Planning for retirement is a liberating experience. With all the experience behind your shoulders, you are open to new experiences. At this stage in life finally, many responsibilities do not exist anymore and you have some time and funds finally at your discretion. Now with the kids, all grown up you can travel, pick up a hobby you have always wanted, see your friends more often and there is, certainly, more time for road trips, and cruises.
At this stage in life, you begin to value experiences, and take in flavors more - finally you have time for yourself.
But before you set off on this new journey you might want to set some things in order. Doing that will make your life more comfortable in the coming years. These decisions will start with simple questions:
Do you want to keep living in the same house or downsize to free up some time and funds?
Do you want to live in the same neighborhood?
Do you want to settle in a new place (closer to fishing and hiking, or closer to your kids)
Do you want to move simply because it will free up some financial resources to be able to enjoy all the things you always wanted?
Does moving to a condo close to entertainment and shopping (or peace and quiet) sound like you?
Do you want to add a country home, cottage, or another property in your favorite destination place after downsizing?
You have to be comfortable with these decisions. And most importantly, decide on what’s right for you- in the long run, it is how you want to spend the golden years of your life.
Thinking to relocate? How to choose the right place.
If part of your decision is to move to another city or neighborhood - it is important that it is the right fit for you. In other words, if reality matches your dreams. How often did you drive past a small picturesque town and thought: It must be nice living here! Look how peaceful and quiet it is, the people seem polite and it has that nice picket fence I always wanted”.
But in reality if you choose to settle there - you discover that it is almost too quiet and nowhere to go in the evening, new neighbors have their agenda, and the place is too distant to get anywhere.
We noticed that these transitions happen much more organic if you have discovered this place some time ago and keep coming back. If you have some friends or family there is always a bonus!
If you are more adventurous, of chose to move for financial reasons (simply because the new place will cost you a quarter of the price of your current property in megalopolis such as Toronto, you have to think a bit more about this decision. Ask yourself:
Is there access to things I always enjoyed?
Is it easy to get to the places you want?
Is there access to healthcare?
What will be my lifestyle there?
Think of your daily activities day by day, hour by hour. Do not feel defeated and compromise too much.
Of course, there could be a bonus to this trade-off, you can have a quiet half a year in a small town up north - only to enjoy a sunny and spectacular months south on a beach!
It does help to learn a little more about this new place, and maybe try to spend there a bigger span of time there in the years leading to your retirement. This way you will be certain.
Exploring and discovering new places to live may be a journey of its own, helping you to get in touch with the inner self.