Karl and Jenny retired and sold their home to move to a warmer climate. They were looking forward to full-time fishing, golfing, and gardening, as their new southern home was near a lake and on a golf course.
Two years after their move, they called us to help them figure out how to repurchase their previous home—the same home they had left behind in southeast Michigan. They wanted to move back. They missed their children and grandchildren and decided that family was more important to them than year-round warm weather and hobbies.
Unfortunately, they could not buy back their old home. So they bought a different home in their previous town, but still near their family. They also bought a timeshare in their favorite vacation location, where they liked to golf and fish during Michigan’s cold winter months.
This was an expensive mistake for Karl and Jenny. Selling your home and moving to a new location without trying out your new lifestyle first could bring retirees back home, unhappy with their chosen retirement lifestyle decisions.
Take time to make your retirement decisions and try them out before making large changes. Maybe your heart really doesn’t want to say “good bye” to your previous life.
Retirement is about more than your finances; it is also about your lifestyle and happiness. Take advantage of the years before your retirement. Try living on your retirement income and test drive your dreams to make sure they are realistic. Sometimes, perception is not reality. Visit the location(s) where you might like to retire for an extended time, and experience the lifestyle you think you might enjoy. You might find out that your dream, once experienced, is not exactly what you truly desire. This is an inexpensive way to avoid a potentially expensive mistake!
Written by: Maria J. Wordhouse Kuitula and Phyllis J. Veltman Wordhouse, free market wealth and stewardship coaches, co-authored the book Stress-Free Investing, available at Amazon.com. Maria is the president of Wordhouse Wealth Coaching and may be reached at 616-460-6518 or [email protected]. For QUESTION LISTS and INVESTOR EDUCATION VIDEOS, go to www.WordhouseWealthCoaching.com. © Wordhouse Kuitula 2013. Photo: stock.xchng
