In a super-sized world where everything bigger is better, no one likes to think of down sizing. But as you edge closer to retirement, perhaps it’s time to consider what you really need to get you thru your retirement and golden years. tAnd there could also come a time where downsizing isn’t just an option — it’s a necessary strategy that could help you stretch your savings to the end of retirement. Life happens and as we all know, all it takes is one or two unfortunate life
events to throw one’s retirement plans into a tailspin.
So is downsizing something you should consider?
Do you really need the big house in the best school district anymore? I’ve heard people lament that they want to make sure they have plenty of room for when the kids and grandkids visit. Is the once or twice visit a year really worth maintaining a large home the rest of the time? Downsizing your home also brings the added benefit of reducing maintenance requirements if you own a lot of property. Another advantage of downsizing into a smaller home is the savings on taxes and insurance. A bigger home means you’re spending more every month to heat and cool the space. Downsizing will help save your budget from the high cost of utilities. You may also find that in a well built community, you can downsize your automobiles to one. Maybe a car and a golf cart will be more your cup of tea!
But what if you love to garden, host parties and have the grandkids over for sleepovers? Downsizing may not be for everyone so it’s important to carefully discuss with your spouse and family all the options available to you.
But whatever you decide, if you’re getting close to retirement – it’s never too early to begin the downsizing process.