Advantages of Downsizing before Retirement
Have you reached the stage of your life where you’re starting to think about or even look forward to retirement? If so, one of the best things you can do for yourself is to start downsizing your home and other aspects beforehand.
Here are just a few great reasons why:
Get Ahead with the De-cluttering Process
Part of the downsizing process is to determine which of your possessions you still need and which ones you no longer use or want. Although it may sometimes be difficult to let go of some items, doing so will allow you to be far more organized and keep your available space for the items you need and treasure the most.
De-cluttering will allow you to need less living space once you stop working, which leads to the next advantage.
Less Maintenance to Worry about
Your golden years are not the time where you should be worrying about how you’ll cover the cost of large home maintenance bills, a heavy mortgage and high utility accounts. Downsizing before you retire will allow you to determine just how much you’ll save on these essential expenses by moving into a smaller property, regardless of whether it’s in a dedicated retirement facility or not.
Fewer Monthly Bills
If your downsizing journey leads you to move into a dedicated senior living community, chances are that you’ll only be presented with a single monthly bill for the majority of your expenses. You’ll no longer have to worry about the added burden of yard maintenance bills or even property taxes because these are usually included in your monthly payment already.
Make Relocation Far Easier
After de-cluttering and keeping fewer possessions, you’ll find it easier to relocate than before – and possibly also have more choices regarding where you want to move to. For instance, if you’ve always wanted to move town or even to a different state, having fewer possessions and monthly commitments will make the process a lot easier for you. When searching, look for places that offer a low cost of living, decent healthcare and amenities that you’ll be able to take advantage of.
Focus on Enjoyable Activities
Downsizing before you officially retire will allow you to focus more on activities that you enjoy, such as hobbies, or even spending more quality time with your family if they’ll be living nearby. These days, retirement communities normally offer several different activities for residents to enjoy – with many of them being free or at very low cost.
Enjoy a Fresh Start
Instead of viewing your journey as just downsizing, think of it as an opportunity to enjoy a fresh start in life. Have you wanted to write a novel or engage in a new project, but not had enough time while you were working? Now will be the ideal time to tackle those goals because a lot of other responsibilities will now have been delegated elsewhere.
If you want to ensure that you’ll enjoy a financially comfortable retirement after downsizing, contact our professional advisors today.