Should You Relocate for Retirement ? | On The Money
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- Опубликовано: 24 окт 2023
- Ryan discusses the financial benefits of relocating during retirement for a lower cost of living. Wheless uses a hypothetical scenario of a retired couple, Bob and Ann, to illustrate the financial implications of staying in a high-cost area versus relocating to a place like Knoxville, Tennessee, where the cost of living is significantly lower. Through a Monte Carlo simulation, it's demonstrated that by reducing expenses through relocation, the couple could increase their probability of financial success in retirement. Ryan emphasizes the importance of understanding current living costs and potential future costs in different areas to make an informed decision that allows retirees to maintain their lifestyle while potentially stretching their retirement savings further.
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If you have any questions, please post them below
I have never understood living in one place your whole life and then moving in retirment and starting over. I retired 7 1/2 years ago and the only thing I changed was I stopped going to work. Nothing else changed. I went from 5 working days and two weekend days to 7 weekend days. I can do anything I want any time I want. We have been living in our current home since 1982, It's home and I think Dorothy said it best: "there's no place like home".
I agree. But what to do. Harris County, Texas is horribly expensive. Property taxes, insurance and so forth. Many Americans are actually moving overseas. Sadly, the Western world is no longer affordable for working class people unless you want to be a wage slave all your life.
@@johnkowalski5756 Since I am retired, I'm no longer "working class". Since I no longer have wages I can't be a wage slave. In fact, I'm not sure what a wage slave is.
@@bernie9728 I suppose folks generally mean someone who works for low pay years on end.
@@johnkowalski5756 I never had that problem. If I wasn't making enough money I got a better job. In fact I got my best, highest paying job when I was 58 years old. If you are stuck in a low paying job, who's fault is that?
@@johnkowalski5756 Who's fault is that?
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