Jan Dusold and her husband, Edward, originally bought a second home in Florida to live in for just half the year, spending the remainder in their hometown of St. Louis to be close to children and grandchildren.
Not long after, the couple decided they liked their Punta Gorda lifestyle more, and the cost of owning the St. Louis home while they were away was adding up to the tune of $18,000 annually.
Once, after several months in Florida, they came home to a slow sink leak that had damaged their home. They decided to sell and opt for a three-month furnished lease in their hometown once a year for a net savings of nearly $14,000. They'll invest the proceeds of the sale or possibly start a small business, ultimately living life more simply and comfortably.
About 64 percent of retirees said they are likely to move at least once during retirement, with 37 percent having already done so and 27 percent anticipating doing so, according to a survey by Merrill Lynch and Age Wave.
For many retirees, owning two homes can make financial sense, while for others, it is an unnecessary expense. Experts suggest afew tips for figuring out which it is for you: