Reasons To Relocate in Retirement

The Benefits of the Best Places to Retire

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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.