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Retirement is considered to be the time when people move to Florida for a drink on the beach or settle down in Arizona to play endless rounds of golf.
But in fact, a good percentage of Americans are happy to stay where they are. Nearly 90% of people over the age of 50 want to retire in their current home, according to a Capital Caring Health survey.
In fact, there are many reasons to stay local after retirement. Below are some of the best.
1. It’s cheaper to stay still
When you buy a home, you typically pay a closing fee of 2% to 5% of the purchase price. According to ZillowThis means that if you buy a $300,000 house, you can pay up to $15,000 for privileges.
Also, these costs do not include the cost of moving belongings within the country.
2. You may pay less taxes
Perhaps you’re tired of the rainy skies of Seattle or the cold prairie winds of South Dakota and yearn for the sunny coastlines of Hawaii or California. If that’s your dream, make it come true.
Remember that the price of following your bliss can be high.
Washington and South Dakota do not have to pay state income taxes, as reported in How All 50 States Tax Retirement Income. But in Hawaii, the personal income tax rate jumps to his 11%. California has the highest rate of 13.3%.
Lesson Learned: Know the tax and other financial implications before you act. It may pay off to keep it firmly rooted in the home.
3. Your current doctor knows you well
Seeing the same doctor for years can pay off big.
a Study in UK 2017 Those aged 62 to 82 who had seen the same doctor the longest had about 12% fewer hospitalizations than those who had seen the same doctor for the shortest time.
4. Get closer to family and friends
As you get older, the chances of meeting and interacting with people decrease. Maybe it’s because we don’t work anymore or we can’t go out due to health problems. Or maybe you just don’t have the energy to make many new friends.
Staying in a community gives you access to people who have known you for years, possibly a lifetime. Even better if you have family nearby. Having supportive loved ones nearby becomes so important as we age, and we become more dependent on help than ever before.
5. You don’t have to face life’s sorrows alone
Few people like to think about it, but life doesn’t last forever. As we grow older, death draws ever closer.
Losing your spouse suddenly when you move to another place can leave you feeling lonely and depressed. This is especially true if such a sad event happened soon after you moved.
6. Keep your network intact
Some may find their retirement not living up to expectations, or feel that they left their jobs too early. Others find themselves needing to get back to work when unforeseen circumstances require them to soak in the nest egg sooner than expected.
It may be easier to find a job if you live closer to home. Perhaps your previous employer will hire you part-time or freelance. Or you can use your network of people you’ve worked with to find opportunities.
7. There’s No Place Like Home Sweet Home
If you’ve lived in a place for a while (perhaps all your life), there’s a good chance you like it. I may complain about the cold weather in the north, but I love skiing and ice skating. Or you love the rhythm of the seasons and can’t wait for the next fall to arrive.
Or maybe you just have wonderful memories of meeting your spouse or raising your children that are indelibly tied to the place you call home.
Living in an exciting new place has its charm. But one of the joys of getting older is having the wisdom to appreciate what is here and now.