Does Your Current Home Fit Your Retirement Plans?

Retirement isnt just a milestone. It's the beginning of something really special. After years of hard work, its finally time to slow down, explore new passions, and live life on your own terms.

But with this exciting chapter comes some big choices. And one of the biggest is this: does your current home still make sense for the lifestyle (and budget) you want in this next phase of life?

Thats an especially important question right now. Just in the past five years, the cost of living has jumped by 23% according to the Bureau of Labor Statistics (BLS). Thats based on the Consumer Price Index (CPI), which is how changes are tracked in the average price consumers pay for goods and services (see graph below):

When youre thinking about how to make your retirement savings last, those rising expenses matter. And if youve started to wonder whether your money will stretch as far as you need it to go, dont worry. You may have more control than you think.

One way many retirees are protecting their savings is by relocating. Because your dollars do go further in some places.

Moving to an area with a lower cost of living can help you save on regular expenses like your housing, utilities, and taxes especially if you downsize at the same time.

And that can free up room in your budget for the things that make retirement some of the best years of your life: travel, hobbies, spoiling your grandkids, or any of the other things youve been dreaming about doing in this next phase.

Thats not to say you have to move. It just means youll want to think about where you plan to live and make sure youve got enough savings to cover actually living there. It's all about planning. As Go Banking Rates explains:

How much you should have saved for retirement depends on a few key factors, including your location. Where you choose to spend your golden years is critical.

And you dont always have to go far. Sometimes its out of state, but other times moving to the suburbs instead of living near the city can make a big difference. And thats worth thinking about as you plan for your next chapter.

Whether youre considering downsizing, moving closer to your grandkids, or heading to an area where you can stretch your savings, a real estate agent can help. Theyll work with you to explore the options that make sense for your goals and can help make selling your current house easier. They can also connect you with trusted agents in other parts of the country if you're considering a big move.

Bottom Line

Youve worked hard to build a future you can enjoy. If your current home or location no longer supports that, it may be time to explore whats next. 

What does your ideal retirement look like? And could a move help make it even better? Connect with an agent to talk about how to make that vision a reality.

Venessa James - Broker Associate    

ABR, ALHS, CHMS, MCNE, LUXE, SFR, SRS  

Platinum Experience Group - KW Professionals 

(281) 889-8292 platinumexperiencegroup.com

Integrity, Experience, Results