Moving house in retirement and its consequences
Have you lived in the same place for years and years? Perhaps you raised a family there and paid off a mortgage, or created a storehouse of memories and more in the kaleidoscope of possibilities?
Change is unavoidable in the transition into retirement, and there a couple of topics that come up frequently in our coaching discussions with clients:
o Time — e.g. Will you be bored in the endless days of retirement?
o Space — e.g. Can you have a room of your own now that you may find yourself in the house 7 days a week?
Here is a third factor: What if you decide to move house? You may choose to downsize, but that is just one of many motivations to move.
I’m no real estate expert but it seems to me that moving house before or during retirement can bring forward many issues for you. Let’s look at some.
1. We’ve all heard of people who make a sea-change when they retire. It sounds straightforward, but it’s not, for a number of reasons:
a) Concern that medical facilities and other infrastructure can be harder to find in regional and coastal areas.
b) Moving away from your social network in the city can create a sense of loss and loneliness.
c) Creating a new social network in your new surroundings takes time and will be harder for some than others.
Do you agree that there is a lot to unpack here?
2. What if you own more than one property?
Having options is great, but can also mean you need to make difficult choices about which pathway to pursue. One of our retirement coaching clients owned residential properties in Sydney and Melbourne with a farm located in between. The choice of where to live involved attachment to place of birth (Melbourne), convenience of current location (Sydney), and ambiguity about life in the country.
What to do?
3. Finally, there may be some left-field considerations.
What if the climate matters? Living in a cold climate may crimp your social activities by encouraging an ‘indoors’ life. On the other hand, a warm climate may offer more opportunities for more social interaction and events. Some localities and living environments are also more conducive to regular exercise and physical activity.
You may find some of these situations relatable, or perhaps you have obligations to ageing parents — will that limit your decision to move to another state or city?
Or, supposing you have an adult child who lives overseas, maybe with grandchildren. Will you contemplate a radical move to be closer to them?
Do any of these examples loom in your life as you think through your own retirement plans?
There are no universal solutions, but retirement coaching offers an avenue for discussion and contemplation to allow you to make more informed decisions when designing your unique version of retirement.
There are few forums where someone will listen and help you articulate your retirement ambitions, guide the discussion with the questions that matter, and equip you with a plan of action to make an effective retirement transition on your timeframe and terms.
Reach out to have a more detailed and personal conversation about your retirement plans:
https://www.64plus.com.au/contact
Please welcome David Kennedy to 64PLUS:
https://www.64plus.com.au/about
Jon Glass Retirement Coach at 64PLUS.