Should You Retire Near Your Children?

To be near the kids or not-that's a big question these days facing American retirees. There are whole blogs devoted to this subject. According to a study by Boston College, 28 percent-that's over one out of four of us--will choose to either move or stay where we are to be closer to our children and grandchildren when we retire.

As with everything, before you pack up, here are the positives and negatives about moving to be near your family. Let's do the pros first:

Pros
1. Getting to know your grandchildren as they grow up--This is probably the main reason why retirees choose to move. While the Internet and SKYPE have made long-distance grand-parenting better than ever, there's nothing like being there with the grandkids.

2. Help with making decisions-As we get older and our income becomes limited or our spouse/partner dies, we may need help with our budgets, planning for long-term care, etc. Sitting down at the kitchen table with your son or daughter can be a big bonus when solving problems.

3. Help with aspects of daily life, such as shopping, transportation, doctor visits-Instead of asking strangers to help you with these things, your children can chip in when you can't do these activities yourself anymore.

4. Emotional support, especially when your spouse or partner dies-It's very important to have family around if you suffer a loss or get very ill. If you're near the kids, they can be there pretty much on the spot.

Cons
1. You may not get along--If you didn't get along with your children when they were young adults, moving near them usually doesn't make it better. You may have to face the fact that your children may not want you to be that close.

2. Your kids may up and leave themselves-There are many stories of retirees moving to be their near their children-and then a few years later, the kids move somewhere else because of a great job opportunity or better education for their kids. Then what?

3. You may end up doing more babysitting than you want-Most people dream of spending time with their grandchildren, but more than a few become exploited by their kids as full-time babysitters for the grandchildren.

4. If your kids live in different places in the country-who do you move near? These days kids go where they want-even abroad. How do you decide which child to be near?

5. Location may not be what you like-Keep in mind that if you move to where your children live, you may have to endure weather you may not like or a cost-of-living you can't afford.

It may be the best move of your life, but before you pack up and go to be near your kids, make sure it's something you think has a good chance of working out.

For a great discussion on this topic, look up the Retire Where? forum on Eons.com.

Resource:

10 Tips for Picking the Right Retirement Spot

US News and World Report

Ilene Springer lives in Malta and is author of An-American-in-Malta.com