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Where Are You Planning to Retire?
By plrprousers | April 8, 2009
It is surprising to me how many people I speak to who think that when they reach retirement age they will sell the family home and move to a new area that has appealed to them in the past. The idea of a Florida retirement, for instance, is one that is deep rooted in the collective consciousness. There are pitfalls in such an approach, and it needs careful consideration before any drastic steps are taken that may be regretted later.
The principal problem appears to be that people expect to be able to dramatically change their lifestyle for the positive, without taking account of possible negatives associated with the move. The classic issue is not having any friends in the area, but unfamiliarity with the area facilities and even the shopping can also make retirement living disappointing.
If you are financially able, you might want to consider buying an investment property in the area that you think you want to retire to, and try it out on vacations to see how you cope with the differences. A vacation will always be a different experience from living there full-time, but your property investment can be sold on if you find you are getting doubts about your retirement plans.
If Florida is a place you are considering, you will find that property there is exceptionally good value right now. In some areas, it is selling at less than half its previous price. While the bottom of the market may or may not have been reached, second homes there are now very affordable, and this may be the best opportunity to enter the market that you will see.
Of course, when considering a major purchase you should consult an expert for investment advice, and Ken Himmler (www.kenhimmler.com) and Integrated Asset Management (www.iamllc.biz )
will be able to advise you on the best way to approach the issue of buying another property. You should always take into account any tax issues, either present or future, which this might create, and consider which investments should be liquidated, if necessary, to afford the retirement home of your dreams.
Tags:Florida retirement,investment advice,investment property,property investing,retirement age,retirement living,retirement plans
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