This week, I’m talking about how Covid will change how you plan for retirement. 

Today, I’m talking about how Covid will change where you live in retirement. 

According to a new Pew Research Center survey that came out in July, around one-in-five U.S. adults (22%) say they either changed their residence due to the pandemic or know someone who did. 

With the extreme job-loss and upheaval with schools, there are quite a few Americans who are reconsidering their living situation. For decades, adult children have been leaving the nest and moving away from home, but the lack of family support nearby creates additional stress for working parents, especially those with young children who are trying to balance work with kids in school trying to distance learn from home. 

Anecdotally, I have talked to many people who are planning to move in the next year and who are re-thinking where they will spend their retirement. Some because they don’t like the restrictions in their state, others because they no longer feel safe in the city, and others because they have experienced a job loss.

I think we’ll see a lot more mobility among people for a variety of reasons as the pandemic continues, and if you’re thinking about moving yourself as you approach retirement, it’s important to consider how a move has big implications for your retirement - most notably your cost of living as that can vary widely from state to state, and taxes - the state you live in has implications for your income taxes, property taxes, and estate taxes. 

That’s it for today’s tip, but before you go let’s talk about something that’s top of mind - especially if you’re listening to my podcast... 

Here’s the reality - Planning for your retirement can be both exhilarating and terrifying. With all the excitement of thinking about the future comes an underlying worry--am I ready? That’s where my Retirement Success Forecaster comes in. Using data from this simple questionnaire, I’ll be able to tell you if you’re on track for retirement, and if not, what adjustments you can make today to live the retirement you envisioned.  

Getting a customized retirement forecast is easy. Just send me an email - [email protected]. I’ll send you the forecaster to complete, and once you send it back to me, you’ll receive your personalized results - for free!

That’s it for today. Thanks for listening. My name is Ashley Micciche and this is the One Minute Retirement Tip. 

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