Thursday, October 14, 2010

The Retirement Change of Address

Boomers are often considering a move when they retire, sometimes just to get to something smaller and more manageable, sometime to simply be where they have always dreamed of being.

There is something to be said about planning for retirement that is often discussed at length, often just as quickly dismissed and in many instances,wouldn't be practical for the vast majority of us. That would be moving at retirement to some place other than the city of town you currently live in.

There are numerous considerations to any move. But at retirement, the move needs some serious thought.

Here are a few things to think about before you make the leap. First: how much of your home is actually yours. Equity valuations change and with any luck, will begin to improve.

Having enough of a dollar value built up in your home will allow you a greater freedom of choice in moving and will determine whether you will need to buy or rent in your new location. If you are thinking about a mortgage, be prepared to face some strict financing issues getting a new mortgage.

Although reports about mortgages being held up because of the potential of having a baby have been reported, none so far have been shown that mortgages are being denied to newly retired. I don't expect that to continue.

Mortgage companies and banks are going to look at your potential health problems the same way they look a income interruptions for young families. And these health issues play another leading element in your choice of a new place. Are you close to facilities you might need? Do you anticipate health issues that would require you own a car or live nearby?

This could affect your choice of communities where some amenities are limited. These small towns may be quaint. But can you get your needs met in a timely and cost effective manner? If you are thinking about a move and money is not really an issue, the following cities do offer some of what you may need - but probably not all. I can vouch for Eugene - it does rain a lot - but when the sun shines, it is truly amazing. And as an added bonus, you are only an hour or two from the coast or the high desert.

Here are some great spots to retire.

Paul Petillo is the Managing Editor of and a fellow Boomer.

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