I'm 63 and ready to retire — but I also need to move closer to a sick relative. Is retiring and moving at the same time a recipe for disaster?

What will you do for health care?

Let’s assume you’ll be retired by the time you turn 64. As you're probably aware, Medicare eligibility does not begin until you’re 65.

So, you may be looking at around a year of having to cover the cost of health care on your own.

If you have good health insurance through your current job, you may be able to retain it for up to 18 months through COBRA (the Consolidated Omnibus Budget Reconciliation Act). That should give you enough time to bridge the gap between your retirement and your 65th birthday.

However, COBRA can be quite expensive because you’re paying the full cost of your employer coverage without them subsidizing your premiums.

Also keep in mind that if you're moving, it could have an impact on your Medicare coverage.

Medicare is available to any eligible enrollee throughout the country. However, the availability of Medicare Advantage plans does vary based on location. You can use this guide to explore Medicare Advantage plan options in the state you’re thinking of relocating to so you have an understanding of what your choices might be.

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Will you have to claim Social Security right away?

If you're relocating, in addition to retiring, to care for a sick loved one, you may or may not need to claim Social Security right away.

If you have a decent amount of savings, you may be able to hold off on Social Security a bit longer. That could work to your advantage.

If you're 63 years old now, it means you're still four years away from full retirement age, which is when you're entitled to claim Social Security without a reduction in benefits. If you retire next year and sign up for Social Security at 64, you'll reduce your monthly benefits substantially — for life.

Specifically, Social Security will reduce your benefits by 5/9 of 1% for each month you claim before full retirement age, up to 36 months. This means that if you claim benefits three years early, you’re looking at about a 20% reduction in your monthly payments.

If you can’t afford that hit, and you also can’t afford to retire without Social Security, then you may want to reconsider ending your career at 64 and relocating. Or, if you have to relocate, you may want to see if you can somehow continue to do your job remotely or find a new one.

Will becoming a caregiver increase your costs?

Moving can be a big expense, no matter when in life you do it. Moving.com puts the average cost of a long-distance move at $4,890. But your exact cost will depend on the distance your belongings have to travel and how much stuff you have.

There may also be other relocation costs to consider. If you’re currently living in a city and don’t need a car, you may have to factor in the cost of a vehicle if you’re relocating somewhere without public transportation. Or, you might need a vehicle if you’re moving near a sick relative who you’ll need to take to medical appointments, treatments.

AAA puts the average cost of owning a new vehicle at $12,297 per year. And while you may be able to spend less by purchasing a used car, it’s an extra expense nonetheless.

Finally, consider the cost of being a caregiver yourself. AARP reports that the average caregiver spends $7,242 each year in order to provide care.

You’ll need to think about how the cost of moving and becoming a caregiver will impact your retirement budget. And if you’re worried about it being strained, you may want to sit down with your extended family and try to work out a solution where other people agree to contribute toward your relative’s care.

It may be that most of your family is younger and, therefore, can’t look at retiring just yet. But if that’s the case, and they’ll still be working while you’re doing the actual heavy lifting of caring for your relative, there’s no reason for them not to contribute financially toward your loved one’s care.