It’s easy to focus on the palm trees and ocean waves when dreaming of your impending retirement. Have you stopped to consider the cost of living in your soon-to-be neighborhood?
In today’s episode of Your Money Minute with Tracy Stewart, CPA, I give you a few hidden costs to research before relocating for your retirement.
Don’t get swept up in the romance of your new retirement location without researching the cost of living in the area. Your new home may not have state income tax, but what about the property or sales tax?
Other costs to consider are the price of groceries, entertainment, gasoline or traveling to visit relatives. Hawaii seems like a dream come true on the brochures—what if you can’t afford to live there?
Do your research. Do your homework and get an idea of the real cost of living in the locations you are thinking of moving for your retirement.
Financial independence is unbelievably liberating. Retirement leads to a lot of big decisions and where you plan to live should be taken very seriously.
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