Today’s Smart Money Question:

Many couples look to relocate or downsize in retirement. Relocating can be beneficial, but it presents questions you’ll need to answer before you move.

(Click the featured times below to jump forward in the episode)

Here Are Just A Handful Of Things You’ll Learn:

1:39 – Don’t Move For Tax Purposes.

  • Instead, determine where you want to live, and then approach the tax equation.

3:29 – Go Beyond Income Tax Rates.

  • After you’ve determined where you want to live, consider other taxes in that area in addition to income tax rates.

3:50 – Consider Healthcare When Relocating. 

  • As you’re in the process of relocating, make sure your new home will have access to quality healthcare services.

5:34 – Transportation Services Are More Important Than You Think. 

  • When relocating, it’s important to learn about your new home’s transportation services. You’ll begin to rely on them more as you age.

6:16 – How Much Will My New Lifestyle Cost?

  • Cost of living is huge. If you’re not incorporating additional taxes, higher gas prices, etc…into your budget, you could be in for a shock when you move to that permanent vacation home in Boca Raton.

7:30 – Downsizing Doesn’t Mean Financial Downsizing.

  • In many cases, downsizing can actually become more expensive. Your new home could cost more than your current house.

9:02 – Is It Better To Rent Or Own In Retirement?

  • For some retirees, it’s actually a better decision to rent in retirement. Doing so can get you out of a downpayment, and you won’t have to worry about the upkeep of your new home.

10:47 – A Retirement Paradigm Shift.

  • Popular thinking used to praise the benefits of paying off your home and owning it outright in retirement. However, that thinking has changed, and many folks are opting to rent in retirement.

12:14 – A Story About A Client Who Wanted To Relocate.

  • Matt worked with a couple who wanted to relocate to North or South Carolina. He shares why they changed their minds after several conversations about relocating.

The Answer:

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The host: Matt Hausman – Contact – Resources – Call: 610-719-3003


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