You’re most likely already aware that retirement will be one of the biggest expenses during your lifetime. But what you might not be aware of is that there are some simple ways to save major amounts of money during your Golden Years.
Everything from your healthcare costs to where you live can have a major impact on how much you spend and need to save in retirement. That’s why an overlooked way to save in retirement is to relocate.
Why is relocation an overlooked way to save in retirement?
Often, we feel so tied to an area because of our career that we don’t even consider relocation an option – but when we retire, we are no longer bound geographically because of our careers, and we can see a big impact as a result. Especially if you live in a pricy area due to a hot job market, you can see heavy savings by moving to a location with a lower cost of living.
Think: living in NYC versus living in Idaho. Everything from the cost of food to rent can contribute to these large differences in costs. For starters, CNN has a handy cost of living calculator that can give a picture of how much you’d save per year by relocating.
How do you determine if you want to relocate?
By building these costs into your retirement roadmap, you can get a picture of how relocation will affect your retirement investment needs. Factor in major costs, like healthcare, and develop a reasonable budget based on the costs of living in that area. You should then work with a trusted financial advisor to adjust your retirement investments accordingly.
Want to learn about other overlooked ways to save in retirement?
At LexION Capital, we’re fiduciary advisors who help our clients reach their retirement goals worry-free. We utilize everything from tax advantaged strategies to institutional level investments to help them save money in retirement. If you’d like to learn more about how we can help you retire smoothly, don’t hesitate to contact us today.
