Are you planning to relocate?

What to consider before moving:

Many people consider moving to another location in Canada when they retire, with studies revealing that one-third to one-half of baby boomers are likely to move in retirement.
There are many reasons to relocate. You might want to be nearer to your children or grandchildren, prefer a more pleasant climate, or like the idea of living in a community more suited to retirees.

We should thoroughly explore your options before you make a decision. Here are five key questions we should answer.

  • Will your new home cost more or less than your current one? Obviously, the price of your new home will affect — for better or for worse — the pool of capital you have in retirement. A less expensive home can free up cash.
  • Will your cost of living change? We need to consider living expenses, such as food, utilities, and property taxes, all of which can vary from location to location.
  • Will your income tax situation change? Different provinces have different tax rates. Your overall tax bill could rise or fall.
  • Will you have access to the medical facilities you need? Consider the quality of local hospitals, the availability of services you may need in the future, and whether doctors are taking new patients.
  • Have you considered the implications of being closer to, or farther from, friends and family? Family dynamics change with proximity and distance. So do travel costs.

Together, we can find the answers to these and other questions. Let’s make sure the move you’re considering is the right one.

The information contained in this article was obtained from sources believed to be reliable; however, we cannot guarantee that it is accurate or complete and it should not be considered personal advice. Credential Securities Inc. is a Member of the Canadian Investor Protection Fund. ®Credential is a registered mark owned by Credential Financial Inc. and is used under licence.

For more information on this or other retirement options,
contact Devron at 204-937-6557 or email devron.jakeman@catalystcu.com

© Copyright Catalyst Credit Union - 2014