Moving in Retirement? Here’s How to Keep Costs Down and Maintain Flexibility.
Retirees fret about their portfolios in a turbulent market and rightfully so, but for many the most consequential financial and personal decision is where they move in retirement. If they make a mistake—moving to a town they don’t like, buying a home that isn’t right for them, or encountering costs they didn’t expect—it can put a permanent dent in their retirement.
While the majority of retirees stay near the home they lived in during their working years, a sizable chunk move hundreds or even thousands of miles in search of better weather, lower taxes, or to be near family. The recent run-up in home values has increased the impetus to move. Many seniors are sitting on hundreds of thousands of dollars in home equity, and they hope it will help finance their retirement if they move to a cheaper location.