How to Downsize the Right Way after Retirement
When the topic of retirement is raised, many people conjure up images of silver-haired folk traveling the world or puttering about in their gardens or garages. One of the best ways to enjoy these years to the fullest is to ensure that you are able to downsize your life accordingly after you have finished working. Below are a few tips that will help reduce your overall responsibilities and enable your retirement savings to last for as long as possible.
Consider Moving House
If you have children, chances are that you may still be living in a relatively large home even after the last one has successfully flown the nest. As a result, you could be spending a lot more on utility bills and property taxes than necessary, which will in turn eat into your retirement savings. Relocating to a smaller home will not only yield tremendous financial savings for you; it could potentially leave you with a lot more free time to enjoy your retirement in that you will have a lot less cleaning, yard work and overall home maintenance to worry about.
Enjoy your Living Space
Although it is usually necessary to downsize your home after you have retired, you need to ensure that you don’t go overboard in this regard. When moving into a smaller home, it is crucial that you and your spouse will still have enough space to continue pursuing your hobbies and interests without getting agitated with each other. For example, if you enjoy spending time sewing and your spouse spends a lot of time doing woodwork in the garage, ensure that your new home will still have enough space for both of you to enjoy yourselves.
Evaluate your Transport Situation
During your working years, it may have been necessary for you and your spouse to own separate vehicles because of conflicting work schedules. However, after retiring, you may find that you only need to keep one of your vehicles for your transportation requirements. Selling excess vehicles can help boost your retirement savings substantially in that you will be able to reduce your vehicle payments as well as the amount of money spent on gas and overall care and maintenance each month.
Don’t Alienate Everyone
When downsizing after retirement, it is not always necessary to move town or even out of state. In fact, you will normally be able to relocate within your neighborhood or even close to it, which will allow you to still remain close to friends and family in the area. Staying in a smaller home in the same neighborhood also means that you will not have to give up any activities that you may be regularly involved in, such as bridge clubs, gym classes or other community events.
Downsizing after retirement does not mean that you will have to be miserable for the rest of your life. In fact, if you plan correctly, your retirement years could very well end up being the best years of your life.