Making the Move

Episode Transcript

Speaker 1 (00:00):
On our phone lines. They are open for you right
now if you have questions for our retirement planning professionals
from Class Financial. I gotta do is pick up phone
dial in this morning, get you on the air six
oh eight three two one thirteen ten. That's six oh
eight three two one thirteen ten. We'll get you on
the air with CJ. Closs and Eric Schwartz of Klass Financial.
You can learn more about Class Financial on their website.

(00:20):
It's Cossfinancial dot com. That's Class k l Aasfinancial dot com.
Telephone number for the office right here in Madison six
oh eight four four two five six three seven. No
charge for that initial get to know you appointment to
that con Litt'll get together will be complimentary to you
again their number six oh eight four four two five
six three seven. And of course to get on the

(00:42):
air this morning with your retirement related question. All I
gotta do is call the station six oh eight three
two one thirteen ten. That's six oh eight three two
one thirteen ten. And CJ. How are you doing this week?

Speaker 2 (00:56):
Oh?

Speaker 1 (00:56):
Do we have CJ? I hear him, I see him.
He might not be hearing me. Let's go to let's
go to Eric. Eric, how you doing this morning.

Speaker 3 (01:05):
I'm doing great, Sean, how about yourself?

Speaker 1 (01:07):
I'm doing really good. I don't know. I see CJ's there.
I see us sending a little behind the scenes stuff.
I see audio going CJ's way, but I'm not seeing
anything come back. So we'll get that. We'll get that
all here.

Speaker 3 (01:19):
I'm talking through the wall, so he's talking.

Speaker 1 (01:25):
As you guys are, of course, at the beautiful Class
Financial office right here in Madison, right off Seminole Highway.
And Eric, We've got a great conversation this week, very
timely as I'm looking towards the forecast going. You know what,
I may not be retired, but it may not be
a bad time to be thinking about having some winter residence,
if not a year round. We're gonna be talking this

(01:46):
week about a big question. It's an important question too
in retirement, is should I move? Should I look into
into making that change maybe looking downsize, leave the region,
leave the area, stay in the area, get something simpler.
We're to tackle that very question this morning and some
of the considerations with our retirement planning professionals from Class Financial. Again,

(02:07):
if you've got a question, love to have you join
us this morning. Six'sh eight three two one thirteen ten.
That's six soh eight three two one thirteen ten. Coss Financial,
their website class financial dot com. That's class klaasfinancial dot
com and their telephone number six oh eight four four
two five six three seven. No charge for that initial
get to know your appoyment tech Coss Financial. It will

(02:29):
be complimentary to you again their number six O eight
four four two five six three seven. And before you're
rolling on this week's conversation, one of the other really
cool features of the show is the CSS Quiz Question
of the Week. That's a great opportunity for you to
win a great prize from our friends at COSS Financial.
They have provided a twenty five dollars gift card to
Best Buy. Tell you a little bit later on in
the segment how you could win that gift card A

(02:49):
little tip. They'll pay close attention to the show. Just
about every program the question answer come up during that
week show. And before we get talking about that question
about should I move, let's actually look back at last
week's show and get the question and answer there as well.

Speaker 3 (03:05):
Eric, Yeah, I think one of these weeks we're gonna
have to pull a fast one and not have the
answer to the show. Yes, pay attention for that one.
All right, thank you, Thank you to everybody for listening
as always, And our winner from last week was Amy
from Cottage Grove and the question was true or false?
An annuity is a contract between you and an insurance company.

(03:27):
And Amy knew that the correct answer was true. So
thank you for listening and thanks for calling in.

Speaker 1 (03:32):
Nice work and pay coal's attention. You two can be
like Amy, a great chance to win a great prize
from our friends at Clause Financial, a twenty five dollars
gift card to Best Buy and CJ. How you doing
this morning.

Speaker 2 (03:42):
I'm doing great, Sorry about that.

Speaker 1 (03:44):
That's okay. Technology, I think we've talked about this. This
technology is an amazing there's so many great tools out there.
The problem is when something happens Now it used to
be like you could quickly just kind of reach over
and face and now it's like, oh, we got to
do a complete system reset and things. But it's great
to hear from you, and you know, we we've been
talking this morning about this week's conversation, which is, you know,

(04:05):
is it kind of near retirement or even folks who
kind of settle into retirement. They start thinking about, you know,
do I need to be here? Should I move? And
you know, things like downsizing and literally relocating entirely. What
are some things that folks CJ should should be considering
before making such a big decision.

