7) They’re Looking to Relocate
Downsizing doesn’t just mean moving down the street to a smaller house. It could mean moving across state lines or even across the country. It’s important that your spouse understands that the city or state you live in now, may no longer be affordable once you stop working. The paychecks you’ve become accustomed to are going to halt. While you will receive Social Security benefits, know that these are much lower than your normal salary. Therefore, the life you were once able to afford may not be so attainable in retirement. Don’t panic. Lots of retirees avoid this financial strain by downsizing and relocating. Real estate costs and taxes are not the same everywhere. There are some states (Arizona, Florida) that are well-known for welcoming seniors who live on a strict budget. Keep an open mind about location as you make plans to downsize.