Well actually I find Canada is quite a bit different than USA but the point is taken.

Cashing out and moving out of state to a low cost region may be a good move for some but you better be sure because it is almost impossible to come back (me I plan on never leaving SoCal)

I would say the same for downsizing, you better be sure because you may never be able to move up again, especially once you retire (and moving from a SFH to a condo almost never works out well).

I will add this one note: I have never known anyone from SoCal who has moved out of state and was still happy about it a few years later (well maybe except the one guy who retired on Maui).