Speaker 2 (04:23):
Yeah, good question, Sean. It's definitely a big topic, and
understandably so. When you retire, your daily routine shifts, and
that can really open the door to rethinking where and
how you want to live. Some people feel excited about
the idea of starting fresh, while others feel completely overwhelmed,
especially when they start thinking about sorting through a thirty

(04:44):
plus or forty plus years of belongings. But here's the key.
This decision shouldn't be about the house itself. It's about
designing a lifestyle that supports your next chapter in retirement.
Start by asking yourself, what do I really want my
retirement to look like? For some that might mean a smaller,
low maintenance place, maybe nearby. For others that could mean

(05:07):
chasing sunshine or grandkids across the country. And here's here's
a good gut check for kind of how to think
about this. How many more moves do you really think
you realistically want to make in your lifetime. That's a
good lens to use as you explore your options. Keep
in mind that in twenty twenty five, approximately four point

(05:28):
one million Americans are reaching age sixty five, so you
have a lot of people contemplating the same thing that
you are. Again, that's four point one million Americans reaching
age sixty five just in the year twenty twenty five,
So you're not alone as you think about housing and
where to live comfortably in retirement.

Speaker 1 (05:50):
Talking this morning with CJ. Class and Eric Schwartz. They
are our retirement planning professionals from Class Financial online, Classfinancial
dot com. That's Class klaas Financial dot com. They're telephon
numbers six eight four four two five six three seven
and to get on the air this morning, love to
have you join us the number six oh eight three
two one thirteen ten. That's six oh eight three two

(06:11):
one thirteen ten. And CJ. I think sometimes you know
is is and maybe it's just kind of the fact
that we talk about and the show is called Money
in Motion. We think financial, but it's not just a
financial decision. As a matter of fact, there's there's more
to it than just the house itself. It's really about
things like lifestyle, isn't it.

Speaker 3 (06:29):
Yeah, And actually, Sean, I'm gonna I'm gonna take this
well because we're gonna give CJ a little break here
and now that he's on the air. Yes, before I
jump into that though, I just that number just really
floored me. Four point one million people reaching age sixty five. Unfortunately,
it doesn't sound like the houses in those retirement hotspots
are getting any cheaper. It's a lot of competition trying

(06:51):
to get into one spot. But let's let's look at
some of the reasons here why why relocating isn't really
isn't really just about about money. It's about other things, right.
Family dynamics are a big one. You'll hear plenty of
suggestions from friends, your kids, even your neighbors about where
you should retire, but remember this is your decision. It's

(07:11):
your retirement. If being near kids or grandkids is a
big priority, though, maybe you want to make sure you
can catch those soccer games or be around for the holidays,
that can definitely guide your location search. I mean, we
see clients do this all the time. We've seen them
move places like Idaho, Montana, Virginia, just to be near family,
So that's a big factor for folks. Another one is taxes.

(07:34):
This one is it's a one that a lot of
people don't think about right away, but state income tax
varies obviously state by state, and it can really affect
your retirement income. Some states don't tax Social Security or pensions,
and that can be a huge plus and a big
boost to your your financial situation. Keep in mind, though,

(07:54):
state income moving to a state with no state income
tax doesn't always mean cheaper living. Sales tax, property taxes,
they might be hired to make up for it. Remember,
they still do have to operate the state, so they
are getting revenue from somewhere. But it's still an important
thing to think about, and we actually, for our Wisconsin listeners,

(08:17):
we've recently seen some pretty big changes to the way
that retirement income is taxed here in the state of Wisconsin,
to the advantage of retirees, so check into that. The
third one I want to talk about here is the
cost of living. So you want to stretch your retirement
dollars obviously as long as you can, so comparing the

(08:39):
cost of groceries, healthcare, housing in different areas, it can
really help you identify where your money will go, will
go the furthest and this is something we help clients
with all the time. I mean, I can think of
a client right now who is trying to decide between
moving to two different states. They had kids in two
different spots, and they were trying to decide which one
they wanted to go to, and we actually, you know,

