Are you planning to Retire soon? Are you prepared?
Do you want to stay in your current home?
Does downsizing make sense?
There are different options to consider when you are deciding to retire. For some people the family home becomes a gathering place for family members. For others, transitioning to a low maintenance home is more desirable. What type of lifestyle appeals to you?
Cost can be the most important factor when determining the type of lifestyle that fits your needs. Do you want to stay in your home or would downsizing be better to free up some time? Would entering a senior living community where hobbies, similar interests and social activities fit your lifestyle? The price can vary depending on your lifestyle choice.
Some considerations:
Do I have too many stairs in my current house or do I want a single-floor living area?
Do I have to renovate my current home? Remodeling to accommodate a wheelchair ramp, widening doorways, replacing bath tub with a walk-in shower or support grab bars can be costly.
Will I find a better suited home if I downsize?
Do I want to change my location or will the cost of a new home be higher?
National Endowment for Financial Education say only downsize if housing expenses would decrease by at least 25%.
If considering relocating, senior housing is an option for people who need a higher level of care now or may need it down the road. Other communities offer a continuum of care, which allows people to start in independent-living homes and add assisted living, skilled nursing, memory care or rehabilitation services as needed. It is very important for you to ask questions and review any contract before signing.
In my opinion, it’s important to have an overall financial plan for your future. Deciding to stay in your current home or downsizing can be a complicated and difficult decision. Talk about your finances, your lifestyle and explore your options carefully!