Reasons To Relocate in Retirement

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      top reasons to downsize your home
      Why Should I Downsize?

      If you own a home, it is likely your most valuable asset – both sentimentally and financially. Though it may be dear to you, you should consider whether your current home and community is the right place for you in retirement.

      According to a 2010 survey of baby boomers, 50 percent of all baby boomers plan to move when they retire. There are many good reasons to consider downsizing or relocating:

      • Retiring with debt is suboptimal; perhaps you can downsize and eliminate a mortgage altogether.
      • If you do not have enough equity to buy a smaller house outright, reducing your mortgage size will likely improve your financial security in retirement.
      • In retirement your housing needs will change and you may want to find a community and home to better fit your retirement lifestyle.

      In addition to a lower mortgage relocating can provide several other financial and lifestyle benefits:

      • Financial: Moving to an area with a lower cost of living, lower energy costs (heating and cooling) in a newer or smaller house and better tax environment are some of the reasons retirees relocate.
      • Lifestyle: Moving to an area which offers a lifestyle, climate or community that is a good fit for your retirement.