Joel Johnson, CFP® and Kara Sundlun discuss the questions you must ask when you are approaching retirement and debating a relocation. With help from the Retirement Relocation Checklist, you will find out if you are ready to retire and if uprooting in retirement is right for you.
Some questions to think about:
What will you miss from work?
Some people will miss the socializing aspect that comes along with going to work. Work colleagues often become great friends and it can be difficult to cut that daily interaction. Others will find that they would miss the actual work they do, and therefore decide not to retire just yet.
Do you have hobbies or interests to fulfill your time?
Having something to look forward to in retirement is necessary. You will have much more free time, and you’ll want to spend it doing something that you enjoy. This is also a great time to pick up new hobbies or try something that you previously didn’t have the time to.
How does your partner feel about you being around more often?
Partners do not always have the same hobbies or ideas of fun. Talk to your partner or spouse about any challenges or differences you may face during your time at home together. When you are no longer going to work, you will inevitably see your spouse more often. It can almost feel like getting to know each other all over again. Having an understanding in your partnership or marriage will allow for an easier transition.
What will make you excited to get up each day?
Consider the things that you will do in retirement. Some people may decide to go back to work to pursue a second career while others will want to relax and spend time with their loved ones.
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