James Stuckey has been fortunate to have a long and successful career in real estate development in New York City. Now in retirement, James Stuckey and his wife made the decision to relocate, just like thousands of new retirees. James Stuckey offers the following tips for relocating in retirement.
Q: What are some of the main considerations retirees face when relocating?
James Stuckey: While moving poses similar issues for people at any stage of life, retirees are faced with additional factors. Retirees must determine if the new location has the appropriate medical care needed now and in the future. Metabolic syndrome, which consists of rheumatoid arthritis, a heart condition and pre-diabetes, made access to good health care a No. 1 priority for my wife and me.
In addition to adequate health care, those considering relocation should ensure they have access to a trusted financial advisor. While some people may be able to access their financial advisor from afar, others may want the peace of mind that face-to-face meetings allow.
Q: What else should retirees consider when contemplating a move?
James Stuckey: Another challenge retirees encounter is what to do with their current home. Do you sell the home, rent it out, or keep the home for vacationing? And, how do you find the best housing option in the new area that will fit your needs now and in the years ahead? These are tough questions that realtors and financial advisors can help answer.
Q: How should retirees keep their families in mind?
James Stuckey: Proximity to family and friends is definitely a major consideration for retirees. Having a support network nearby or easily accessible is very beneficial as we age. To stay connected, my wife and I visit our children and parents throughout the year. Traveling may not be an option for everyone all of the time, so retirees may consider moving where there are at least a couple of personal connections.
Q: What can retirees do to help ease some of these challenges?
James Stuckey: Like every other big decision in life, a solid, well-researched plan is necessary. Evaluate questions and concerns, consult with family members and professionals, and devise a game plan. Retirement isn’t only about sunshine and a savings account. A little planning can go a long way to help ease anxiety about making the right relocation decisions.