7 Reasons Not to Move When You Retire

An older woman sitting on her sofa at home
wavebreakmedia / Shutterstock.com

Retirement is supposed to be a time when people move to Florida to sip drinks on the beach or settle down in Arizona to play endless rounds of golf.

But in reality, a huge percentage of Americans are happy to remain right where they are. A 2018 AARP survey found that more than three-quarters of people age 50 or older prefer to stay in their current homes as they age, as we reported in “5 Home Improvements That Help You Age in Place.”

In fact, there are many good reasons for remaining in your hometown after retirement. Following are some of the best.

1. It’s cheaper to stay put

Senior couple at home
Monkey Business Images / Shutterstock.com

When you buy a home, you’ll typically pay between 2% and 5% of the purchase price in closing costs, according to Zillow. That means that if you buy a $150,000 home, you could shell out up to $7,500 for the privilege.

And those costs don’t include the price of moving your belongings halfway across the country.

Plus, unless you are paying cash, you likely will need a mortgage. Rates on such loans fell to historic lows during the Great Recession, but they have risen quite a bit since then — and may continue to do so. That means your next home loan could be more expensive than your current one.

2. You might pay less in taxes

state taxes
karen roach / Shutterstock.com

Perhaps you are sick of the rainy skies of Seattle or the cold prairie winds of South Dakota and long for the sunny coastlines of Hawaii or California. If that’s your dream, by all means, make it a reality.

Just remember that the price for following your bliss can be steep.

In Washington and South Dakota, you pay no state income taxes, as we report in “How All 50 States Tax Your Retirement Income.” But in Hawaii, individual income tax rates soar as high as 11%. California’s top rate is worse, at 13.3%.

The lesson: Know the tax and other financial implications before you make any move. It might pay off to stay firmly rooted at home.

3. Your current doctors know you well

Doctor and Patient
romul014 / Shutterstock.com

Seeing the same physician for years can pay big dividends.

A 2017 British study found that people ages 62 to 82 who remained with the same doctor longest experienced 12% fewer hospital admissions compared with those who remained with their doctor for a short period of time.

4. You’ll be closer to family and friends

Rawpixel / Shutterstock.com

As we age, opportunities to meet people and socialize can dwindle. Perhaps that’s because we are no longer working, or because health problems prevent us from getting out and about. Or maybe we just don’t have the energy to make a bunch of new friends.

Remaining in your community gives you access to people who have known you for years, perhaps even a lifetime. It’s even better if you have family members nearby. Having supportive loved ones close at hand can be crucial as you age and must rely on help more than ever before.

5. You won’t have to face life’s sorrows alone

Konstantin Tronlin / Shutterstock.com

Few of us like to think about the reality, but life does not go on forever. As we age, mortality grows ever closer.

If you suddenly lose a spouse after moving across the country, you might end up feeling isolated and depressed. This is especially true if such a sad turn of events occurs soon after you have relocated.

6. You’ll keep your network intact

senior worker
Iakov Filimonov / Shutterstock.com

Some people find that retirement does not live up to their expectations or feel that they quit working too early. Others discover they need to return to work when unforeseen circumstances leave them dipping into their nest eggs sooner than expected.

If you stay close to home, it might be easier to find work. Perhaps your old employer will bring you back part-time or on a freelance basis. Or, perhaps you can tap into the network of people you have worked with to find opportunities.

7. There is no place like home sweet home

Pressmaster / Shutterstock.com

If you’ve lived in a place for a while — maybe an entire lifetime — chances are good that you like it. Perhaps you grouse about the Northern cold, but love to ski or ice skate. Or you love the rhythm of the seasons and can’t wait for another autumn to arrive.

Or maybe you just have great memories — meeting your spouse, raising your children — that are indelibly tied to the place you call home.

Life in an exciting new place has its appeal. But one of the joys of getting older is having the wisdom to appreciate what you have right here, right now.

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.

Read Next
7 Things I Never Buy at Costco
7 Things I Never Buy at Costco

A bulk buy isn’t always the best buy. Here’s where I shop for these items instead of a warehouse club.

8 Reasons Your Parents Had an Easier Retirement Than You Will
8 Reasons Your Parents Had an Easier Retirement Than You Will

Here’s why the last decades of life are harder now than they used to be.

