Downsizing - Is it for you and what should you think about?
It’s that time of life when you’re planning to retire, or have retired, and you’re wondering what’s next? Everyone’s retirement goals and plans look different. And some people don’t even have a plan! So it’s time to start thinking about what it is you want for your retirement. Do you want to live in a like minded community? Or become a snowbird and split your time between home and the tropics? Are you the center to your family and still need the large home? Is European travel on the list or becoming a golf pro?
Take the time to really think about and decide what it is you want. Sometimes less is more. Now, realize we aren’t talking about moving into assisted or independent living. We’re talking about simplifying your life. If you don’t need the big house and big yard anymore - why hang on to it? Nostalgia? Stubbornness? If you do decide to keep it - how long can you continue to live there before you need to pay for help upkeeping the home and yourself. Know when the time has come and have a plan! Many seniors are lonely which leads to unhappiness, depression and failing health. Remain active, make a plan and share the plan!
I believe the biggest factors to a joyful retirement are where you live and what your finances look like. Can you afford the retirement lifestyle you want while in your current home? Don’t be shy talking to people about this, if budgeting isn’t your forte talk to an advisor! How much do in-home caregivers cost? What are the independent living apartments like? Would a smaller home or condo suit you? Take the time to look into the options and make smart choices that will work for you!
Lisa’s Lists:
- Much to my husband’s dismay, I love a good list! Let’s hope this one helps you.
Downsizing: the 5 Easy Steps
Create a Plan
Where do you want to live & how do you want to live? Beaches, gardens, family dinners? Know what you want to spend your time doing in retirement so that you understand what type, and what size, of home to live in.
Communicate your Plan
Make sure your key family and friends know your plan, and future plans, so that when the time comes they can help! Like the old saying goes: Knowledge is power!
Bring in the Professionals
Financial advisor, mortgage broker, lawyer, realtor. Each come with great knowledge sets to get you where you want to be. Don’t under estimate the power of advice. Most of these professionals don’t charge you for a consult. You don’t know what you don’t know - so let them guide you!
De-clutter & Downsize
Do you still need it? Sell it, donate it or auction it. There are plenty of ways to depart with items. Don’t want to deal it with? Bring in someone to help you! Those professionals above will have people for that. Once the declutter is done, downsize away!
Celebrate & Relax
The hardest part of this 5 step plan is emotionally letting go. But once it’s done it’s time to celebrate and relax! A book, a coffee, a champagne? Maybe it’s that trip to Italy!
More reading materials:
Downsizing Your Home To Upgrade Your Life (forbes.com)
Journey Through the 6 Stages of Retirement (investopedia.com)