If you’re planning on retiring in the near future (or you’ve already retired), you may be wondering if it’s a good idea to move nearer to your family. If you have adult children living elsewhere, it can be tempting to pack up and head across the country to be closer to them. But before you make this large life decision, it’s worth considering the following factors.

1. Your emotional ties
   One of the first things to consider is your current life and lifestyle. If you’ve lived in one place for some time, you probably have an established social circle, a regular doctor, dentist and hairdresser, shops and restaurants that you enjoy, etc. Are you ready to give up the life that you’ve built to start over somewhere else or do you see yourself living happily in retirement where you are right now?
2. The cost
   Finances in retirement can be tight – so think carefully about whether you can afford to make a move, possibly one that means settling down in a completely different part of the country. Crunch the numbers to ensure that once you’ve moved, you’ll still be in a stable and secure financial position.
3. Your relationship with your family
   While living close to family might be the dream, it’s worth taking stock of your relationship with them – do you get along well and enjoy spending lots of time together? Living in close proximity can work very well for some families, while others thrive with a little bit of distance. Have a think about what will work best for both you and your adult children.
4. Your new life
   Once you’re living in your new home, what will your new life look like? One of the big pluses of moving closer to family is that you can spend lots of time with your grandkids, be there for every birthday and play a bigger part in their lives in general. (Speaking of the grandkids, it’s a good idea to chat to your family about expectations regarding babysitting duties, to ensure you’re both on the same page.) And while your family will likely be there for you as you settle in, you’ll also need to build your own life – make friends, join interest groups, sign up for an exercise class, etc.
5. Your new home
   Where will you live in your new city? Are you planning to stay with family, live in a freehold house or apartment, or move into a retirement village? If you are interested in buying into a retirement village, are there options in the area that suit your needs? Something else to consider before packing up your current life is whether you’ll be happy in your new home if your children move away for some reason – e.g. if they take up a job opportunity somewhere else or decide to emigrate.

Before taking steps in a particular direction, have an open and honest discussion with your family to see whether a move closer to them is the right move for both of you.