Do You Know the Signs of Downsizing?

Do You Know The signs of Downsizing? My video series on signs it’s time to downsize your home. Downsizing is 30 to 50% of my business. And with my clients, I stress the importance of knowing when to downsize your home. I work with people all the time who delayed and now their home is too big to manage, there’s too much maintenance, and they cannot handle it. According to a recent Merrill Lynch survey of age 50 plus retirees, 51% of those who have moved since retiring opted for a smaller home. Nevertheless, many retirees find it difficult to pull the trigger on downsizing. In fact, 64% of retirees plan to remain in their current home throughout retirement. The trouble is the choice to delay downsizing by even a few years makes a big difference. It could translate to tens of thousands of dollars lost or the inability to move yourself independently due to health or mobility restrictions. So once you answer the question if you’re going to downsizing, the next when part of the equation is the next big decision you need to make. There are seven clear signs that it’s time to downsize. And if any resonate with you, don’t let yourself hesitate in the land of indecision and sentimentality, get moving. Sign number one, your monthly housing expenses have risen above 30%. When it comes to how much of your monthly budget should be spent on housing expenses, 30% is the magic number. No, I didn’t pull that number out of my hat. The US government has been using 30% as a standard for housing affordability since the United States National Housing Act of 1937. While you’re still working housing costs may fit comfortably within your budget, but the simple act of retiring can unexpectedly push some retirees into a burdened bracket. Those who are just getting by because they haven’t figured out how to live on a fixed income, that’s a sign to downsize to a smaller place with a more reasonable monthly mortgage payment. Seniors who want to avoid getting a part time job, say at a fast food restaurant just to make ends meet, need to calculate how much house they can afford in retirement. The Merrill Lynch survey found that a whopping 64% of downsizing retirees are making the transition to a smaller home to cut down on their housing expenses. Join me in the next coming weeks with more videos on downsizing. And if you have any questions, I’m here to help. Thanks, and you have a great day.

Signs It's Time To Downsize Your Home
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