Showing posts with label how to downsize after retirement. Show all posts
Showing posts with label how to downsize after retirement. Show all posts

Friday, September 24, 2021

How Seniors Can Downsize Successfully

 Eventually, nearly every senior citizen will need to downsize. They may plan to make this change years in advance, by selling the home where they raised their family, and then purchasing a smaller house or condo. On the other hand, some seniors may be forced to downsize suddenly and unexpectedly.  For example, they may suffer a health event, be diagnosed with a disease which could leave them progressively less able to take care of themselves, or be faced with financial problems which force them to downsize.

Whether you have planned to downsize years in advance, or you suddenly realize it is something you need to do as soon as possible, it is smart to plan as well as you can, so the move goes smoothly.  

You may find it helpful to read "The Art of Happy Moving: How to Declutter, Pack, and Start Over While Maintaining Your Sanity and Finding Happiness."   (Ad) It will help you think carefully about which items to keep and how to let go of things which once brought you joy, but are no longer needed.

This week's guest post will also help you make the necessary changes in an organized manner, easing your stress, and helping you find peace with the decisions you are making. The guest post is below:

What Seniors Need to Know to Downsize Successfully

Downsizing is something many seniors decide to do during retirement. Often, living with less can be both rewarding and more affordable than staying in your current home, but the transition still comes with challenges. Here are things you need to know to ensure your downsizing experience is successful.

Let Go of Belongings in Your Own Time

Getting rid of your belongings can be complicated. Take your time and ease the process with these tips.

     Understand and accept that you may have complicated emotions about downsizing.

     Try methods such as the Marie Kondo technique to help you feel at peace as you say goodbye to belongings.

      Find out where best to donate your previously loved possessions.

Consider the Current Housing Market

Evaluate how the housing market will affect your decision to buy or sell.

     An appraisal calculator will help you estimate the value of your home.

     Learn about the process involved in selling your home by discussing it with an experienced Realtor.  You can get suggestions which will help you sell your home, as well as get rid of your unnecessary belongings, by reading an additional article on this blog:   "Tips to Sell Your Home and Downsize or Move to Assisted Living."  It has many practical ideas. 

     Choose whether you want to rent or own in retirement. There are advantages and disadvantages to either choice.

     Use sites such as Rent.com to help you find an excellent rental property, if this is what you decide to do.  Consider a wide variety of possible locations and decide whether you want to live in your current neighborhood or move to a new one. If you are moving to a new city or a different part of the country, it could be wise to rent until you are sure where you want to settle permanently.

Decide What Type of Housing You Need

Choosing where to move during retirement is an essential step in the process. Think about why you are moving — and where you plan to go.

     Contemplate how a move to a smaller home can help you save on expenses.  This could help you decide if a condo, a single family home in a new neighborhood, or a home in an over-55 retirement community is the correct, affordable choice for you.  

     Understand what assisted and independent living offer, if those options apply.  Many of these communities offer progressive solutions, where you start out in an independent living condo or apartment, and gradually shift to receiving assistance, as needed.   In many cases, that means you can move once and remain in that home for the rest of your life, with help, should you ever need it. 

     Make a decision on whether you want to live near family.  You may want to live near your grandchildren or your own elderly parents.  However, you also need to decide if you will want to stay in that location if your elderly parents die, or if your adult children are offered a transfer which requires them to move to a new location.  Consider your own needs before you uproot your life to move, if your only reason is to be near your family.  Make sure you are able to visit them, however.  You also do not want to cut yourself off from easy contact with them.

Whatever reason you decide to downsize, doing so successfully can be a challenge. You need to think about what items you will need to get rid of, where to move, and whether to buy or rent in your new location.  There is a lot to consider, so the sooner you start and the more time you allow yourself to make the transition, the easier it will be. Fortunately, these tips offer a great starting point for life’s next adventure.


