- Savings per year: Varies from $2,000 to $3,000
Depending on where you live and what you need, you can save a lot of money by downsizing and moving to a completely different area or to a smaller home.
“This is a more drastic step, but living expenses are typically a person’s biggest expense. If a retiree lives in a very expensive area, he or she may want to consider moving to a more affordable area,” Peterson said.
“This doesn’t mean selling a home in a major coastal city and moving to a smaller town in a rural state,” he said. “Many seniors can make substantial gains by selling their home and moving to a nearby suburb or simply to a smaller space.”