How Relocating in Retirement Could Make You $100,000 Richer
Many people spend their working years living in an expensive part of the country because doing so gives them access to great schools for their kids and jobs with higher salaries. But once you retire, ideally, you won't have to worry about any of those things. And so you may be inclined to move to a locale that's less expensive than where you live today.
Let's say you're in line for a $2,000 monthly Social Security benefit, and you plan to withdraw another $2,000 a month from your nest egg. Your $4,000 a month may not go very far in a more expensive area. But in a lower-cost part of the U.S., that could make for a very comfortable lifestyle.
Not only might relocating in retirement help lower your living costs, but it could also allow you to sell a more expensive home, replace it with a cheaper one, and pocket the difference. And going that route may end up being a more lucrative prospect than you'd imagine.
Source Fool.com