You can find gifts for retirees and others at my Etsy Store, DeborahDianGifts:  http://www.etsy.com/shop/DeborahDianGifts

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Photo credit: Pixels

Tuesday, October 8, 2019

Downsizing Tips for Seniors - How to Handle the Change


Sooner or later, many seniors discover that they need to downsize.  They may be moving to a smaller home in a new community, to a retirement condo, or to an apartment in an Assisted Living community.  Regardless of where they are moving, the decision can be complicated and often seniors feel overwhelmed.  What should they keep and what should they get rid of?  How do they choose?  Where do they begin?  No wonder so many seniors feel paralyzed by all the decisions they have to make.
This month we have a guest post from Michael Longsdon from Elder Freedom, which describes itself as "an organization of advocates working for the older adults of our community. It is our mission to help locate resources, events, and engagement opportunities to help enrich the lives of seniors." Mr. Longsdon has helpfully put together this information which will make it easier for seniors to downsize.

In addition to the information below, you may find it helpful read a book such as:  "Decluttering at the Speed of Life." (Ad) It has some great ideas for sorting through your belongings and purging your home of what you do not need.  

Three Strategies for Downsizing Which Every Senior Needs to Know

by Michael Longsdon
Downsizing is a popular lifestyle move today. The potential benefits include everything from stress relief to discovering what you truly love in life. But for seniors who are moving to a new house, there are more complex emotions and physical hurdles in your path. Here are three strategies for downsizing which every senior needs to know before it is time to pick up the new keys.
Downsizing 101: Paring Down the Smart Way
Getting rid of possessions can be fraught with emotion. Ideally, you should be getting rid of things which are merely taking up space. But in many cases, you will struggle to let go of objects which have some significant history. Whether it is a painting which you do not like, but kept because of family ties, or a piece of furniture you did not want, but have grown to love, detaching from possessions is a process.
Ideally, you should start working toward downsizing well in advance of a move. Sifting through belongings should not be a rushed process. Instead, start with one room in the house and begin sorting everything into piles. Choose a bin for donating, a box for keeping, and have the trash can conveniently located, too.
Consider how much space you will have at your new place and pare down accordingly. Think critically about each item and decide whether you need it. Creating a focus for your life moving forward can help. Think about whether the item will benefit you in your new life. Will it bring you joy, or will it remain in a box for years after your move?
Choose things which make you happy and contribute to your daily enjoyment of life, in general.
House Search: How to Find the Right Fit for Your Golden Years
Finding the right home to live in through your golden years is crucial for your future happiness. Your first consideration is whether to buy an already-accessible home or one you need to modify. An older property, or one needing upgrades, will cost less up-front than a modern and well-equipped home.
Depending on the remodeling costs, you may find that purchasing a home that already has what you need is ideal. For example, the areas where remodels are most likely necessary are the bathroom and kitchen. The average cost to remodel a bathroom in Fort Worth ranges between $5500 and $14,000, while the average cost nationally for a kitchen remodel is around $22,000. 
If you have the budget—and specific ideas about the layout or features of your home—opting for a remodel might be the best option. Conversely, choosing a home with accessibility features already in place is often a wise choice, especially if you do not have time to manage a project.
Features such as wide doorways and halls, grab bars in restrooms, low kitchen countertops, and low-graded entries are highlights of universal design homes. In universal design, accessibility is streamlined into the overall home layout and plans—no remodeling necessary.
Decide what is best for your budget, timeline, and enjoyment of your new home before making an offer on a new place.
Making the Most of Your Move
Moving can be emotional and stressful, and if you are downsizing after living in your family home for decades, the move can feel traumatizing. The best plan for preparing for a move is to start as early as possible. This way, you can take time to adjust to the idea of living somewhere new.
Research your new neighborhood and find out what is amazing about it, and consider local amenities and community perks. While moving always has drawbacks, there are many positives you should recognize, too.
If you are interested in learning more about where to live after your retire, financial planning, Social Security, Medicare, or common medical issues after retirement, use the tabs or pull-down menu at the top of the page to find links to hundreds of other additional articles.
You are reading from the blog: http://www.baby-boomer-retirement.com
Photo credit: Photo provided by Elder Freedom; the source was pixabay.com/photos/kitchen-kitchenette-apartment-room-2094707/

