10 Tips For Successful Downsizing in Retirement

Here is an excerpt from an article by Melody Juge that recently appeared in MarketWatch:   

When planning for retirement one of the primary decisions every retiree has to make is where to live. Will you stay in your current home or will you move?

For most retirees, downsizing is the probable option.

Evaluating where you want to live and how you want to live during retirement can take years of thoughtful consideration. There are many questions to be asked and answered: do you want to live in the same community, will you move to be closer to family and friends, would you be more comfortable with a different style of home, how much space will you require, are you aiming to lower your taxes, maintenance and long term affordability?

Also consider access to quality medical care and choosing an environment that offers convenient, effortless living.

Downsizing and moving during retirement is a massive undertaking but with the proper planning can turn out to be a productive, life enhancing adventure. If you know that you will be selling your current home and moving to a more suitable residence for your retirement years, the sooner you make the decision and start the process the more manageable it will be for you. Don’t wait. A move at age 70+ will not be easier than a move at age 65.

To help you get into the moving mind-set, click here to read about the 10 tips for successful downsizing in retirement.

This information is not intended to be a substitute for legal, tax or financial advice. Consult with a qualified attorney, accountant or financial advisor for additional legal or tax advice. These materials are not from HUD or FHA and were not approved by HUD or a government agency. * There are some circumstances that will cause the loan to mature and the balance to become due and payable. The borrower(s) must continue to maintain the home as their primary residence, pay for property taxes and insurance and maintain the property to meet HUD standards or risk default. Credit is subject to age, minimum income guidelines, credit history, and property qualifications. Program rates, fees, terms, and conditions are not available in all states and subject to change.