Location, location, location

Should you consider moving to maximize your retirement savings?

25 Jul 2018

Questions you can ask your UBS Financial Advisor:

  • How does my cost of living compare to other cities?
  • Will I gain anything by moving now, or planning to move once I retire?
  • If I decide to move, where would be the ideal place?

When it comes to saving more for retirement, three factors probably come to mind: working longer, spending less or earning more. But according to our 2018 Prices and Earnings report, there are three other factors you can consider: location, location, location. Because where your family lives—both now and in retirement—can have a big impact on your retirement savings.

Here are a few tips you’ll find in our latest Modern Retirement Monthly (PDF, 559 KB) to help make sure you’re in the right place.

  • Purchasing power may be more important than earnings potential. For example, nurses make 5% more in New York City than in Miami. But New York’s cost of living is 33% higher. That’s a 28% gap in affordability.
  • Living in a more affordable city during your career can boost savings. You will simply have more to invest.
  • Like city living? Consider moving abroad. 80% of retirees live in metropolitan areas, where the cost of living is about 27% higher than it is in rural households.* The good news is that many foreign cities are more affordable. As one example, beautiful Hanoi costs about half as much to live in as Chicago.

Should you make a move? Together we can find an answer. Connect with your UBS Financial Advisor today or find one.

Disclosures

Research from CIO GWM is provided by UBS Financial Services Inc. UBS Financial Services Incorporated of Puerto Rico is a subsidiary of UBS Financial Services Inc. In Canada, research from CIO GWM is provided by UBS Investment Management Canada Inc.

The views expressed in the research provided do not constitute a personal recommendation or take into account the particular investment objectives, investment strategies, financial situation and needs of any specific individuals. They are based on numerous assumptions. Different assumptions could result in materially different results. We recommend that you obtain financial and/or tax advice as to the implications (including tax) prior to investing.

UBS Financial Services Inc. is registered with the U.S. Securities and Exchange Commission (SEC) as an investment adviser and a broker-dealer. UBS Financial Services Incorporated of Puerto Rico is registered as a broker-dealer.

As a firm providing wealth management services to clients, we offer both investment advisory and brokerage services. Advisory services and brokerage services are separate and distinct, differ in material ways and are governed by different laws and separate contracts. It is important that you carefully read the agreements and disclosures UBS provides to you about the products or services offered. For more information, please visit our website at ubs.com/workingwithus.