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Moving Away in your Retirement Years

Retirement often gives people a level of freedom they’ve never experienced – and those leaving the workforce can take advantage of extended travel, or even moving abroad altogether. Spending your post-work life in a new place can be exciting, enriching and perhaps a bit daunting, but there’s something to be said for a change of pace when the opportunity arises. Here are a few things to keep in mind when considering where you’ll spend your golden years.

Visas and permission

As the saying goes, “By failing to prepare you are preparing to fail” – this is extremely relevant here. Making sure all of your affairs are taken care of here is crucial, along with being able to transfer important things like superannuation and healthcare over to a new place. It’s smart to research visa requirements as well for any international destinations, as it may be difficult to get a long-term visa especially when you won’t be working in your new home.

Healthcare, transport and other services

Particularly as people get older, healthcare becomes more and more necessary. If you’re thinking about jetting off to a new destination, it’s definitely worth checking that all your necessary services are available for you to use. Of course, you’ll need to be able to get around to get the most out of your new lifestyle, so do some research on the public transport network in the place you’re thinking of moving to. Accessibility, frequency and quality are all things to look out for.

Lifestyle

As retirement is a perfect opportunity to establish the lifestyle you want, moving elsewhere can potentially throw up a few barriers. Do your homework on the types of activities, entertainment and facilities available, and even check out the current community of other retirees as a support network is crucial, especially if you move away from family.

Affordability

Perhaps the most important sticking point when considering a big move is asking yourself – can I afford this? The cost of living in a new place might not be what you expect – and your nest egg has to be able to support you now that your income will be less than you’re used to. Before making any major decisions about your financial future, be sure to speak to an adviser about what costs and expenses may be coming your way that perhaps you hadn’t considered. Crucially, don’t leave yourself short, especially in an unfamiliar environment.

If you’ve got any questions about retirement or financial planning, contact McKinley Plowman today on 9301 2200

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McKinley Plowman