7 Signs You Will Have To Move in Retirement - Yahoo Finance

PixelsEffect / iStock.comWhether you’re planning to retire next year or you still have a ways to go before leaving the workforce, it’s important to be prepared both financially and emotionally.After all, you want your retirement years to be comfortable and just as eventful — in all the best ways — as your working years were.How To Go From Broke in Your 40s to a Millionaire in Your 50s: 8 ‘Late Start’ Retirement TipsLearn: The Simple, Effective Way To Fortify Your Retirement MixOne important decision you might need to make when retiring is whether you’ll stay where you are or move.Many retirees end up relocating to a cheaper city, state, or even country during retirement.Others stay in the same area they currently are, but will sell their current home and purchase a less expensive property — one that’s often easier to maintain.Some of these decisions are made out of a desire for change, while others are due to necessity.Whatever the case may be, it’s important to be prepared so you’re not blindsided when the time comes. Here are the top signs that you’ll have to move in retirement.Cost of Living Is Too HighPerhaps the biggest reason why people end up moving in retirement is the cost of living.Many retirees live on a fixed income, which can make it difficult to continue to afford where they live now, especially as their income drops.“When envisioning retirement, most people think about a life of relaxation and perhaps the joy of staying in your home as you age.However, various factors can hint at the potential necessity to relocate during this phase,” said Eliza Arnold, founder of Arnie.“One of the primary factors is the high cost of living,” continued Arnold.“Some areas, particularly places like New York City and Los Angeles, come with steep property taxes, elevated utility costs, and overall higher living expenses.Managing these expenses on a fixed retirement income might become challenging, prompting a need to move to a more affordable location as you age.”More: 10 Best European Cities To Retire on a Budget of $2,500 a MonthYou’re Not Prepared for Rising CostsEven if you’re prepared for the current cost of living, you might not have saved up enough money for rising or unexpected costs that come up. If you’ve run the numbers and have realized that your retirement funds won’t stretch quite as far as you need them to go, moving might be the next logical step.“One sign that someone will have to move when they retire is that they do not have an adequate nest egg saved up to provide them income,” said Sebastian Jania, owner of Ontario Property Buyers.They might also not have enough income from their pension other retirement vehicles, especially as unplanned expenses arise.“An example of this would be if the cost of insurance goes up a lot on their house or property taxes … to the extent that one is no longer able to upkeep with the cost,” said Jania.In that case, “they may have to opt to move to an area that is a lot less expensive.”Your Personal Connections Are LimitedPeople don’t only move because of financial reasons, however.Another big one is the desire to either build new personal connections, or to be closer to family.“Think of your emotional health,” said Todd Stearn, founder of The Money Manual.“If your grown children have moved away, you might consider moving near to them and your grandchildren. You might also consider actively seeking new retired friends in your community.Personal connections are important to your mental health and happiness.”Your Healthcare Needs Are Changing or DecliningHealth is a major factor that can impact a person’s quality of life as well as their ability — or willingness — to remain where they are.If your health is starting to decline, or if you’re having difficulty living alone or in your current home, you might need to move.“Another reason to move is because your home is not set up for when you’re older with health issues,” said Stearn.“Your location might not be the best for you when you’re older.”Jania added that individuals with mobility issues or declining health might have trouble dealing with the various obstacles in their home — like stairs — and have to move.“For people in this situation, it is simply a matter of time before they are no longer able to live in the house,” said Jania.He went on to add that it might be better to sell sooner as opposed to later so that there’s less of a necessity when the time comes.Healthcare Options in Your Area Are LimitedMany retirees need greater access to healthcare facilities, which might not be available where they live. If this sounds familiar, you might have to relocate once you retire.“Healthcare, an obvious priority in one’s golden years, might require you to relocate if where you live is too remote to quickly get to medical facilities or specialized health services,” said Arnold.You Experience Increased Difficulty Getting Around TownIf you’re unable to drive or get around easily on your own, you might need to consider moving to a place with better or more convenient public transportation.“Transportation challenges, especially in areas lacking robust public transportation, can become apparent as one’s ability to drive becomes more limited,” said Arnold.“Getting yourself familiar with local transportation services, especially those catering to seniors, can help you feel comfortable getting around without a heavy reliance on driving.”You Have Difficulty Maintaining Your HomeFor many people, especially those with a larger home or ongoing health issues, keeping up with home maintenance can be a challenge.This is especially common for those who live in a large family home.If you’re starting to struggle with home maintenance, or even if you don’t want to deal with all of the cleaning and general tasks that come with your current home, you may need to move.“Aging can reduce your capacity to handle demanding physical tasks,” said Arnold.“Maintaining a sprawling house, especially one with multiple levels or extensive yards, might no longer be feasible. Repairs and routine maintenance could become burdensome.”More From GOBankingRatesWhat a Comfortable Retirement Will Cost You in Each State19 Dangerous Scam Phone Numbers and Area Codes To Avoid3 Ways to Recession Proof Your Retirement8 Financial Habits That Improve Your Daily LifeThis article originally appeared on GOBankingRates.com: 7 Signs You Will Have To Move in Retirement