2-Minute Money Strategy: How Should I Invest My Retirement Savings?
2-Minute Money Strategy: How Should I Invest My Retirement Savings?

If retirement is on the horizon, you can’t afford to take too much risk, but you also need to make as much as possible. Here are your options.

My Favorite Amazon Purchases From 22 Years of Shopping There
My Favorite Amazon Purchases From 22 Years of Shopping There

Yes, I’ve been shopping on Amazon since the 1990s. These are among my most beloved buys.

How to Invest in Real Estate for as Little as $500
How to Invest in Real Estate for as Little as $500

If stock market volatility has you looking for other investment options, here’s a way to diversify — even if you don’t have tons of money.

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Most Popular
11 Senior Discounts for Anyone Age 55 or Older
11 Senior Discounts for Anyone Age 55 or Older

There is no need to wait until you’re 65 to take advantage of so-called “senior” discounts.

Seniors With COVID-19 May Display This Unusual Symptom
Seniors With COVID-19 May Display This Unusual Symptom

Largely asymptomatic seniors may experience a symptom not commonly associated with the coronavirus.

20 Things That Are Actually Worth Stockpiling
20 Things That Are Actually Worth Stockpiling

You don’t need a year’s supply of toilet paper to survive an outbreak, but consider stocking up on these items.

18 Early Black Friday Deals on Amazon Today
18 Early Black Friday Deals on Amazon Today

These items are all steeply discounted — but the deals won’t last long.

Can a Twice-Divorced Woman Claim Social Security Survivors Benefits?
Can a Twice-Divorced Woman Claim Social Security Survivors Benefits?

Understanding survivors benefits rules is the key to getting the most from your benefit.

9 Things You’ll Never See at Costco Again
9 Things You’ll Never See at Costco Again

The warehouse store offers an enormous selection, but these products aren’t coming back.

These Are the 10 Worst Cars for Depreciation
These Are the 10 Worst Cars for Depreciation

Two types of vehicles are especially likely to see steep plunges in value.

Never Buy These 10 Things With Your Credit Card
Never Buy These 10 Things With Your Credit Card

Credit cards offer many conveniences and protections, but sometimes it’s simply smarter to keep the plastic tucked away.

13 Amazon Purchases That We Are Loving Right Now
13 Amazon Purchases That We Are Loving Right Now

These practical products make everyday life a little easier.

10 Things I Always Buy at Trader Joe’s
10 Things I Always Buy at Trader Joe’s

From snacks to sweets to side dishes, stock your cart with these time-tested favorites on your next TJ’s run.

8 Surprising Household Items You Can Sell for Fast Cash
8 Surprising Household Items You Can Sell for Fast Cash

Sometimes, the humblest household items are worth the most money.

19 High-Paying Jobs You Can Get With a 2-Year Degree
19 High-Paying Jobs You Can Get With a 2-Year Degree

There are easy high-paying majors available in the U.S. — and no bachelor’s degree is required. We’re here to help you find easy degrees that pay well.

Cut These 11 Expenses Now If You Hope to Retire Early
Cut These 11 Expenses Now If You Hope to Retire Early

Like the idea of financial independence? Part of the FIRE equation is cutting costs.

5 Ways Social Security Will Change in 2021
5 Ways Social Security Will Change in 2021

These adjustments will affect both workers and retirees in the new year.

Stop Buying These 19 Things Online
Stop Buying These 19 Things Online

The internet has changed how we shop. But for some things, you’re still better off buying the old-fashioned way.

3 Ways to Get Microsoft Office for Free
3 Ways to Get Microsoft Office for Free

With a little ingenuity, you can cut Office costs to zero.

7 Tips for Building an Emergency Food Supply
7 Tips for Building an Emergency Food Supply

A pandemic or natural disaster could leave you reliant on your existing emergency food supply. Is your pantry well-prepared for emergencies? Knowing what to stock up on for emergencies can be a difficult task and we’re here to help.

11 ‘Disposable’ Items You Should Be Reusing
These Are the 4 Best Medicare Advantage Plans for 2020
These Are the 4 Best Medicare Advantage Plans for 2020

Medicare Advantage customers themselves rate these plans highest.

View More Articles

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Add a Comment

Our Policy: We welcome relevant and respectful comments in order to foster healthy and informative discussions. All other comments may be removed. Comments with links are automatically held for moderation.