Should you move as a retiree? There are three pros and three cons to consider.

One problem some retirees face is the cost of maintaining their lifestyle without receiving a paycheck from work. For example, if you spent your career in a high-cost area and are now retired, you may want to consider relocating. Doing so can help you increase your savings and experience less financial stress.

However, it is important to consider both the pros and cons before deciding to relocate. Here are a few things to keep in mind:

Image source: Getty Images.

Pro #1: It can lower housing costs.

Once you retire, you can switch to a fixed income with monthly Social Security benefits and withdrawals from your savings. If you move to a place where housing costs less, you can spend much less. That’s because housing costs are typically a person’s largest monthly expense.

But when researching a new area, you shouldn’t just look at housing prices. Also look at the current status of property taxes and how they have increased in recent years.

And don’t forget to explore your options for homeowners coverage. Insurance is becoming increasingly difficult to get in some areas known for extreme weather, so be careful not to sign up just to pay a bundle.

Pro 2: You can reduce your tax burden

Some states have no income tax. This makes a lot of sense if you have your retirement savings in a traditional IRA or 401(k) plan rather than a Roth account. This is because withdrawals from the former are generally subject to taxes.

Likewise, we move from states that tax Social Security to states that don’t help us keep more of those benefits. So, if you are currently losing money in that form, relocating can improve your financial situation.

Pro No. 3: It may improve your health

Moving to an area with better access to health care can greatly benefit your health. But even if access to health care isn’t currently an issue, if you ditch the city, you’ll be able to breathe cleaner air and have fewer health problems overall.

That said, one pitfall you may face is that leaving the city can lead to a more sedentary lifestyle. It may not be very good for your health. So if you’re in a more rural area, it might be a good idea to practice some sort of exercise routine to keep you moving.

Cons #1: You could lose your support system

If you’ve lived in the same area for quite some time, you likely have a support system. That network may consist of family, neighbors, friends, and former colleagues who recently retired with you.

Relocating can mean having to start all over again socially. It may also mean feeling lonely until you find your footing, which may take a long time.

Disadvantage #2: You might end up spending more money without help.

Losing a support system may not just be socially damaging. There may also be financial implications.

Let’s say that once you move, your grown son won’t be living 15 minutes away to help you make his doctor’s appointments. If you’re no longer comfortable in the driver’s seat, you may have to jump for a rideshare whenever you really need to get where you need to go.

Disadvantage 3: You are gambling.

Perhaps the new location will be much cheaper than the old location, allowing you to increase your income. But every time you move, you run the risk of incurring unplanned expenses.

For example, you might purchase a condo with homeowners’ association fees, but the fees may increase significantly each year after you move. Of course, this can also happen if you are moving to a new home in your current city. But the point is to keep in mind that a new location may bring unexpected costs.

Relocating can be a smart decision for your retirement. But before you leap, consider the pros and cons carefully.