The winter months are coming up and let’s face facts, everyone starts to feel a little colder as they age. That’s why flocks of retirees abandon their homes for part of the year in favor of warmer locales. Even if you’re already at retirement age or getting close and you didn’t plan ahead for the snowbird life, don’t fret. You still have the opportunity to live a chill lifestyle, fleeing from Old Man Winter.
Downsizing
If you’re going to relocate to another place for part of the year, you may have to make a few adjustments to your regular way of living. When you had three kids living at home and were working full time, you needed a four bedroom house with a den and office, but now you’re paying to heat and cool all that space for just you and your partner. Moving into a smaller place can put a chunk of change into your savings, help you reduce the cost of utilities, and minimize your upkeep expenses. RetireCertain outlines the pros and cons of downsizing here.
Investing
Real-estate is a solid investment. If you choose to downsize, but want to keep your old home, you could rent it out. If you have good credit and aren’t in debt, buying other houses to rent out is also a way to guarantee stable monthly income. Just make sure you have a trusted person that can oversee or possibly do maintenance on the property if you’re away during an emergency.
Investigating
Do some research to figure out which sunny destination best suits your budget and lifestyle. Florida and Arizona are two popular locations for winter runaways of a certain age, and why wouldn’t they be? Florida offers a wide range of income accommodating retiree communities in a beautiful tropical setting, and Arizona has expansive beauty without the humidity. Some snowbirds opt to go the nontraditional route and flee the country all together. Going somewhere like Panama can be beneficial to retirees on a budget, because the cost of living there is lower than in some trendy retiree USA destinations. Thailand is another great international snowbird hotspot with a lower cost of living. SunWinterExpert explains, “It is not hard to find nice apartments not far from the beach from $250 a month. In a place like Pattaya, you can rent a fully furnished bungalow with air conditioning, a pool, three bedrooms and two bathrooms from $650 a month.”
Even if you got a late start on planning, don’t be afraid to join the throngs of Americans who chase an endless summer. There is still plenty of time.