This week, we’re tackling an important question for those approaching retirement: How do you know when it’s time to move, and what should you consider during this life transition? Hosts Tim Regan and Katie Umland delve into the complexities of moving in retirement, from deciding whether to downsize to contemplating a move to a retirement community. Many clients have grand plans to downsize their homes, imagining a significant financial windfall, but it doesn’t always work out that way. Their discussion highlights how lifestyle factors often outweigh financial considerations, underscoring the importance of aligning your living situation with your retirement goals and family needs. Key points include:

• The reality of downsizing: smaller spaces often come with higher expectations and costs.
• The emotional aspect of moving: how nostalgia and family memories can impact the decision to sell a long-time home.
• The stages of moving in retirement: from bigger homes to independent living facilities and eventually, possibly assisted living.

“You live in a house to support the lifestyle that you want.” 3 Key Takeaways:

• Downsizing does not always result in a financial windfall due to increased expectations for quality and amenities in a new home.

• When considering a move, weigh the emotional and lifestyle benefits as heavily as financial ones.

• Planning for retirement housing involves assessing different stages of life, from maintaining a larger family home to transitioning to independent living and eventually assisted living if needed.

Click play to hear practical advice on aligning your retirement lifestyle with your housing choices, and check out our previous episodes for more retirement planning insights!