Along with maple syrup and terrific hockey, Canada is known for our fierce winters. That’s why the southern part of the United States is a popular destination for Canadians looking to get away from the snow—especially for retirees who have the time and money to relocate to warmer climes until spring comes again.
If you’re interested in becoming one of these so-called “snowbirds” who fly south for the winter, we can’t say we blame you! But as the choice can have a long-lasting impact on your finances, here are a few things to consider when deciding if you’re ready to fly the coop:
Location, location, location
Where you want to go makes a big difference on whether the snowbird life is right for you. California, Arizona, New Mexico, Texas, and Florida are some of the top destinations for snowbirds. Each boast plenty of thriving retirement communities. But finding a place in a city with a high cost of living, such as Los Angeles or Miami, will mean your budget will be stretched tighter than if you settle down in a place that’s smaller or more out of the way. At the same time, small-town living might have its perks, but you may find entertainment, shopping, or even medical facilities to be few and far between.
Luckily, the world wide web lets us find out plenty of things from the comfort of our favorite cozy chair, so do plenty of research before deciding where to spend your winter months.
When to fly the coop—and come back
As balmy as many of these places can be, it’s a good idea to keep an eye on the weather. States along the Gulf of Mexico and Atlantic Ocean can be pummeled by hurricanes, for example. While hurricane season typically ends in October, you could experience a late-season storm if you go too early.1 Your departure and return dates can make a world of difference in how affordable your snowbird experience is. So, if you’d like help figuring out how long of a stay you can swing, we would be happy to sit down with you!
Buy, sell, or rent?
Deciding where and when to go is one thing. Deciding Where you’ll stay when you arrive is something else.
Places with large snowbird populations typically have a decent supply of seasonal rentals, but many retirees opt to buy their own place in their chosen destination. The former is more flexible and allows you to try out different locations in different years. The latter, meanwhile, can be a good investment—though dealing with property in another country can sometimes make your taxes a little thornier.
In addition, you need to consider what to do with your current residence. Keep it empty and have a trusted friend or family member check on it every so often? Rent it out to someone coming to Canada for the holidays? Get a long-term housesitter? The answers to all of these questions depend on your individual circumstances and what makes sense for you.
You can’t take it with you—or can you?
It’s easy to take the infrastructure around us for granted. Many of us live in places with a network of good roads. We are usually within a few miles of grocery stores and other necessities and have a good setup of supplies and entertainment in our homes. As mentioned before, check whether your dream destination has the amenities you need or are used to. Also consider whether you can rent a car or use public transit during your visit. (Unless, of course, you elect to take a long road-trip down south.)
Also, see if your cell phones will work across country lines, as well as whether you’ll be able to access any subscriptions to streaming services you have. If not, you may be able to get an affordable phone plan or U.S.-based subscriptions to tide you over until you return home.
So, should you stay here or follow the geese down south? That’s up to you. But if you do decide to go, we would be happy to help you figure out how to swing it—especially if you send us a postcard when you get there!
Sincerely,
The Omell Financial Group
1 “The 2024 Hurricane Season Isn’t Over Yet,” Louisiana Radio Network, 14 October 2024, https://louisianaradionetwork.com/2024/10/14/the-2024-atlantic-hurricane-season-isnt-over-yet/
Original from BGM Writer Lisa Christensen
Sourced from Bill Good Letters Library
The Omell Financial Group are an Investment Advisor with CIBC Wood Gundy in Edmonton, AB. The views of The Omell Financial Group and those expressed within the authored article, do not necessarily reflect those of CIBC World Markets Inc.