"If you move to a retirement community with a pool and fitness center, your monthly expenses may even go up, " Ms. Blecker adds.

WSJ: Why Downsizing Your House May Not Solve Your Retirement Problems

But unless you're willing to move to a part of the country with a lower cost of living, the savings may prove modest, cautions Beth Blecker, CEO of a financial-planning firm in Pearl River, N.

WSJ: Why Downsizing Your House May Not Solve Your Retirement Problems