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Financial Considerations for “Snowbirding” in Retirement
Manage episode 407219199 series 3558878
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While the vast majority of people will choose to live in the same home once they retire, many more housing opportunities typically open up during your retirement years due to kids being out of the home - hopefully – and the fact that you don’t have any obligations to show up to any specific workplace or maybe you’re now able to work on your own terms from the comfort of your own home.
In this case, Snowbirding by splitting time between two homes might be ideal dream retirement for you.
However, you’ll want to keep in mind the many financial and tax challenges that you’re likely going to run into. In this episode, we review the snowbird implications many people don’t think of when taking the leap!
More specifically, I discuss:
- Non-financial considerations when maintaining two homes
- Affordability when it comes to owning vs renting
- Various tax implications & establishing residency
- Costs of maintaining multiple residences
- Healthcare costs and coverage complexities
Resources:
The key moments in this episode are:
00:00:35 - Housing Opportunities in Retirement
00:02:19 - Nonfinancial Considerations of Snowbirding
00:04:33 - Buying vs. Leasing Property
00:09:39 - Establishing Residency
00:15:14 - Managing Mail and Utilities for Snowbird Living
00:16:10 - Hypothetical Cost Example for Snowbird Living
00:17:22 - Considerations for Healthcare and Insurance
00:18:46 - Liquidity and Overspending Considerations
00:20:38 - Planning and Professional Involvement for Snowbird Lifestyle
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