Retirement means you have to be careful about your spending. Even if you have solid investments and passive income, you can’t waste money like you used to.
That includes your old, big home. Having such a large house made sense years ago, but now, you’re probably wasting money. Plus, taking care of all that space starts to get annoying. Do you really want to mow that big yard or shovel that long driveway?
That’s why many seniors downsize in retirement. By moving into a smaller home, you can enjoy many benefits. You just need to know how to sort through your belongings and whether your new home should be in a retirement community.
What kind of benefits are there to downsizing when you’re a senior? Most are related to either money or safety.
NewRetirement.com fully explains the financial incentives to downsizing. If you are paying a mortgage, a smaller place will have a lower payment each month. If you own your home outright, you can buy a smaller place and still have a nice nest egg left over. You’ll also reduce ongoing costs like utilities, taxes, and maintenance.
Downsizing isn’t just about money. A smaller home means you’ll spend less time keeping it clean and maintained. If you are starting to experience mobility issues or having trouble doing all the chores, your new home can be all on one level. And if your neighborhood has changed for the worse since you bought the place, you can pick a new home to match your lifestyle and needs.
Now that you’ve found a new, smaller home, you’re going to need to downsize your belongings as well. Since your new place has less room, you need to sort through your possessions and get rid of some things.
American Senior Communities has some great advice for making this process as easy as possible:
It can be tough deciding what to keep and what to give away, but Caring.com has two great tips for seniors.
As you think about sorting and packing your belonging, you might be worried about getting through it all. That’s why you should consider downsizing into a retirement community. These have changed a lot over the years, and they offer a lot of benefits to seniors:
Whether you go with a retirement community or not, you can benefit from downsizing as a senior. You can start to save money and be more comfortable, and you can finally get rid of all that clutter around your home. Downsizing makes a lot of sense for seniors, and it can be just what you need now that you’re retired.
Author: Michael Longsdon (ElderFreedom.net)
Retirement means you have to be careful