Many retirees decide to move to a different state or city for retirement. There are a few things they will want to evaluate before making this decision, including their finances, the climate, the cost of moving, how far away they’ll be from family and friends, and whether to move to a retirement community. Let’s look at these factors in-depth:

Overall finances

New locations come with new costs of living, and retirees should be aware of any differences before moving. For example, the cost of living can be significantly higher in retirement destinations like Florida or Arizona.

Retirees will want to consider all their sources of income when deciding if they want to move—will it be enough to cover a new cost of living? Are they pulling from social security, a pension, tax-advantaged retirement accounts, other sources? Retirees with a permanent life insurance policy like universal life insurance, may be able to access cash value that they have built up in their policy to help supplement retirement income.


Often cited as a reason for moving for retirement, retirees will want to factor in the overall climate when deciding whether to move. For example, they may choose to move from Maine to Florida because it’s too taxing to deal with the ice and snow. Retirees who live in a hot climate and are ready for a change may want to consider a cooler location.

Retirees looking to make the change to a warmer or cooler environment may want to spend an extended amount of time in a new area before committing. They may want to visit for a few weeks or even rent a home for a few months to test out whether they can handle a cold climate in the winter or a warm climate in the summer. This can help them assess whether they’re really ready for this type of move.

Their primary residence

Retirees may also wonder what to do with their primary residence. Homeowners may want to sell their primary homes or purchase a second home and rent their primary residence out to supplement the cost of owning two homes. Remember that selling one home and buying another comes with associated real estate commissions and closing costs.

Distance from family and friends

Many retirees move to be closer to family and friends, while others end up moving away in favor of a warmer climate or retirement community. For retirees with close ties to their community, it can be difficult to move away, and they’ll want to consider how they’ll build relationships in their new community. They may want to plan—and plan financially for—regular trips back to stay connected and maintain friendships.

Whether to move to a retirement community

Retirees considering moving to a retirement community will want to keep a few things in mind. First, retirees should be aware that many retirement communities have age restrictions, such as fifty-five and up communities. Second, retirement communities often have higher monthly fees than other types of housing, so it’s important to fully understand what monthly payments will look like. Finally, retirement communities typically have a lot of amenities and activities, so it’s essential to choose a good lifestyle fit.

Moving for retirement can be a big decision, but it doesn’t have to be a difficult one. With a little planning and research, retirees can find the perfect place to spend their golden years.

The primary purpose of permanent life insurance is to provide a death benefit. Using permanent life insurance accumulated value to supplement retirement income will reduce the death benefit and may affect other aspects of the policy.

Source: Northwestern Mutual

Contact: Don Klein, 1-800-323-7033

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Contact Information:

Name: Don Klein Email: [email protected] Job Title: Assistant Director – Field & National Grassroots Public Relations

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