For many people retirement is a time where people can finally relax and live the life they dreamed about.  About 1 million people move every year following their retirement. You now have a lifetime full of Saturdays.  What to do with it, is closely related to WHERE to do it.  Relocating to the Carolinas offers many benefits.  There are several things to consider, before moving to another state.   

You may want to do the following:

• Visit the location you have in mind during different times of the year. You can get an idea of what the area is like during peak and off season.   
• Make an extended trial visit.  Staying for a longer period of time will get you more accustomed to how it is to be a local. This will also give you a chance to narrow your choices of neighborhoods of where you want to purchase your home.  
• Subscribe to the local paper to get an idea of what is going on in the community.    
• Request information from the local Chamber of Commerce about state and local taxes, including property and sales taxes.  A good real estate agent should provide you with information, as well.  
• Request a list of housing options from your realtor. Visit different neighborhoods and retirement communities to get a feel for what is available.  Make sure that you are near the activities you want to do most.  
• Understand how you want to live your retirement life and how to fund it.  Contact us at Riverbend Wealth Management if you are unsure of what to do.   
• Make sure you know and can cover all social, medical, financial, and legal obligations. We can help with this.  
• Contact a moving company to get a packing and moving estimate.
• If you are borrowing money to purchase a home, be sure to check a variety of lenders.  
• Decide how your pets will travel.  Also consider boarding care for them if you decide to travel during retirement without them.  
• Declutter.  Decide what to keep, what to give away, what to sell, and what to throw away.  Being honest with yourself on what to keep can be difficult.  Our sentimental value to our things, usually won’t transfer over to our children or others.  Work to simplify your belongings.  It also saves on moving costs.  If you donate some of your belongings, keep a list for tax preparation purposes. 
• Pick up plenty of change-of-address cards from the post office.  Send cards to:
  • Accountant
  • Attorney
  • Banks
  • Credit card companies
  • Church
  • Dentist
  • Doctors
  • Friends
  • Relatives
  • Your financial management companies.
  • Social Security office 
  • Insurance companies
  • Utility companies
  • Voter registration
  • Department of Motor Vehicles
  • Internal Revenue Service.  You will need to send a letter.  They will NOT take change of address card.
• Establish a local bank contact and get checks with your new address.  
• Arrange to have your phone and utilities turned off on your old home and turned on at your new home. 
• Medical considerations:
  • Check with your health insurer to make sure you retain benefits in your new location. Both private health insurance for younger retirees and Medicare Advantage plans have specific service areas. Retirees moving out of the service area will need to find a new plan, which could mean more expensive premiums and increased out-of-pocket costs.
  • Establish connection with medical professionals who take your insurance.
  • Request a written medical history from your current physician and dentist.  This is handy when you start working with medical staff at your new location.  
  • Have a list of your prescriptions and note the side effects.  Have at least two months supply before moving.  
• Financial Considerations:
  • Check with your accountant to determine the tax consequences of moving, the sale of your home, or any other meaningful changes.
  • Get rates from your insurance company.  IMPORTANT: rates can vary wildly, especially on the coast.  Be sure you get a few quotes.  Click here to request a quote. 
  • Establish a local bank contact and get checks with your new address.  
  • If you are borrowing money to purchase a home, be sure to check a variety of lenders to make sure you get the best rates.
• Legal issues– Legal documents can vary from state to state.  Click here for a checklist.  Consider working with a local qualified attorney.  A good attorney may not have to rewrite all of your documents, but they may make adjustments to account for different laws in the new state.  Click here to setup a call with an attorney. Make sure you have the following reviewed:
  • Power of attorney
  • Durable power of attorney
  • Guardianship
  • Living will
  • Medical Power of attorney
  • Healthcare power of attorney
  • Life estate
  • Trust
• Important documents– It is important that somebody know where to find important financial and legal documents in case of emergency.  At Riverbend, each client has a secure digital vault to store their documents.  This is extremely helpful in that; they can be reviewed from any location and coordinates with their customized retirement plan.  A list to keep:
  • Your contact information
  • Emergency contacts and neighbors
  • Employer address and phone numbers
  • Insurance policy information
  • Legal, financial, and estate contracts and contacts.  
  • Personal property details
  • Military benefits
  • Beneficiary information

When we work with clients, we do comprehensive financial planning, which covers many of these issues.  Always feel free to contact us with any questions or concerns you may have.  Click here to schedule a 15-minute phone appointment.

Hope all is well with you and your family,

Jeremy 

Investment advice offered through Stratos Wealth Advisors, LLC, a registered investment advisor; DBA Riverbend Wealth Management.

This content is developed from sources believed to be providing accurate information and provided by Riverbend Wealth Management. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. Stratos Wealth Partners and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.