(09:00):
side by side retirement plans and we can figure out
the difference and cost of living by you know, by
percentage and actually build that out for them and help
them make that decision. US News and World Report they
did an analysis back in twenty twenty four looking at
the best value states, and they compared the one hundred

(09:21):
and fifty largest cities in the US as potential retirement spots.
They weighed data like housing, affordability, happiness, desirability, retiree taxes,
the job market, and access to quality health care. And
their conclusion actually suggested that Fort Wayne, Indiana in Huntsville, Alabama,
they scored the top two spots. So definitely do your

(09:43):
own research and look at what is most important to you.
But those two spots scored well on the on the
best value evaluation.

Speaker 1 (09:51):
Seems weird to say where you live. I live in
Fort Wayne. It just seems like a weird I don't
know why it shouldn't job out of me, but that
is it. That is I love the I love the
re search and in getting some of that analysis about
Eric Schwartz of Fort Wayne. No, it just doesn't riddle
off the tongue. Madison is. No, we'll actually talk. You know,

(10:12):
we kind of goofing on Indiana a little bit there.
Alabama's definitely on nicer weather, and we're going to talk
a little bit about about weather. And of course anybody
that has to fire up the snowblower, I think, regardless
of your agent situation, you're probably going, why am I
doing this? We're going to talk about that so much more.
Mentioned the website class financial dot com that's coss k

(10:33):
l aas financial dot com recently redesigned and they make
it really easy right on the website to schedule a
complimentary conversation just heading over to class financial dot com.
Of course, you can always set up the appointment on
the over the phone at six oh eight four four
two five six three seven. Don't forget that first get
to know you appointment. It's going to be complementary to
you again their number six oh eight four four two
five six three seven. We're going to continue our conversation

(10:55):
with Cjen Eric talk a little bit more about relocation
and where should you move in retirement? Should you be
considering a move in retirement. We'll get those details next
as Money in Motion with Coss Financial continues right here
on thirteen ten wib A fold lines. They are open
for you right now at six oh eight three two
one thirteen ten. That's six oh eight three two one
thirteen ten gets you right on the air with CJ.

(11:18):
Closs and Eric Schwartz, our retirement planning professionals from Class Financial,
don't forget. You can learn more about Class Financial right
on their website Cossfinancial dot com. That's Coss k l
aas Financial dot com. Great website to learn more about
Class Financial. Sign up for that weekly Market Pulse newsletter.
You can also listen back to this and previous shows
podcast again. That all available to you at Cossfinancial dot com.

(11:39):
So we have great things available to you. The telephone
number six oh eight four four two five six three seven,
don't forget that initial gets to know your appointment at
Loss Financial. It will be complementary to you, no charge
that telephone number six oh eight four four two five,
six three seven. Talking about the potential for relocating in retirement,
and as we're kind of getting into those those mornings, especially,

(12:00):
we had a frost and freeze warning overnight and it
gets a little bit chilly, and folks start to think, well,
what about that weather and kind of being a motivator
for folks to move and see Jay, what are some
reasons why folks may consider a move or downsizing.

Speaker 2 (12:17):
Yeah, good question, Sean. Weather is certainly a biggie a
lot for especially for Midwesterners, because you know, we start
thinking about exactly as you said, do I really want
to get out the snowblower again? Do I really want
to be shoveling? And believe it or not, shoveling can
be the cause of a lot of obviously slips and
falls that are harmful as we get older, but also

(12:37):
than heart attacks. So certainly considering where you're going to
live in terms of the climate is a big deal.
But here's a few categories that we see commonly coming
up for our clients as they think about living in retirement.
Health needs. So if you're dealing with joint pain or asthma.
A warmer or drier climate can be easier on your body.

