Life is a constant struggle of weighing what is important for the short term versus the long term. One can be so caught up in the day to day that they lose sight of long term goals. On the contrary, if one only plans for the future, they can forget to live in the day to day. For the most part, short term activities should support long term goals. It’s when they don’t and/or have not been taken into account during long term planning that conflict can arise.
I have always thought it was important to have financial stability in retirement. Now retired and, forgoing a major catastrophe, we should be able to afford the necessities of life until we move on to greener pastures. However, it appears we are in one of those conflict situations where it’s hard to determine the best course of action and it all revolves around moving. During my retirement planning, I never considered all the external factors that would influence when and where we would retire. If you currently live close to family and a place you call home, finding a place to retire might be easy. But when you live hundreds of miles away from family and nothing around you reminds you of home, some trade offs have to be made.
I am not going to reiterate my wants vs needs post, but that’s pretty much what it comes down to. It’s hard sometimes to distinguish a want from a need, especially when emotions come into play. I am willing to be flexible but not to the point where it could impact long term financial stability. The time to consider changes to one’s long term plans is when one is working and has a dependable income. When one is on a fixed retirement income, modifying longer term goals is a bit more challenging and it requires trade offs. Something has to be given up for something to be added unless one is willing to take more risks. Reading the headlines lately, it doesn’t appear now is a good time to raise one’s risk tolerance, especially when living on a retirement income.
If you are in or nearing retirement, I suggest you watch this video: https://www.youtube.com/watch?v=5OFaZcC0lRU&t=725s
In my mind, it does a good job of framing the current financial situation in the US.
For now, I am going to stay conservative, be more focused on being grateful for what we have so moving will have to take a back seat for awhile longer.