Moving back east, we have Delaware at #4. Delaware is a Mid-Atlantic state that comes with a ton of history and easy access to Atlantic beaches. The First State is ranked #6 in terms of affordability, #35 in terms of quality of life, and #15 in terms of healthcare.

Within the state of Delaware, some of the best cities for retirees include Wilmington, Dover, Newark, Milford, and Middletown.

5. Minnesota

Finally, we have Minnesota rounding out the top 5 states to retire. Minnesota might not be the most conventional place to retire due to its intense winters. However, it does have other benefits that retirees should consider. For example, the Land of 10,000 Lakes is ranked #1 in terms of healthcare and #3 in terms of quality of life.

Within the state of Minnesota, some of the best cities for retirees include Hibbing, Fairmont, Rochester, Edina, and Duluth.

How Can You Make Moving in Retirement Easier?

Although moving in retirement does come with some disadvantages, you can counteract these disadvantages with the proper planning and assistance. Here’s what you need to do to make moving in retirement easy and painless:

Step 1: Find a Place To Live

For starters, you need to find a new place to live. And while a list of places to move in retirement is helpful, you can’t make such a big decision solely based on a list. You also need to take into consideration other factors. For example, where does your family live? It might make sense for you to move where you have family.

Alternatively, you may want to move somewhere totally different from where you live now and have lived for most of your life. So if you’ve lived your entire life in a sunny beach state like Florida, you can switch it up by moving to a snowy mountain state like Colorado.

Once you’ve narrowed it down to a location, you need to find accommodations — whether it’s renting or buying. If you’re looking to try out a new location without being tied down to a 30-year mortgage, then you may want to consider renting. However, if you want to be able to customize your new home, then you may want to consider buying. To minimize maintenance, you could also choose a condominium or a townhome.

Step 2: Hire a Professional Moving Company

Now that you know where you’re moving, you should definitely hire a professional moving company to help you move — especially if you’re moving to another state. A professional moving company can help you by loading the truck with your belongings, driving to your new home, and finally unloading everything.

When you hire a professional moving company, you’re able to outsource a lot of the work and stress that comes with moving. For example, you wouldn’t have to drive a huge moving truck on the highway for several hours. Instead, your movers do it for you!

Step 3: Work With an Auto Transporter

Arranging transportation for your household belongings is an obvious component of moving. However, you may have forgotten about arranging transportation for your vehicles. Working with an auto transporter is another thing you can do to make the entire moving process easier.

Instead of having to spend hours on the road in your car, adding tons of miles along the way, you can simply work with an auto transport provider who will pick up your car where you currently live, drive to your new state, and drop it off at your new home.

Carvaygo is an experienced car transport company that offers convenience, confidence, and affordability to retirees thanks to over a decade of experience in the industry and an extensive network of over 40,000 vetted carriers.

Step 4: Organize and Plan Your Move

Now that you’ve secured the main components of your move, it’s time to organize and plan the remaining components. Here are some examples of other things you need to take care of for a smooth moving process:

  • Pack up all of your belongings and label them accordingly
  • Keep a folder of all important documents and paperwork
  • Change your address with the United States Postal Service (USPS)
  • Change your address with your bank, credit cards, and insurance companies
  • Arrange for utilities to be shut off in your current home and turned on in your new home
  • Visit the Department of Motor Vehicles for a new driver’s license, vehicle registration, and license plate

Step 5: Execute Your Move With the Help of Professionals, Friends, and Family

Finally, it’s time to execute your move based on all your planning so far. The good news is that you don’t have to handle everything independently. In fact, you should enlist the help of professionals, friends, and family members to make the moving process easier and get you on your way to your new home.

The Bottom Line: Moving in Retirement Is Easier With the Help You Need

With the right help, moving in retirement is a no-brainer! You can enjoy your family and a new pace of life while saving money at the same time. Reach out to Carvaygo today for an affordable car shipping quote so that you can make your retirement dreams a reality.

Average Cost Of Movers | Forbes
The 10 Most Affordable States in America | US News
The 10 Best States in the US to Spend Your Retirement in 2022 | CNBC

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