Financial Considerations for “Snowbirding” in Retirement

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:

• Access Show Notes HERE
• Free Retirement Jump Start Analysis for Ages 50+
• Ask Cameron A Question!

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