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When Should Retirees Downsize Their Homes?

“Downsizing is both a financial as well as an emotional decision,” says Allan Katz, CFP, ChFC, CLU, president of Comprehensive Wealth Management Group, LLC, in Staten Island, N.Y. “It often becomes a necessity because retirement income may not sustain the expenses. It would also make sense if it means downsizing expenses, which can now be used for other things like family vacations, taking care of grandchildren, etc.” “Drafting a comparison of the old home expense versus the new home expense is important as well. Will the new home have higher or lower utilities, for example? Will the new home have greater or less commuting or travel costs to visit loved ones, run errands, get to work? Consider insurance expense, property taxes, HOA dues and expenses before moving. The differences can be huge and surprising based on region,“ says Elyse Foster, CFP®, principal, Harbor Financial Group, Inc., Boulder, Colo. Read full article in Investopedia Author: Tim Parker

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