46 KIPLINGER’S PERSONAL FINANCE^ 05/2017MONEYtoo busy to spend time with you, or
you’re expected to be a full-time baby-
sitter. You and your adult child remem-
ber that you never really got along.
And even if none of that happens,
your child and her family could decamp
to another area. “I’ve seen parents
move to be closer to young grandchil-
dren only to have their adult children
relocate for work. Then the parents are
in an unknown city with no family,”
says Cheryl Sherrard, a certified finan-
cial planner (CFP) in Charlotte, N.C.
Sure, you could move to the new city
along with them—but that entails more
costs and more disruption.
To improve your odds of making the
right choice, first identify your motiva-
tion for moving, says Lynn Dunston, a
CFP in Denver. For instance, if getting
help from your daughter with errands
or with personal care—now or later—is
a factor, find out whether she is willing
and able to take on that role. “Put it all
on the table,” says Dunston.
Maybe one of your goals is to down-
size your expenses. Be sure to vet the
cost of living in your new area, as well
as the tax environment for retirees (see
kiplinger.com/links/retireetaxmap).
Even in a tax-friendly state, if the cost
of living is higher than where you are
now, you might end up drawing down
more than you had planned from your
pretax account while triggering more
taxes, says Andrew Gipner, a CFP in Huntsville, Ala.
Once you’ve done the preliminary research, consider
renting near your adult child for a few months. “That gives
you the f lavor of the place without taking the financial risk
of buying a house only to find you don’t like the area,” says
Chris Hardy, a CFP in Suwanee, Ga. And you’ll see how
everyone reacts to all that togetherness.
Pulling up roots to be near the children and grandchil-
dren is a huge decision. Don’t let a brilliant idea dazzle you
into getting it wrong. ■LISE METZGERJANE BENNETT CLARK Rethinking RetirementMoving to Be Near the Grandkids
I
n my ongoing quest to figure out
where I’ll eventually live in retire-
ment, I recently came up with an-
other brilliant idea: Philly.
The city has tons going for it—terrific
restaurants and museums, top colleges
(including the University of Pennsylva-
nia), good hospitals, and, for retirees,
low taxes (for more on Philadelphia
and other great places to retire, see
kiplinger.com/links/healthy). Plus,
housing is cheaper than in the Washing-
ton, D.C., area, where I currently live.
But the main reason I’d rather be in
Philadelphia? One of my daughters lives
there (I hear the sound of her gulping
across the miles), and my other two
children live in Brooklyn, a quick train
ride away. Being closer to my kids, not
to mention the tiny package of perfec-
tion that is my granddaughter, would
be a luxury. It could also be a necessity
as I grow older.
The majority of retirees don’t have
to move to get more face time with
adult children: More than 50% of older
households live within 10 miles of at
least one child, according to the Health
and Retirement Study, sponsored by the
National Institute on Aging. But for
those who live farther away, the argu-
ments for and against moving closer to
them can be equally persuasive.Pros and cons. In the best-case scenario,
you get to enjoy time with your adult child, forge bonds
with the grandchildren and help the family out by occa-
sionally babysitting. Down the road, your adult child re-
turns the favor by caring for you as you age. Your new
home, in this ideal version, offers not only proximity to
loved ones but also a climate you like, lots of cultural ame-
nities, a lower cost of living and myriad opportunities for
making friends.
The worst-case scenario? You miss the friendships
and networks you’ve established over the years, hate the
weather, and discover that the cost of living in the new
place is eating away at your nest egg. The grandkids arePulling up roots to
be near the children
and grandchildren
is a huge decision.
Don’t let a brilliant
idea dazzle you into
getting it wrong.
JANE BENNETT CLARK IS A SENIOR EDITOR OF KIPLINGER’S PERSONAL FINANCE.