Figuring out where to live is one of the biggest retirement decisions you will make. Your location helps set your retirement budget and also determines the “flavor” of your retirement.
You might want to be a jet setter in a teeny apartment who spends time traveling, or you could live in a vacation destination where your kids and their families will be eager to come visit. Perhaps you will prefer to live near your family members so you can cheer on the grandkids at their concerts and games.
[See: 10 Ways to Reduce Your Housing Costs in Retirement.]
Residing near your family members might mean helping to care for your aging parents, sharing space with a sibling or spending more time with your children and their families. There are definitely advantages to living near your family during retirement, but there can also be drawbacks. Here are some factors to consider before relocating to live near relatives.
Benefits of Living Near Family
You can be a big part of your grandkids’ lives. Perhaps the main reason retirees choose to live near their children is so they can have strong relationships with their grandkids. Being able to show up for the athletic events, school concerts and birthday parties can be a rewarding way to spend your retirement years.
You’re available to help your kids as they grow their families. You might want to make yourself available to help your children as they juggle kids, careers and other responsibilities. You will also be able to provide assistance if there’s a crisis, which could help you to sleep better at night.
You’ll have a built in social network and support system. When you’re close to family, you will be able to see people you love for dinner and parties on a regular basis. You can also count on help with chores like yard work and moving furniture when you need it. Without relatives nearby, you might have to pay someone to help with tasks you can’t complete yourself.
You can help your siblings and parents more easily. Care giving is especially difficult when you live hundreds of miles away. Living near extended family may make it easier to help care for aging parents and siblings when they need it.
You may not have to move at all. If your kids have stayed close to home, you might be able to remain in your current area where you probably have friends and other social connections. Plus, moving is a lot of work and a big expense that you can avoid if you stay put.
[See: 10 Tips for Finding a Great Place to Retire.]
Drawbacks of Living Near Family
You can’t be the go-to vacation destination if you live next door. When you are a local grandparent you get to be part of your kids’ and grandkids’ everyday lives. In contrast, some retirees prefer living in relatively exotic locations where their families will visit often.
You won’t get to choose your retirement location. When your primary goal is to live near family, you’re at their mercy for choosing your retirement destination. You may have to move to an undesirable or expensive area to be nearby.
You may have to follow your kids around. If your kids move frequently as they get new jobs, you’ll have to move to follow them. This can get especially difficult if your kids move often as they establish a career.
You may become the default babysitter and errand runner. Living near family without boundaries in place can get to be a lot of work. Your kids may rely on you too much as an on-call babysitter, making you feel like retirement is more work than a paying job.
Caring for elderly family members can be burdensome. Most of us want to help care for our parents as they age. But if you’re the only sibling in town, the bulk of the burden may fall on you. This can become difficult if your parent needs long-term care.
[See: 10 Retirement Hot Spots in the U.S.]
Living near family allows you to be involved in day-to-day family life, which can mean forming deeper bonds with your family members as well as a lot of extra work. The key is to take your priorities and your family’s personality into consideration. Be sure to have plenty of conversations about boundaries and expectations before you relocate to be near family members during your retirement years.
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The Pros and Cons of Living Near Family in Retirement originally appeared on usnews.com
