Tips for Boomers: Benefits of Downsizing

For anyone approaching retirement, now could be a great time to move.

Here are some tips for Boomers considering downsizing:

• Don’t miss out on the $6,500 move-up tax credit.
• Consider a short-distance move if it provides savings and convenience.
• Anyone moving out of state should figure the tax consequences in their new location.
• Consider a property that offers features allowing Boomers to age gracefully.
• Think about sharing space with a younger (or older) family member.
• Insist on good security in the new property.
• Look for homes that don’t require a lot of maintenance.
• Go green. It will pay off down the road.

Source: Forbes, Ashlea Ebeling (03/16/2010)