Retirees Relocate For Financial Boost
As adults approach retirement age, many begin to consider moving. Retirees move for a variety of reasons: a desire to be closer to family, a more temperate climate, a new culture experience, a different city, a community of other retirees, a smaller home, and the list goes on and on. Others want a change of pace, or easier access to medical care. While there are many motivations behind post-workforce relocations, one compelling factor consistently tops the list of move motivators for retirees: the pursuit of financial benefits.
VANGUARD HIGHLIGHTS
- Approximately 80% of those aged 60 and above are homeowners
- Almost 50% have their wealth invested in real estate
These insights become particularly poignant when considering the trend to sell and relocate in retirement, often for financial boost.
Ways to create a financial boost:
- Move to a more budget-friendly housing market
- Use profits to bolster income from pensions, retirement savings and social security benefits
- Transition to a more affordable home to potentially reduced property taxes
- Look for states with income tax breaks for seniors
- Some states offer a no income tax break for retired civil servants (Hawaii)
As a Senior Real Estate Specialist (SRES), I find real satisfaction in helping my senior sellers and buyers make that all-important move! I have the resources required to work through the process of preparing a home for sale, from cleaning out decades of collected memories, to a refresh of the home and landscaping, to packers and movers. And, as an ex-Californian, I understand and can provide guidance and resources to those moving to the island, livestock and all!
By providing a calm and confident approach to the monumental process of making a move, my clients come through on the other side equipped to enjoy the next phase of their journey!
HOW MANY YEARS WILL $1M IN RETIREMENT FUNDS LAST?
FYI: Hawaii ranks the lowest of all 50 states! $1M will last 10.3 years compared to Mississippi at 22.7 years.
Source: The SRES Professional Magazine, The National Association of Realtors®, 2023
