For couples approaching retirement, downsizing, upsizing or rightsizing may be a hot topic. When you envision retirement together, consider the best circumstances for enjoying the new stage in your life. Even if rightsizing isn’t an immediate requirement, it is important to begin a discussion about future needs, wants, and wishes together.
We have 5 major things you should consider with your partner before downsizing.
1. PHYSICAL HEALTH
If you or your partner has health complications that are not suited for the current layout of your residence,
moving can have significant benefits, especially if mobility is an issue. Something as simple as moving to a home with a simpler layout may go a long way. Remember it’s better to move when you can, not when you must.
2. MENTAL WELL-BEING
If the thought of caring for your yard, multiple bedrooms, or general upkeep seems stressful rightsizing can be a good option. It may also be time to consider services near you that can help you keep up with the overall upkeep of your home, help you declutter, or do space planning.
3. FINANCIAL PLANS
Being realistic about your finances is a great step towards planning for retirement or rightsizing. In many cases retirement savings has a limit for what is covered. Making solid financial plans for retirement or creating a financial plan while in retirement may help you decide if a move could save you money. AARP has a retirement calculator to get you started. https://www.aarp.org/work/retirement-planning/retirement_calculator.html
Retirement may be a time where you decide to move closer to children or grandchildren to make new memories with family. It’s important to consider this prior to the downsizing process and have a plan in place for spending time with, visiting, or in some cases living with a family member. Factor in the perceived need for help and what you and your partner envision for your relationship with your family. In some cases seniors opt to upsize and share a home with close family and friends.
Are you active? Do you want to travel? Your lifestyle is a great determining factor for where you plan to spend retirement and where you decide to settle for this exciting part of your life. Retirement is different from what you may remember it to be for your parents or grandparents. Choose a moving option that fits your retirement lifestyle wishlist.
Quite often, embarking on something new like rightsizing can be new, exciting, and in some cases frightening. Having open and honest conversations about the next steps in your life can ease some of the anxiety and uncertainty surrounding this topic. Considering at least one item on this list can give you a great head start.