Retirement isn’t just a milestone — it’s the start of a new chapter. After years of work, it’s time to slow down, try new things, and live on your own terms. But with that freedom comes important choices. One of the biggest is this: does your current home still support the lifestyle and budget you want for retirement?

That question matters more now than it might have a few years ago. Over the past five years the cost of living has risen about 23%, according to the Bureau of Labor Statistics’ Consumer Price Index. When you’re planning how far your retirement savings will go, rising everyday costs make a real difference.

One practical way many retirees stretch their money is by relocating. In some places, your dollars simply go further. Moving to an area with a lower cost of living can reduce recurring expenses like housing, utilities and taxes — especially if you downsize at the same time. That can free up money for travel, hobbies, family time, or whatever makes retirement meaningful to you.

You don’t always have to move across the country. Sometimes the savings come from switching neighborhoods — for example, choosing a suburb over a high-cost city center — or relocating to a nearby town where housing and taxes are friendlier.

Location matters for retirement planning

As GoBankingRates notes, “How much you should have saved for retirement depends on a few key factors, including your location. Where you choose to spend your golden years is critical.” Where you live affects how far your savings will go and shapes the lifestyle you can afford.

If you’re thinking about downsizing, moving closer to family, or relocating to a lower-cost area, a real estate agent can simplify the process. A local agent can:

1. Help you evaluate the market value of your current home.

2. Identify neighborhoods that fit your budget and lifestyle goals.

3. Coordinate the sale of your home and the purchase of a new one, or connect you with trusted agents in other regions if you’re moving far away.

4. Working with experienced professionals makes the logistics — and the timing — much easier, so you can focus on planning the future you want.

Additional considerations to weigh
Beyond direct housing costs, think about healthcare access, proximity to family and friends, local taxes, and the availability of the services or community activities you want in retirement. Climate and walkability can also affect quality of life and long-term costs (for example, heating/cooling). Balancing financial benefits with lifestyle needs is the key — saving money matters, but so does living where you’ll be happiest.

1. Compare total monthly costs (mortgage/rent, utilities, taxes, insurance) between your current location and the target area.

2. Check healthcare options and distance to clinics/hospitals you may need.

3. Visit the area at different times (weekday/weekend) to feel the community vibe.

4. Talk to a local agent about resale trends and the timeline you should expect for selling and buying.

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Bottom line

You’ve worked hard to build a life you can enjoy. If your current home or location no longer supports that vision, it may be time to explore options. A move — even a modest one — could improve your monthly budget and open up new possibilities for retirement.

⭐ What does your ideal retirement look like, and could a move help make it happen? Let’s talk through your goals and map out practical next steps to make that vision a reality.