Thousands of senior citizens enter retirement every day. Retirement is the light at the end of the tunnel for many working seniors, and many look forward to new experiences retirement can bring. One part of retirement many seniors look forward to is downsizing homes. Downsizing homes is simply moving to something smaller. According to a Zillow report, 46% of senior citizens who sold their homes in 2017 were downsizing. Downsizing has many perks, so if you contemplate the idea of downsizing homes, here is why it makes sense to downsize when you retire.
You save money
There is one thing you typically need to retire with, and that’s money. If you do not have money saved for retirement or another source of income, you would likely only receive money from your monthly Social Security check. With the average Social Security check being $1,430 in 2021, it might be hard to maintain your lifestyle if you are a big spender or have expensive utilities when living off your Social Security check.
A smaller house typically means lower utility bills, property taxes, and mortgage payments. For example, a 2016 Forbes article stated that downsizing from a 3,000 square foot home to a 1,000 square foot home could reduce your monthly electric bill by as much as $200. You will likely see a drastic change in your bills when you downsize homes.
Having money set aside for your monthly Medicare premiums and healthcare costs is also essential for retirees. You could use the money you save with downsizing to fund your Medicare premiums or put towards your savings for healthcare costs. If you are nervous that your savings will dwindle fast in retirement, consider downsizing to help save money.
Declutter your belongings
If you have lived in your current home for quite some time, you likely have accumulated many belongings over time, such as holiday decorations, memorabilia, and even clothes. When you have not moved in years, there are probably loads of unnecessary items you have stored away. Downsizing in retirement helps you declutter your belongings and get rid of old things.
When you begin to pack up, go through your items and see what you have not used in a while. For example, you can go ahead and get rid of that souvenir cup you bought at the amusement park forever ago, and if you have furniture that has not been used in quite some time, consider selling it.
If you have enough items to get rid of, consider setting up a garage sale. If you have things people would buy, a garage sale would be perfect so you can put more money in your pockets and say goodbye to the past!
Better home navigation
When you grow older, you may notice that your mobility is restricted, and you can’t move around like you used to. If you live in a large home or have stairs, it makes sense to downsize when you retire. If you require a wheelchair, walker, or cane, you don’t want to walk a long distance when moving from one room to another. Also, climbing stairs every day can be exhausting and potentially dangerous.
Downsizing can help make it easier to navigate your belongings and could help combat your fear of tripping hazards when walking throughout your large home. Having a simple, one-story home can relieve more stress that you didn’t know you even had.
There are numerous reasons why it makes sense to downsize in retirement, and these are just a few. If downsizing in retirement sounds intriguing to you, begin to research where you would like to downsize too. The options are endless!