Real estate is about more than just location, location, location! It’s about investing in a life of security and comfort, and it’s even about having something solid to leave as a legacy. Many people choose to relocate (or stay put!) in Tennessee because land is affordable and the cost of living/standard of living ratio is among the very best in this country.
Retirement brings with it dramatic life changes. Those approaching this milestone have concerns, about finding stability, financial safety and finding a life of fulfillment after a lifetime of focusing on a career. CBS Money Watch addressed a few of those concerns in this article.
We took a few points and tailored them to fit those recent or pending retirees who might be looking to move to Northeast Tennessee.
Concern: running out of money.
“Between saving enough, being able to spend efficiently, affording your desired lifestyle and the possibility of outliving your money, running out of funds is likely your top retirement concern.”
You can outrun your budget no matter where you live, but if you stick to your limits, this upper right corner of Tennessee is a great place to stretch the value of your dollars. Hiking, swimming, sight-seeing…all this greatly increases quality of life and costs almost nothing. Home costs and energy bills are very low in comparison to other states, in part due to milder weather and in part due to lower prices.
Concern: feeling empty.
“Consider taking up some hobbies more seriously, joining a local group, spending more time with friends and family or planning a trip to kick off your retirement.”
Thriving arts communities in Morristown and Rogersville, golf clubs, Friends of the Smokies, volunteer opportunities…our area is built on community. Leaving your career can make you feel unmoored, but the solution is to find a new tribe, a new purpose and like-minded group of people to help anchor you in this new stage of life.
“Just one reason it’s important to maintain an emergency fund into retirement.”
Moving to a rural area doesn’t mean sacrificing the quality of your care. Overall lower living costs in Tennessee are a boon to those needing to pad their emergency fund, or pay for prescriptions and other ongoing medical treatments. Also, the medical community in Hamblen, Jefferson, Grainger and surrounding counties includes a wide variety of professionals, ranging from medical doctors and nurses to chiropractors and osteopaths. This means a wide range of care is available to you, close to home.
Concern: falling home values.
“If you planned your retirement timing and total savings taking in the factor of home appreciation, it’s a good idea to allow that to be a bump up in lifestyle but not the money you need to live.”
If you plan to sell your home in a state with higher home prices, you might be pleasantly surprised at how much house your money will buy in Tennessee. With what you have left over, you’ll be able to pad out your emergency fund or pay for a trip to Dollywood when your grandchildren come to visit!
If you’re interested in listings available in Northeast Tennessee, please visit my website at darlenenereeves-kline.com.