NEW YORK (AP) – Debra Taylor is experiencing a significant transformation in her life, as she navigates through a divorce while preparing for retirement. She is making a bold move from Southern California to Aveiro, Portugal, accompanied by one of her daughters. After deciding to settle outside the United States, Taylor meticulously narrowed down her options based on factors such as tax implications, climate preferences, and travel accessibility within Europe. During a tour organized by a relocation company, Expatsi, she found her new home in Aveiro, a picturesque city renowned for its beautiful canals, earning it the nickname the "Venice of Portugal."
Once Taylor finalized her decision, she proceeded with the logistics of the move. She signed a one-year lease on an apartment, which was a prerequisite for her relocation. To facilitate the bureaucratic and paperwork processes, she engaged a service called Viv Europe. Additionally, she has scheduled an appointment for necessary visas and has completed an FBI background check, indicating her commitment to this significant life change.
The inspiration for her international move came from her youngest child. Following the election of the current U.S. president, Taylor’s 18-year-old transgender daughter expressed a strong desire to leave the country, which Taylor fully supported. Meanwhile, her oldest daughter, aged 20, will remain in the U.S. to continue her college education.
Experts in aging and relocation affirm that Taylor's decisions align with current trends. Many older adults are contemplating relocation upon retirement, influenced by various factors including political climate, housing affordability, and cost of living. Data from the U.S. Census Bureau indicates that over 3 million individuals aged 65 and older relocated within the United States in the five years preceding the COVID-19 pandemic.
According to Jen Barnett, co-founder of Expatsi, the primary motivation for many retirees relocating abroad is dissatisfaction with the current political landscape. However, Barnett acknowledges that not all countries welcome retirees, particularly those that are wealthy and English-speaking. Many countries prefer immigrants who can contribute to their labor markets.
For U.S. retirees, the traditional tendency is to remain in their existing homes, but the hurdles associated with aging in place are becoming more pronounced. Rodney Harrell, Vice President at AARP, highlights challenges such as increasing housing costs, home modification expenses, and inadequate community support services, including healthcare and safety.
As the nation approaches a demographic shift where individuals over 65 will outnumber those under 18 by 2034, considerations for relocation are becoming increasingly significant. Harrell emphasizes that potential movers should account for their future needs, taking into consideration aspects like health, mobility, and financial stability.
Relocation is not merely about geographical preference; it involves making informed decisions based on lifestyle desires. Residents should evaluate factors like community engagement and neighbor interaction in addition to housing costs. Harrell advises potential movers to utilize AARP’s livability index, which evaluates neighborhoods for their amenities and services impactful on older residents.
Setting clear priorities is essential when contemplating a move. Factors such as proximity to grandchildren, lifestyle preferences, and community culture should be thoroughly discussed with family members. Casey Bowers, who recently moved to Ericeira, Portugal, illustrated that the joys of the new residence must be weighed against the emotional toll of being away from family.
Financial advisors suggest starting with a comprehensive "lifestyle audit" instead of solely focusing on economic factors. Chad Harmer encourages clients to visualize their ideal day in the future, which can unveil insights into their preferred climate, social connections, and hobby opportunities. He stresses the importance of budgeting for unforeseen costs associated with relocation, like higher insurance or frequent travel expenses to see family.
Retirement expert Elizabeth Zelinka Parsons advocates for testing the waters with a short-term rental prior to making a permanent move. She warns against the allure of relocating solely based on vacation experiences, suggesting that it may not translate into an ideal living situation. Harmer's golden rule is that when 80% of a desired daily routine can be fulfilled in a new area for a significant portion of the year, it indicates a good choice.
Relocation is a multifaceted decision for retirees that transcends geographical factors.
It involves evaluating personal connections, lifestyle preferences, and long-term implications, underscoring the notion that finding the right place to retire is about finding a community that resonates with one’s values and future needs.
