Downsizing is almost inevitable for most of us. Just like the home-preferences of single adults are different than those of families with young children, so are the home needs and wants of retirees.
Often retirees need less room in their home and yard and more freedom from home chores and expenses. Even so, many find it difficult to choose to downsize. In fact, 64% are planning to remain in their current home throughout retirement, according to a Merrill Lynch survey of 50+ retirees.
But delaying downsizing can mean the loss of tens of thousands of dollars or the ability to move yourself independently due to health or mobility restrictions. Deciding to downsize can be smart financially and give you a new sense of energy and freedom.
So how can you tell when it’s time to move to a smaller home?