Retirees Make New Choices When Deciding on a La Jolla Move
It’s that time in your life. The kids are grown with babies of their own, you’ve planned ahead and retired with a comfortable nest egg and now you might be wondering: Is it time for another change? Should I move into a new home in La Jolla?
Here are some questions to ask yourself when embarking on the retirement chapter of your life.
WHERE DO I WANT TO BE?
It’s quite common, traditional even, to retire to a sunny and dry area such as Arizona or La, Jolla, California. Many retirees also take advantage of warm weather and low taxes in states like Texas or Florida. If these options sound good, moving may be the perfect choice for you.
If you’re on a fixed income, “trading down” to a smaller home with less maintenance and lower property taxes probably makes good sense. A state with a lower income tax rate and overall lower cost of living may provide you with the financial security to enjoy your retirement and spend your extra income doing the fun things you never had time for when you were working full time or raising a family.
WILL IT BE EASIER IF I MOVE?
It may be time to trade in that drafty old Victorian with too many stairs and a snow covered drive, for a one level ranch house by the beach. If maintenance and repairs are contracted out, even better. Avoiding snow shoveling might just be the #1 reason folks decide to retire in Arizona!
You can eliminate dozens of your usual household chores and decrease wear and tear on your body by choosing a new home. A smaller yard, fewer stairs, no snow, fewer bedrooms can all cut down on the work you have to do around the house. You’re retired, it’s time to relax!
And again, finding a state with a lower personal income tax rate than what you’re paying now just means more money for fun and adventure. Also, selling the house you’re in now for a less expensive one can provide you another nice bundle to add to your nest egg.
WHAT SHOULD I CONSIDER FIRST?
Taxes. It’s always taxes. Some states tax a portion of retirement income and some states do not tax any retirement income. And, some states will include part of your Social Security benefits as taxable income. Even if that state has a lower state tax rate, if it taxes a larger amount of your income, your overall tax liability may end up being more than what you pay now. It will be wise to investigate any state’s tax laws before you move. You may also want to look into “inheritance tax” rates in the state that you’re considering. If you have a large estate, be aware of the unpleasant “death tax” that many states may impose upon your estate when you pass.
WILL IT BE SAFE?
A lower cost of living will mean little if you end up moving somewhere that is unsafe. Low crime rates and access to quality health care should be just as important to a retiree as low taxes.
Anyone considering a move will be wise to investigate the crime rate in the area they’d like to call home. It will only give you a greater peace of mind to know you’re safe when you’re at home and that your home will be safe when you’re away on another grand adventure.
WHERE IS THE HEALTH CARE?
A better climate for your health may be one of the reasons you’re considering moving in the first place. So, it almost goes without saying that you’ll want easy access to quality health care. Look into the locations of hospitals and clinics. Will there be one within a few miles of where you want to live? Will it be a place that understands your particular health care needs? If you are currently under a physician’s care, you may even want to ask your doctor if s/he knows about the health care in the region you’d like to go and can refer you to a reliable caregiver.
Whatever choices you make, just remember, these are your golden years. You’ve worked hard all your life and now it’s time to just enjoy yourself. Take a break, you’ve earned it!