Should you downsize when you retire

Should you downsize when you retire

Should you downsize your home when you retire? The answer depends on your individual circumstances. For example, factors to consider are the related costs and tangibles, such as freeing up cash that you might need for travel and health issues. Weighing all the factors will help you decide if you should downsize and if it is the best decision. Hi, I’m Rich Barnes, Owner/Broker of Realty Experts in West Allis, Wisconsin, 53214 Later in life, after the children move out and the home is filled with memories rather than people. Typically at this point, there is no longer a need to pay for the expenses that come with a larger home. Once retired, individuals and couples often live on less income and making their money last is a serious concern. However, letting go of the family home is not an easy decision. Downsizing is both financial as well as an emotional decision. It often comes a necessary decision because retirement income may not sustain the expenses. It would also make sense if it means downsizing expenses which can now be used for other things like travel or hobbies, et cetera. Selling the home could be the perfect way to cut costs. As a retiree, you hope to be able to make some choices about how you live, that don’t center on money. If you love your home and all the memories it holds, you might decide to stay even if it does not make financial sense. The bottom line is the decision to downsize is a personal one. Crunch the numbers. A small gain probably isn’t worth the trouble, but a substantial savings might make selling the best option. If you have any questions on downsizing, we are your local experts. Feel free to reach out and as always, you can rely on Rich.com. Thanks and have a great day.

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