Aug 27, 2020
This week, I’m talking about how Covid will change how you plan for retirement.
Today, I’m talking about how Covid will change where you live in retirement. Yesterday, I talked about how anecdotally, I have talked to many people who are planning to move in the next year and who are re-thinking where they will spend their retirement years. Some are moving because they don’t like the restrictions in their state, others because they no longer feel safe in the city, and others because they have experienced a job loss.
I think one of the more interesting Coronavirus trends that will be interesting to watch over the next several years is how the population changes in cities. I live outside of Portland, Oregon where the 3+ months of nightly protests, unrest, violence, and property damage has been a serious issue that has made national news.
Greater civil unrest, coupled with less desire among lawmakers to keep the violent protesters in check, and potential defunding or at least a lower presence of police officers, coupled with higher concentrations of populations in cities like NY where Covid cases exploded due to population density, all mean more risks for people living in cities.
Which is why the headlines over the last few months have predicted doom and gloom for American cities. While this is likely overstated, I do believe that shifting preferences among city dwellers will impact how you plan for retirement.
If you are living in a city right now, will you continue to live there in retirement? How will property values be impacted in the long-term in the cities that struggle with potentially increasing infection rates, higher crime rates, and civil unrest?
It’s an important consideration as you plan for your own retirement - will you stay put where you are or will you move elsewhere? Does it make more sense to accelerate your move now or wait until the dust settles. Home purchase decisions are the biggest purchase decisions that most Americans will ever make, so it’s important to consider how many of these trends shaped by Covid may impact you and your housing decisions as you approach and transition into retirement.
That’s it for today. Thanks for listening. My name is Ashley Micciche and this is the One Minute Retirement Tip.
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