When thinking about retirement, there are many considerations to be taken into account especially when it comes to where you want to retire. Many retirees choose to live close to where they grew up and close to their family. Others opt-in for the sea change lifestyle. Maybe you have always wanted to live near the beach, move to the countryside or move interstate. Either way, there are a number of financial considerations to be taken into account when making these big lifestyle decisions.
Financial costs of a sea change
Before making a sea change, it is important to look at the financial costs of doing so. By talking to a financial planner, you will be able to assess whether you can afford to live in your dream town or whether you might need to work a few extra years in order to settle down. Making a sea change can be more costly than you think, especially if you are moving far from your existing home base or if you are investing in a property with high maintenance such as a rural property.
Are you ready to move further away?
It is also important to look at the reality of living further away from your friends and family. Will this mean you need to budget for a travel every few months? Will it mean that you need to host family at your house every so often too? These are all major factors in considering whether you are ready for a sea change.
No matter what decision you make, it is essential that you seek clear advice on the best way to manage your finances during retirement and in the lead up to retirement. A financial planner will be able to help you make decisions on where to invest for your superannuation or simply looking at how much you need to live the retirement lifestyle of your dreams. Our team at APS Financial Planning have helped many Australians retirees who need support with their finances.