(12:58):
We're already talked about kind of slip sidewalks and icy
driveways and these are no joke as we get older,
lifestyles and other categories. So the question is like, do
you want to be outdoors more golfing, hiking, fishing? Do
you want to be near a city? You know, these
answers to these questions can help to narrow down where
you'd like to be, you know, because you were kind

(13:19):
of joking about Fort Wayne, Indiana or Huntsville, Alabama. But
the reality is, if all you primarily care about is
the cost of living, these are very affordable locations when
you kind of look at it holistically from a value
perspective for retirees. But there's going to be some sean
that are just like you that go Fort Wayne that's
never going to move to Fort Wayne, right, And then

(13:41):
there's other people who go no, no, no, no, it's not about
where you live. I can travel to go visit family members.
I just wanted to be affordable for my life and lifestyle.
So just remember that is one of the I call
it the beauties of the United States that we forget
about is that we can pretty easily travel state by stay,
city by city, buy and sell things on an open market,

(14:04):
and make decisions. That's why when people often say I'm stuck,
I can't do anything, that one of the most helpful
things you can say to them is no, you're not.
Just move or change or do something now. I don't
want to sound overly cavalier everybody. I do understand that
there are certain things that can impact people, like physical

(14:25):
ailments that you can't just escape from. Right, freedom and
liberty doesn't fix your sickness, but many times there are
other things in lives that our brain is the jail
that we are living in, and we need to remember
that we have options. So think about that. And then
obviously sunshine is a huge factor. So we see a
lot of our clients retiring to Arizona, New Mexico, California, Florida.

(14:49):
You know, these are commonplaces where people want to get
more sunshine more days of the week, and that can
also help help with seasonal depression and other struggles people
might have. Kind of we call it the snowbird options.
Some people aren't ready to fully commit to a new
place so they kind of snowbird back and forth. We
have a lot of clients in the Madison region who
do this. They have a place in Florida or a

(15:10):
place in Tennessee and they go there for the winter
months and then come back up here for the summer months,
because I think we can all attest Madison's pretty darn spectacular.
Like most of the months of the year, it's really
only those December, January, February, March months that get that
get pretty cold, so a lot of our clients will
just escape for those for those colder months.

Speaker 1 (15:31):
Do you see do you see clients as a still
thing to get to get the RV and do some
road tripping during those during those cold months. Do we
still see that at all or is that something that's
kind of faded.

Speaker 2 (15:40):
A little bit. Yeah, no, good question. For sure, we
do because there's we call them, you know, quote unquote
rving people, So people who just enjoy the rving experience
and traveling a lot. We actually have some clients that
will literally sell their home, buy an RV, and then
travel permanently kind of you know, for the first few years.
A week now. But what I would say as it

(16:00):
relates to that is it's it's not it's a seasonal thing, right,
It's like you have to be young enough to do
it and not fall asleep at the wheel and deal
with the stress of driving basically a house down the highway.
And then we tend to find that even for those
who love it and do it for a season, it's
only a season because then as they age, they want to,

(16:20):
you know, put down roots and not have to travel
and deal with the stress as much. So I see
a lot of different things. And that's again it goes
back to the beauty of having freedom and choice. There's
a lot of different ways to affordably live in retirement.
You just have to decide are my expectations of retirement
out of alignment with the finances of my retirement. We

(16:42):
could do a whole show on that topic alone.

Speaker 1 (16:44):
It definitely you've got to do one.

Speaker 2 (16:47):
Exactly exactly. That's what we that's what we help people do,
is like, hey, here, the good news is you can retire.
The bad news is it may not be the way
that you want to, right, yes, And so other people
will say, well, I won't retire until I get to
hear and I okay, just plan to work to eighty five.
That's not you get the idea. It's there's constraints, but
you are the constraint. Typically there can be some outside constraints,

(17:10):
but typically it's our brains that act as a constraint
of living comfortably in retirement.

Speaker 1 (17:15):
Talking this morning with CJ. Closs and Eric Swartz, retirement
planning professionals from Class Financial website Class Financial dot com.
That's Class Financial dot com. CJ thinking of, you know,
kind of you know, restraints and things that kind of
can make us feel freer and more liberated. Sometimes simplifying
and downsize and can really have that effect, can't it exactly?

Speaker 2 (17:34):
Yeah, that's that's a great segue, Sean, because it is
if we think of our our expectations as the constraint
to our comfortable retirement, then we need to think about
ways to reduce expenses or simplify. So so let's start
there reducing expenses. Even if your mortgage is paid off,
maintaining a big house can be expensive, heating, cooling, property taxes,

(17:55):
all of that. It adds, it adds up. I actually
needle at my wife quite often saying we are not
going to be in this house when the kids leave,
because it's just too big. Right now, I'm not making
that as a firm commitment because my wife is also
needling back at me, but the idea being, if that
were ever a constraint to our comfortable retirement, the house
has got to go. Another one would be utility bills.

