Dear Kim,
I’m 56 and widowed. With my youngest child leaving for college soon, I’ve started thinking about relocating—maybe downsizing or even moving out of state. I want a fresh start, but I’m nervous about how that would impact my finances long-term, especially since I’m now living on one income. What should I consider before making a move?
Sincerely,
New Empty Nester
Dear New Empty Nester,
There are lots of things to think about before making a big move like this. Will you be able to find a job in the new area, and will it pay enough to support you? Next, consider and research the cost of living and housing in that area. If you’re moving from a reasonably priced area to one that’s more expensive, you’ll need to adjust your budget to compensate. See what a home of the size you’re considering is selling for in the new area. When you sell the home you’re living in now, will you clear enough to fund a new one? If you’ll need to take out a mortgage, keep in mind the higher borrowing costs these days. Also, what are the taxes and insurance going to cost?
Think, too, about how you’ll go about settling in and making new friends. With your children away and your husband deceased, you may be alone—perhaps for the first time. Human connection is important to all of us, so how will you ensure you have that in your life?
I wish you the best in your new adventure, and let me know if I can help in any way.
Kim
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