Tips For Successful Downsizing For Retirement
Downsizing is often a stressful and tolling process in both the physical and emotional point of view. But, it isn’t the time to get overwhelmed by your years owned stuff. Most seniors know there will come a day when they have to downsize or either simplify their lifestyle in order to cut cost and be closer to their grandchildren. But the emotional attachment to their stuff and home doesn’t let the go.
Downsizing is an emotional challenge but it can also be seen as tapering down their belongings and enjoying more free time by moving to a smaller place. Many companies analyzing these situations of old people and hence start providing downsizing help for seniors so that they relax during the whole process.
In this article, we will discuss tips for successful downsizing for retirement and relocate for a comfortable and profitable life ever after.
- Understand your goal
You have to establish both financial and lifestyle goal for your downsizing process.
- Financial Goal
In the financial goal, you have to consider how much money you want to release from equity or save every month on the mortgage payment.
- Lifestyle Goal
In the lifestyle goal, you have to determine what is important to you about this move – family, friends, healthcare, senior services, weather, activities, amenities etc.
- When is the best time for you to downsize?
Timing is everything. If you are downsizing and decluttering your home early on your retirement, then you will want to be careful to manage your money for the long haul. Delaying downsizing can usually help preserve your wealth.
- Where are you Going?
There is a wide variety of option for you to settle down when you consider downsizing. You can downsize across the town or the other side of the globe. You may look for at the best places the retire lists and you have so many different options for the kind of home you will live in: a smaller home, a tiny house, an apartment, houseboat, a less expensive community with bigger homes etc
- Be realistic about real estate costs
Buying and selling your home can be expensive hence don’t expect too much. When you want to sell your old home, be realistic to the cost of it. Talk a few different real estate agents can be good for you.
You may have planned your move carefully but don’t forget to watch your budget. It is very important for you to watch closely to your budget in the first few months after you move. Be sure to update your retirement plan after a few months in your new location. Check out here to learn how much money you have saved if you choose to downsize in great detail.