(18:17):
So a smaller space generally leans means lower bills. And
this is again, this is no joke. If you don't
believe me, think of your first apartment like a heating
bill and now your home heating bill. Granted, inflation has
adjusted that number as well, but bigger homes, bigger spaces,
bigger costs maintenance. Again, we have a smaller place, your

(18:39):
maintenance costs tend to go down because there's just not
as much stuff that can go bad. Listen, we have
a daughter who's a sophomore in college. Now her room
sits empty, and yet amazingly we still got to heat
the space and her herr shower door fell off. And
it's on the one hand, I'm going, I don't need
to fix it, nobody's showering there. On the other hand,
I'm going, no, I got a You see the idea,

(19:01):
even these empty spaces have to be maintained you know,
more commonly, we're also seeing like fifty five plus communities.
We're actually Eric and I would be big fans of
these spaces. Some of them are more country club than
they are you know, progressive living communities. So we have
to decide what it is that you're looking for. But
the idea being that, hey, I can move into a

(19:24):
Capital Lakes or into an oak Wood or or at
just a senior living community where I have progressive living
care options. So this could be totally independent, even single
family homes, down to like condos, down to apartments, down
to actually skilled nursing care or memory care units inside
of kind of one big unit. So this is great

(19:47):
because it offers progressive living options and you're able to
be around peers who are in similar stages of life
to you. Now. Number one kickback we get from our
clients about this is I don't want to go just
live around a bunch of old people. I'm going to
die faster. I go, wait a minute, it's actually not
what these communities are. So I would encourage people who
are thinking that slow down and maybe visit them, because

(20:10):
there's plenty of people who are doing this in their
mid fifties. Just to have the progressive living options and
as they move forward.

Speaker 1 (20:18):
I know one of the ones you mentioned in particular
right downtown, kind of right in the heart of like
exactly real.

Speaker 2 (20:23):
That's actually if you hear the Capitol Lakes response to that,
it's because there's a number of university professionals, professors, people
who teach at the university, and other professionals who have
worked downtown who say, I don't want to escape downtown.
I love the life of downtown, but I want to
have progressive care options. So a lot of options in
the Madison area. And I realize this show reaches more

(20:46):
than just the Madison area, So wherever you live, in
whatever community you live, I encourage you kind of open
back up your mind. This is not the nursing home
of the past, right, that's what our brains say. It's
a nursing home. No, no, no, no, that is not at
all what is. So those are options to consider. And
then you know, we talked about where people are moving to,
but we often see them moving to places that have

(21:08):
lower state income taxes. So even here in Wisconsin, this
could be moving out of Dane County where you get
lower property taxes, and so you know, those are options
for people. If you want to stay in the Wisconsin area,
maybe close to Madison, you can get outside of Dane
County and often the costs go down, and then you know,
rankings can also be deceiving, so we would encourage you.

(21:30):
We find that typically what brings most of our retirees
the greatest joy is the relationships that they have in
the community where they will move. This isn't always the case,
but often that is the case. So said another way,
if moving to I don't know Tennessee or Florida is

(21:52):
financially the best option, but all of your family is
in I don't know, Massachusetts, and you're going to pay
an extra eight percent in taxes and living costs to
live there, But you can afford it by all means
live in here your family. Yes, yes, for crying out loud,
what is the money for if we're not going to

(22:14):
kind of value those relationships that bring us joy throughout life.
Now again, I hear what I said, if you can
afford it, because you do have options, and often our
brains are the constraints. So if everybody in your family
is in New York City and you can't afford to
live there then that's just what it is. But but
that's often not the case. You just need to slow
down and do some planning.

Speaker 1 (22:33):
Great perspective for sure. Talking this morning with CJ. Claus
and Eric Schwartz, our retirement planning professionals from Class Financial Online,
Class Financial dot com that's Class k l a a
s Financial dot com and Eric. As we talk about
this stuff, you know, sometimes folks are kind of feeling
that it's to simplify, which what are some of those
steps people should be taking to make sure that that
it's the right decision, that they're making the right call there.

