If you plan to downsize then there’s another aspect that should be taken into consideration. Before you snatch up a new cost-efficient home, consider the location. Look to buy new property in a state with low taxes and cost of living. For example, there some states people can afford to live in as part of the workforce, but wouldn’t be able to afford in retirement. California and it’s sky-high housing market prices is a good example of this. So, as you consider a downsize you should also consider moving to a more affordable state. States like Florida and Arizona that come with low real estate prices and lower taxes have long been popular with retirees looking to stretch their nest eggs while still living a comfortable life. Be open-minded and realistic about where you can afford to retire without sacrificing the things that are most important to you.
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