Retirement is a time of life that many people look forward to. You’re no longer tied to a desk, and you finally have the freedom to do all of those things you’ve never had time for. Many retirees choose to downsize their living situation in retirement because they realize that it’s the best way for them to maximize the limited time they have left. Here are five reasons why you should consider downsizing your home:
1. You will not want the same things you wanted when you were younger.
You will not want the same things you wanted when you were younger. As we age, our interests and priorities change. Some of us may find ourselves with less time to spend with friends and family. We might get bored by the same old routines; finding new hobbies can help keep us engaged. When it comes to retirement, the best way to make sure that your life still feels full is to focus on what’s important at this stage in your life instead of trying to re-create a past that no longer exists (and probably never actually existed).
2. You will want to be closer to your family.
Downsizing also means that you’re closer to family and friends. You have more time to spend with those who mean the most to you and less time spent traveling between home and faraway places for work or vacation. This can help ensure that your family stays close-knit and connected, which is essential for good health in old age. If you’re interested in moving into a community like assisted living in Saint Louis or your local area, you’ll still be able to live close to your family.
3. You may need to save money for other things.
You may also need to save money for other things. If you retire with a $200,000 nest egg and expect to live on $1,500 per month for the rest of your life but then discover that you have an unexpected medical bill or a car repair cost more than expected—that’s when it’s time to panic.
If you decide to downsize before retiring, you’ll be able to reduce expenses and increase savings at the same time. This could mean putting an extra hundred dollars into an emergency fund each month simply by paying off one of your cars early or canceling cable TV service altogether. The result is that even though your total income isn’t much different than it was before moving into a smaller home (if at all), your savings rate has dramatically increased because there are fewer necessities taking up space in your monthly budget
4. You may want something more manageable and less time-consuming.
You may want something more manageable and less time-consuming. The upkeep of a large home can be exhausting, especially if you don’t have the energy or physical ability to maintain it anymore. Some older adults are simply not capable of taking care of themselves in a large space. They may have difficulty moving around the house, or they may have trouble with stairs and other common parts of their home that make daily tasks more difficult than they used to be.
5. You can have the retirement you’ve always wanted!
Beyond the financial benefits, you may find that a smaller home is more manageable and less time-consuming to maintain. This can allow you to focus on other things, like getting out and enjoying life or spending more time with family. You might also be able to save money for travel, charity donations, or other expenses without having to worry about your mortgage payment eating away at your budget.
In the end
While it can be difficult to move from a home filled with memories, downsizing your home in retirement may be a good idea for you. While downsizing may not be for everyone, you should consider whether this move could make sense for your next chapter in life!