“It’s nice in the summer, but it was pretty brutal in the winter, and they weren’t quite prepared for that,” Pine recalls.
They ended up moving to North Carolina, which was more to their liking.
Each year, hundreds of thousands of retirees move to slash their cost of living, seek out warmer weather, or live closer to their children or grandchildren.
Many never look back, reveling in their new lives. But sometimes moves don’t work out. Some retirees end up missing the life they left behind or find their new home isn’t what they thought it would be. Few even move back to their old community.
If you are thinking about moving in retirement, you can up your odds of a successful transition by following a few basic rules. Make sure you are moving to the right place for you. Know the true costs of your new abode. And have a plan for when your health begins to decline.
Look Before You Leap
Priscilla Brandt, 73, was born and raised in Long Island and lived for 45 years in the same house there, even after her husband died 18 years ago.
“I was the last one to leave Long Island,” she says. “I was out there by myself.”
A year ago, she moved to Brunswick County, N.C. Most of her family and some friends had already moved there, and she knew the area well before purchasing a townhome.
“I shoveled my last shovel of snow in 2024, and I said, ‘I was done.’”
She goes on. “I haven’t had any second thoughts or negativity since I’ve been here. The weather helps. Having friends down here helps.”
In Brandt’s case, she had visited the area many times and already had a strong community of friends and family living there.
Not everybody has such an option, and many retirees end up relocating to a place they don’t know particularly well. In that case, you are better off renting for a while to make sure it’s a good fit before you take the plunge and buy a home.
“Most people make the mistake of not investigating enough on the front end,” said Michael Landsberg, a financial advisor in Punta Gorda, Fla.
Know All the Costs in Advance
Many people move to, say, Florida, from the Northeast, expecting that they will slash their cost of living. After all, Florida doesn’t have an income tax, and until recently, home prices were much cheaper in the Sunshine State.
You may end up saving less money than you think. The home insurance that costs a couple of thousand dollars in the Northeast might cost several times that in Florida because of hurricanes—if you can find insurance.
There are other money traps to avoid. Suppose you are a retired state worker in New York, says Joe Favorito of Melville, N.Y, the financial advisor to Priscilla Brandt. New York doesn’t tax pensions from state workers, but if you move to North Carolina, which has an income tax, you will face taxes on your New York state pension.
Florida doesn’t have a state income tax, so your out-of-state pension won’t hurt you there. But Favorito, who has family living near Naples, Fla., says many new arrivals are surprised by the cost of property taxes.
Longtime residents often pay low property taxes because of the way that Florida’s homestead exemption works. When that house is sold to a new buyer, the taxes are reset at a higher level.
Be Prepared for When You Need Help
Many seniors reach a point in their late 70s or early 80s when they need more help. Sometimes that means moving near family. But not everybody depends on family.
One of Landsberg’s clients, Frank Hoffman, 79, moved in 2007 to Port Charlotte, Fla., from Kenosha, Wis. His adult children and grandchildren live far away, and he isn’t counting on them when his health or the health of his wife, Terry, declines.
“We’re making plans for that right now,” Hoffman says. “We’re moving into an independent care [center].”
Write to Neal Templin at neal.templin@barrons.com
