Downsizing is popular among pre-retirees and retirees, for many reasons. Moving from a family home to a smaller space offers opportunities for greater savings and a low-maintenance lifestyle. Downsizing can also free up more time for travel, social activities and visiting with friends and family.
Is downsizing right for you? Here are five signs you're ready to move to a smaller home:
#1: You have more house than you need
When grown children leave the nest, it inspires many soon-to-be retirees to look for a smaller place to live. If you don't have a plan for those empty bedrooms, it might make sense to downsize to a home that fits your current needs.
#2: You're ready to reduce your monthly payments
Moving to a new home isn't just a lifestyle change; it can also be a financial change. A smaller home usually means lower monthly mortgage payments, which can help free up more retirement savings. Moving to a cozier home may also help you save money on other housing costs, such as property taxes, utilities and home maintenance. With the money you save by downsizing, you could reach your retirement goals even sooner.
#3: You want to spend less time on chores
With a larger home comes more responsibility, including upkeep, landscaping, repairs and renovations. If you're tired of spending every weekend mowing the lawn or fixing leaky faucets, consider the benefits of downsizing to a low-maintenance home or apartment. With more free time, you can travel, explore a new hobby or simply relax and enjoy your retirement years!
#4: You need a more accessible home
As we get older, it's essential to live in a space that offers safety, accessibility and comfort. A one-story home with walk-in showers, wider hallways and step-free thresholds can help make life a little easier now and in the future.
#5: You want a change of scenery
Downsizing can be a good way to get a fresh start and gain a greater sense of community. Maybe you want to live closer to loved ones or relocate to a warmer climate. If having an active social life is important to you, consider moving to an independent living community where you'll be surrounded by other like-minded retirees.
Making the decision to downsize
Moving is a very personal decision, and every retiree is different when it comes to their needs and wishes. How do you envision spending your retirement? If saving money and simplifying your space sounds appealing, you might enjoy the benefits of smaller living!
If you have questions about planning for retirement, Wright-Patt Credit Union (WPCU) is here for you. Wherever you are in your path to retirement, the experienced CFS* Financial Advisors on WPCU's Retirement Solutions team, available through CUSO Financial Services, L.P. (“CFS"), can help make retirement planning a little easier. Schedule a complimentary appointment today with one of our CFS Advisors to review your current retirement plan.