Speaker 3 (22:56):
Yeah, it's a big decision. And this is where this
is where you want to slow down a bit and
really assess your current lifestyle versus what you think you're
going to need. So just a couple of questions to
ask yourself, you know, really basic things like how many
bedrooms and bathrooms do I truly need? Right? Like CJ
just gave us a great example. You don't want to
have extra bathrooms because the doors just fall off the

(23:16):
shower and what do you do you want.

Speaker 2 (23:20):
To watch it? Oh man, now you're making sound, you know, vain,
But yeah.

Speaker 3 (23:32):
All right, you also want to ask yourself, is my
home currently accessible? Do I have laundry on the main floor?
Do you have a bedroom on the main floor? I mean,
these are big things as you age, and you know,
you really you don't think about that in your in
your younger years, but as you age, you know, are
there stairs everywhere? Do you have you know, a couple
of steps up here, a couple steps down to the
living room there? That becomes a bigger issue. Will I

(23:55):
still use a basement or is it just storage for
stuff I haven't looked at in years? This is probably
good question for for anybody, not just retirees, but you know,
start thinking about the space you have now and determine
whether or not it's something that you actually need in
the future. What size garage makes sense in retirement? How
much yard do I want to do I want to

(24:16):
care for? Am I planning to keep a pet? These
questions all help you kind of cut through the what
ifs and give you a clear picture of what your
your future needs might look like.

Speaker 1 (24:27):
Doug This Morning with Eric Swartz and CJ. Closs out
retirement planning professionals from Class Financial Online, Class Financial dot Com.
That's Closs k L A as Financial dot com tell
number six O eight four four two five six three seven,
No charge that initial get to know your appointment det
Class Financial. It will be complimentary to you again their
number six oh eight four four two five six three seven.
We'll do our conversation with Eric and CJ. We're going

(24:49):
to talk on the big one that I think a
lot of folks are going. But what about healthcare and
other services? We'll get the details on that wall through
the class quiz question the week next as Money in
Motion with Class Financial continues right here on thirteen wib
A talking with our retirement planning professionals, Eric Schwartz and CJ. Closs.
Of course you can learn more online class financial dot com.
That's Class k l a A ask financial dot com

(25:10):
and they're teleph number six O eight four four two
five six three seven And Eric, what about healthcare and
other things that we need? You know, they were kind
of used to where we currently live.

Speaker 3 (25:22):
Yeah, that's a great question. I think something we we
often forget about here in southern Wisconsin because we are
pretty spoiled to have some great healthcare systems available to us.
But when you're thinking about where you need, where you
want to retire, you need to think about whether or
not you're close to doctors or specialists, and if you're
even if you are going to be in a new

(25:43):
area that has access to these things. Are you ready
to find all new ones or is it more important
for you to keep your current providers and stay where
you are? I mean, this is a big, big consideration.
Another one would be just your everyday amenities right? Is
grocery show upping easy? Are your hobbies? Are your volunteer
opportunities close by? This is what often leads people to

(26:06):
move to the villages down down in Central Florida that's
so called Disney World for retirees because they've built a
place where everything is nearby and easy to access. Transportation
access is another big one. Are you still driving? If not,
you know you need to make sure you have either

(26:27):
public transportation, a ride service, or or that you are
actually close to family that can can kind of help
you get to your appointments, get to the grocery store
through those those kinds of things. Home responsibilities. Are you
ready to hand off yard work, snow removal? Do you
still enjoy it? Maybe you want to move somewhere where

(26:47):
there's no snow right. We see clients do that all
the time. So thinking about kind of the limiting factors
that your that your home imposes on you. And finally,
equity in your home. So if your home is currently
paid off, you know, could selling it free up some
cash for your retirement lifestyle and give you some more flexibility.

(27:10):
So there's really really a lot of topics to consider
when you're when you're making this this big decision.

Speaker 1 (27:16):
It is a lot to consider. And one of the
great things too, if you miss any part of the program,
you want to hear back some of those considerations. Listen
to it. Maybe you want to share it with somebody.
If you head on over to classfinancial dot com, you
can listen back to this in previous shows podcast. You
can also schedule a complimentary conversation right from the website
DELPHO number six So eight four four two five six
three seven and CJ. If somebody is considering downsizing, how

(27:37):
do you know, Like you know, I think a lot
of us I'm not sure it's it's the right time.
How do we how do we do that? How do
we approach that question?

