This week, the theme is snowbirding in retirement. Should you be a snowbird? It’s a mess of an emotional, financial, and lifestyle decision about where you live in retirement, so I’m unpacking snowbirding this week. 

Today, I’m talking about the cost of snowbirding. If you decide to be a snowbird, it will be one of the biggest financial decisions you’ll make in retirement, so it’s not a decision you want to make lightly. 

There’s obviously the purchase price of a second home if you decide to buy in your chosen snowbird destination. I know a lot of people chose to snowbird by renting or living out of their RV, and I’ll be talking about that decision tomorrow, but for today, I’m going to assume you want to buy a place and that you’re only going to be a snowbird during the winter months.

So there’s the purchase price, but then there’s property taxes (on not one but 2 homes), travel to and from your homes, maintenance costs on both homes, owning or transporting an additional car - and if you drive, you’ll still need to factor in the wear and tear on hauling your car long distances several times a year, insurance on 2 homes, HOA fees, golf memberships, buying furniture, decorating, dishes for your new place, landscaping (both places), and the costs of opening up and shutting down every season. 

The one time and ongoing costs of maintaining two places can be substantial, and you don’t want to get blindsided, so it’s important to understand and plan for the costs ahead of time to make sure you can actually afford it and it’s worth it to you. 

That’s it for today, but before you go, would I be correct in saying that your retirement is perhaps the most important financial decision you’ll ever make? There are quite a few irreversible decisions tied to your retirement - everything from your retirement date to your social security filing decision will have major long-term consequences.

You want to get it right. Well, so do I. For the last 12 years, I’ve been helping clients just like you make the transition into retirement. If you want to talk one-on-one with me about whether or not you can retire, head on over to truenorthra.com, where you can book a 15 minute call with me, at a time that’s convenient for you. The call is confidential, free, and I promise to help guide you on whatever is weighing most on your mind right now regarding your retirement. So head on over to truenorthra.com and book a call today. 

Thanks for listening. My name is Ashley Micciche and this is the One Minute Retirement Tip.

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