Four Reasons to Rent When You Downsize for Retirement

Renting is great when you want to test-drive a location, or you want more predictable costs. It might be easier for family relationships in the long run, too.

An older couple sit on the balcony of their high-rise and enjoy a meal.
(Image credit: Getty Images)

I know: You’re a homeowner. You’ve owned a home for 40 years. You’d rather pay your mortgage than someone else’s. I have heard it before. And, sometimes, I agree.

When I finished college, I moved to Philadelphia. It was a city that I knew very little about outside of its snowball-throwing football fans. I moved where most recent college grads do: Manayunk. A year later, I moved again. A year later, my company moved me to Virginia. The point is that when life is shifting quickly, it makes sense to have housing that is flexible enough to shift with it. I find the retirement downsize to be one of those times.

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This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

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Evan T. Beach, CFP®, AWMA®
President, Exit 59 Advisory

After graduating from the University of Delaware and Georgetown University, I pursued a career in financial planning. At age 26, I earned my CERTIFIED FINANCIAL PLANNER™ certification.  I also hold the IRS Enrolled Agent license, which allows for a unique approach to planning that can be beneficial to retirees and those selling their businesses, who are eager to minimize lifetime taxes and maximize income.