Wednesday, December 26, 2012

The Downside of Downsizing your Home

For anyone who has been planning their retirement very long, you know the importance of having a balanced budget after you stop working.  For many people, an important part of their financial planning involves downsizing their home so they are better able to balance their income and expenses.  Frequently, this is referred to as simplifying your life.  Some people, however, have difficulty creating this simpler lifestyle for themselves, and this can cause serious financial problems.

Five Pitfalls to Consider when Downsizing Your Home

Here are some of the most common problems that people experience when they decide to downsize.  By being aware of them, you may be able to avoid them.

1.  Does moving to a smaller home mean that you will be renting storage space for all those items that will not fit in your home or garage?  When my husband and I first downsized from a large home to a small condo, we rented two storage units that were 10 x 20 feet in size.  We filled those storage units with extra bedroom furniture, formal living room furniture, boxes of books, old toys left behind by our children, lawn equipment and tools we no longer needed.  We stored those items for two years until we finally dispersed them among our adult children or gave them them away.  We spent over $350 a month in storage fees for those two years, which means we spent over $8400 to store things we neither wanted nor needed.  I hope that other people will avoid our mistake. Make sure you get rid of everything you no longer want before you move to a smaller residence!

2.  Are you planning to recreate the quality of your former house in your new home?  This is another common problem.  Many retirees are purchasing smaller, less expensive homes, and then spending tens of thousands of dollars more to decorate them with luxurious drapes and plantation shutters, or remodel them so they feature granite counters, custom cabinets, designer wallpapers, and upgraded flooring.  By the time they have recreated their old home, the retirees discover they are living in less space but spending almost as much money.

3.  Another temptation some retirees need to avoid is the idea that they are saving so much money on their primary residence that they can now afford to buy a second home, an RV or a timeshare.  Their monthly obligations can quickly grow to the point where the retirees are actually spending more in monthly living expenses than they had been spending prior to "downsizing!"

4.  One adjustment that may be difficult for many couples is the crowded living space.  Couples may become irritable with each other if they feel they no longer have their own space to pursue hobbies or just get away from each other to read, nap or relax.  When you downsize, make sure that each of you will still have some private space ... a home office, basement game room, or a bedroom that has been converted to a sewing or hobby room.

5.  Finally, before you move to a new neighborhood you need to give careful thought to what you will be leaving behind.  Will you miss your neighbors?  Will the move require you to change your church, find a new book club, or switch doctors and dentists?  Would it be possible for you to avoid some of these changes by downsizing to a nearby community rather than one in another town or state?  Make sure you are emotionally ready for any changes that will result from your move so you can avoid depression and similar psychological effects.  It may help if you choose a new location that is actually closer to some dear friends or family members.  This will lessen the pain of leaving other friends and family members behind.

Before you decide to sell your current home and move someplace smaller, you will need to plan carefully and have realistic expectations.  If your goal is to save money, make sure that the changes you make will achieve that goal, while minimizing the amount of disruption you will experience.   You want to have a balanced budget, but you will also want to have a satisfying life.  This has always been important to Baby Boomers and those two goals do not need to be mutually exclusive.

Downsizing or simplifying your life prior to retirement can make a lot of sense, if it is done right. Take your time, write out a budget and make sure that both of you are comfortable with the decision and the changes you will be making.

If you are preparing to retire, use the tabs or pull down menu at the top of this page to find links to hundreds of additional help articles on a wide variety of topics.

You may also be interested in reading:

The Best Sunny Places to Retire
Do You Need a Million Dollars to Retire?
Cheap Places to Retire

You are reading from the blog:  http://www.baby-boomer-retirement.com

Photo of house courtesy of www.morguefile.com