Should You Relocate or Sell Your Home in Retirement?
Have your question answered on the Money Wisdom Question Series!
Today’s question in our Money Wisdom series is: Should I sell my home in retirement? This is a significant decision that retirees often face, and it can be approached from two primary angles: financial and lifestyle.
Financial Considerations
From a financial perspective, some individuals might consider the decision to sell their house purely based on their retirement budget. They review expenses such as living costs, healthcare, and recreation and compare them with income sources like pensions. They also consider home maintenance costs including property taxes, utilities, and fees.
For some, this might lead to moving to a state with a lower cost of living and lower taxes, where their savings can stretch further. Others might decide to downsize, opting for a smaller home or apartment to reduce their expenses while freeing up funds for travel or hobbies.
Lifestyle Reasons
The decision isn’t always about finances. Many retirees choose to relocate or sell their homes for lifestyle reasons that go beyond monetary considerations. After years of home maintenance—mowing lawns, completing repairs—you might simply be tired of the constant upkeep and the time it consumes. This may lead to the desire for a more carefree lifestyle, one that allows you to focus on hobbies, travel, and relaxation.
Many retirees consider moving somewhere with a different climate, where winters are milder, or summers are more temperate, offering more opportunities for outdoor activities year-round. Alternatively, you might seek out a community that offers amenities and social activities tailored to your interests, creating a new chapter in your life filled with excitement and new experiences.
Personal Priorities
Ultimately, the choice to relocate or sell your home in retirement involves personal priorities and significant decisions. It’s crucial to weigh both financial aspects and lifestyle desires to ensure a fulfilling retirement. By considering factors such as proximity to family, access to healthcare, climate preferences, and community activities, you can make a well-informed decision that aligns with your long-term happiness and well-being.
Information presented in our podcasts is considered current as of the created date. Over time, some information presented may become stale. We recommend you consult with your Financial Professional before making any changes based on information contained here.
Johnson Brunetti is a marketing name for the businesses of JB Capital and JN Financial.
Investment Advisory Services offered through JB Capital, LLC. Insurance Products offered through JN Financial, LLC.
The guarantees provided by any type of insurance contract are based on the claims-paying ability of the insurance company.
Related Resources
-
How to Financially Plan for a New Presidential Administration
A new presidential administration is set to take office next year, and while there are a lot of uncertainties around what a second Trump term could bring, it’s important to stay the course in your… -
Social Security Review: How to Get it Right
Social Security may be just one piece of the puzzle, but the decisions you make about when and how to claim your benefits can be crucial to the stability and strength of your overarching retiremen… -
When Should I Consider Borrowing Against My Assets?
Welcome back to the Money Wisdom Question Series. Today’s question is, when would it be beneficial to borrow against my assets? While there are ways to borrow against assets such as a vehicle, we’… -
Reaching the Retirement Mountain
The journey to and through retirement is like climbing a mountain. Climbers must diligently prepare for every aspect of their voyage – the climb up, reaching the top, and coming back down. You wan… -
How Do I Avoid Tax Bracket Creep?
Today’s question is central for anyone who wants to avoid an unpleasant surprise come tax season: what can I do to prevent tax bracket creep? Jake Doser, CFP®, CPWA® joins the Money Wisdom Questio… -
FAQ on Retirement Planning
At Johnson Brunetti, we are committed to helping you navigate your financial concerns as you approach one of the most complex yet rewarding phases of your life. This week, Joel Johnson, CFP®, join… -
Your Retirement Income Planning Checklist
As you approach retirement, your financial objectives shift from accumulating savings to generating income for the rest of your life. Even if you’ve been a diligent saver, achieving that goal requ… -
Your Retirement Questions, Answered
At Johnson Brunetti, our valued listeners and viewers frequently reach out seeking guidance on a variety of retirement planning needs. Today, financial advisor David Shapiro joins Better Money Bos… -
What Are My Options for Long-Term Care Coverage?
Today’s question is particularly fitting for Long-Term Care Awareness Month: what are my options for long-term care coverage? Heath Grossman, CFP® joins this week’s Money Wisdom Question Series to… -
My Financial Advisor Retired – Now What?
So much in life can take us by surprise, including today’s question: “my advisor has retired—what should I do now?” You might be asking yourself who you can rely on for support in this next chapte…
