My wife and I are in our 70s. Should we move to California and take on a bigger mortgage to be near our kids?

A couple navigating retirement faces a significant life decision with substantial financial implications. They currently reside in an affordable region of the Pacific Northwest where their cost of living and tax burden remain relatively modest—a considerable advantage for those on fixed retirement income. Their desire to relocate stems from a desire to be geographically closer to their children, a motivation shared by many empty nesters seeking to strengthen family bonds during their later years.

However, California presents a starkly different financial landscape. The state's notoriously high real estate prices would likely force this couple to assume considerable new mortgage debt despite being in their 70s. Taking on major financial obligations at this stage of life introduces multiple risk factors worth careful consideration. Fixed retirement incomes may struggle to accommodate higher monthly payments, and the couple would extend their debt obligations well into their advanced years when unexpected health expenses frequently emerge.

Beyond mortgage payments, relocating to California carries broader financial consequences. The state's income and property taxes are substantially higher than most Northwest states, potentially eroding their existing retirement savings. Additionally, the couple should factor in the costs of uprooting from their current community, where they may have established networks, familiar healthcare providers, and other conveniences that contribute to their quality of life.

The decision ultimately requires weighing intangible family benefits against concrete financial risks. While proximity to children offers genuine advantages, there may be alternative approaches—such as funding extended visits, exploring nearby regions with more moderate costs, or ensuring robust communication channels—that achieve meaningful connection without the financial strain of a major late-life mortgage commitment. Professional financial and legal advice would be prudent before making such a consequential decision.