Am I going to need to move at some point in my retirement? What can I afford? What would be most suitable? What are my options and the ramifications?
If retirement spans over 20 years, the question of where you live and what you live in, will usually come up as a serious consideration a number of times. This is because your lifestyle and needs will change.
The decisions are usually influenced by the factors such as:
• practical considerations-size, location, maintenance?
• financial considerations- am I asset rich-cash poor, future lifestyle funding?
• tax considerations-tax free asset?
• welfare and benefits entitlement-exempt from means testing?
• emotional attachment-family home, legacy questions
• social engagement-proximity to friends and family
• changing needs-partners health, family growing up and leaving home
• resistant to change?-that old chestnut
This component explores these issues so that they can be proactively addressed and and effectively planned for.