4th Mistake: Not Being Willing To Downsize or Relocate
For most Americans, buying a big, comfortable home is a lifetime achievement and a dream. Due to how much time we spend focusing on this goal it’s unsurprising that many of us might not think about downsizing or relocating when we retire. Not only is our home perfect and a symbol of all our years of hard work, but it’s also the place we made so many fond memories, right?
But during retirement, you could cut down on many unnecessary expenses if you downsize. It may be a difficult decision, but for many, the benefits vastly outweigh the cons, especially in terms of money.
What You Should Start Doing Now
Ask yourself if you could live in a smaller home in a more affordable area. Try to see how much you could boost your retirement savings if you make the move.
Would you be surprised to find out that many people in your age group have already started migrating? Pair downsizing with a shift to a much less expensive area, but don’t forget to take taxes into account as well.
Some states are pretty lenient when it comes to senior taxes and if you land in just the right spot you may be able to stretch your retirement dollars even further. Remember, now is the time to focus on yourself and your wellbeing, so don’t let nostalgia pin you down. As for living closer to your family, they’re probably in a much better place, financially, to visit you instead of the other way around!