Speaker 2 (27:46):
Yeah, that's a that's a smart question to be asking
yourself is am I really ready for this move? We
have seen some of our clients believe it or not,
as much as we are encouraging to have an open mind.
We've seen some who have made the move out of
their single family residences into either progressive living communities or
an apartment and then actually end up moving back because

(28:06):
they recognized they were not ready for that move. So,
and there could be some real financial elements associated with this,
like rising costs. So depending upon your mortgage rate and inflation,
you might actually pay more for a smaller home than
what you're in right now. You know. The example proferbabial
example here would be we have clients who are in
the Rockford, Illinois area, and they have paid off mortgages

(28:29):
might be worth a few hundred thousand dollars, and it's
it's a bigger home for them, right, maybe twenty five hundred,
three thousand square feet. They go, it's just us, we
don't need this, so let's move to I'm going to
use a simple example to Madison and buy a smaller home. Well,
if you know anything about Madison, Madison's more expensive than Rockford,
and so a smaller home could be five or six

(28:51):
hundred thousand dollars instead of the say three hundred thousand
dollars in Rockford. And so then they've got a mortgage
and they've gotten you know, mortgage payment property to all
of that. So you see the idea just downsizing doesn't
by definition mean that you are going to pay less cost.
We're also seeing really low inventory. I mean, if there's
any real estate agents out there right now, you guys

(29:12):
can call in and basically we're running out of time here,
but you can chime in on how low the inventory
is in housing in certain cities like Madison. And therefore,
when inventory is low and demand is high, what does
that do to bryce as well? It keeps them pretty stable,
if not rising, and so that can make affordability difficult.
And then we're also seeing multi generational living. So sometimes

(29:34):
our clients will say, I love the idea of downsizing
and maybe moving to a cheaper community, but I've got
family living with me in Madison or living with me
in Florida. So that'll often keep them tied into their
current housing. And then obviously there's some people who just
say I just want to age in place, I just
want to stay where I am. I just want to
kind of like, enjoy my home, what I'm used to,

(29:58):
my neighbors, all of that, and so they will just
age in place and then bring the resources into their
home as they need them so that they can stay
there as long as possible. My parents are a great
example of this. They live down in a Cherry Valley,
Illinois or the Rockford, Illinois area. They have lived in
their home since basically I was born and I'm mid

(30:19):
my mid forties everybody, if you want to know, so,
they've been there quite a long time. And my parents
are getting older and could certainly justify downsizing or moving
to a different community since their core family aka us
kids and our spouses and children are not in that
community anymore. But they have chosen to stay. They love
their neighborhood, they love their neighbors, they love their home,

(30:39):
and they've just started to hire out all of the
resources that they need to maintain the exterior and the
lawn and some of the inside things. And so you
get the idea, everybody, there is actually no one size
fits all, But we would encourage you to work with
your financial advisor to start talking about what are the
best options that you can afford.

Speaker 1 (30:59):
A lot of great options, a lot of great opportunities.
It's a great day. Also to start the conversation, learn
more about Class Financial their website coss financial dot com.
That's coss k l aa as Financial dot com. Tell
number six oh eight four four two five six three seven.
No charge for that initial get to know a you
appointment at Class Financial. It will be complimentary to you
again their number six oh eight four four two five

(31:21):
six three seven. Want to hold on to a telephone
number now because it's time for the Class Quiz Question
of the week. It works like this, in just a
moment to ask you the class Quiz question the week.
You will then have thirty minutes from the inter Today's
program to call the Class Financial office at six oh
eight four four two five six three seven. If you
are the first caller with the correct answer, you'll win
this week's prize, which is a twenty five dollars gift
card to best buy. This week's class Quiz Question the

(31:44):
week is this in twenty twenty five, how many Americans
will be reaching age sixty five? Is it two million
or four million? Telephone number six oh eight four four
two five, six three seven. First call with correct answer
win the twenty five dollars gift card two Best Spy
CJ Eric. It's always great chatting with both of you, guys.

Speaker 3 (32:03):
Have a great day, Thanks Sean, Thanks Sean.

Speaker 1 (32:05):
Take care guys. I've got doctor Mardi Greer next year.
On thirteen ten WIB eight