Should you sell your home in retirement?

One of the more difficult conversations that I will have with clients is about whether they should sell their residence in retirement. Our homes can stir up a lot of emotions and the thought of selling the home can cause a lot of anxiety. Here are a few things that I look for.

Ease of Mobility in the Current Home

Stairs can be very difficult for older people. If you have stairs in your home, you don’t want to wait until you have trouble with them to decide to move. Consider moving to something that is one level and while you're at it, look at places that have grab bars in the bathroom or install them on your own so that you can age safely in the new property.

The Financial Benefits of Moving

While many people can afford to stay in their house through retirement, it may not be an option for others. Sometimes people are forced to retire early or they have a disability preventing them from working. Whatever it is, if you don’t have enough investment assets, may look at selling your current home and buying something cheaper to supplement your assets in retirement.

How safe is your living situation?

I have an aunt that is very independent and an amazing cook. I remember going to dinner at her home and she cooked an enormous dinner from scratch even though she was in her late 80s. A few months after seeing her, my dad called and said there had been a fire. She got up at five in the morning, had her coffee like normal, and then an electrical strip in the kitchen caught on fire. She was able to get out safely, but there was so much damage that she had to move out to an apartment for months while they fixed it. Thankfully, she ended up loving the apartment and decided to stay there. It was much safer for her and she loves it.

Let’s talk about your financial situation

I can review your choices and help you design a plan that would work for you.

Linda Rogers, CFP®, EA, MSBA is the owner and founder of Planning Within Reach, LLC (PWR). Originally from New Jersey, Linda services clients throughout San Diego county and nationwide. She leads the design of PWR's investment portfolios which utilize broad, low-cost investments that integrate environmentally, socially, and governance (ESG) factors.

Planning Within Reach, LLC (PWR) is a fee-only and fiduciary wealth management firm offering one-time comprehensive financial planning, ongoing impact-focused investment management and tax preparation services in San Diego and nationwide. PWR is a woman-owned firm that specializes in busy professionals and impact investors. Planning Within Reach, LLC and their advisors do not receive commissions and do not hold any insurance licenses or brokerage relationships.