Why Downsizing for Retirement Right Now is a Good Idea

Posted on 08/02/2021

Roughly 2.7 million Americans over the age of 55 are thinking about retiring earlier than they'd originally planned due to the COVID-19 pandemic. With fatigue resulting from the past year in combination with healthy stock portfolios and high real estate values, it's no wonder that people are considering starting their golden years earlier than expected.

When you've been in the workforce for decades, your life has likely been dictated by the demands of work, family, and saving for retirement. Now that you've finally made it, it can feel overwhelming to press "go" on your retirement dreams.

One option that many Americans opt for is downsizing for retirement. With less need for a big house filled with a lifetime's worth of possessions, downsizing can be a path to living the life you want to live.

Are you finding that you're constantly asking yourself: should I downsize my home? In part two of this two-part blog series, we dig into more of the financial and social benefits of downsizing. For the first seven benefits of downsizing for retirement, check out part one here.

Seller’s Markets Mean Higher Sale Price

You've probably noticed that the real estate market has been a bit crazy recently. Homes are selling for record sales prices and in record time due to low interest rates, low inventory, and the drive to relocate caused by the COVID-19 pandemic.

Chances are you have quite a bit of equity in your home, and selling now could free up your money so that you can put it towards what matters to you. There's no reason to keep your hard-earned money frozen in a piece of real property that is too large for you and your current lifestyle.

You can hear predictions pointing in both directions when it comes to the future of the real estate market in the US. For now, though, it's definitely the sellers who have the upper hand in many markets.

Downsizing Can Lower Monthly Bill Payments

When you own a home that's way too big for you, it comes with a high price tag. Things like property taxes, utilities, home repairs, and more can take away from your retirement money.

When you choose to live in a resort-style retirement community, you'll never have to deal with surprise home costs again. This allows for easier budgeting, meaning that you never have to worry about the day the repair bills come in the mail.

Removes the Burden of Chores and Maintenance

Owning a home is a lot of work, and this only becomes truer with a larger property. When you reduce the size of your home, you can reduce the amount of time you spend taking care of the place. Chances are there are other things you'd rather do than mow the lawn and fix the leaky faucet, and downsizing can give you your precious time back.

When you choose an independent luxury retirement community like LivGenerations Mayo, you'll have everything you need, including routine housekeeping. This means that you no longer have to be burdened by daily chores and you have the time to live the life you want to live.

Say Goodbye to Too Big House and Too Much Space

Let's face it, there is such a thing as having too much of a good thing. It's possible to have too much stuff, have too much space, and have a too-long to-do list. As you get older, you might find that a one-story living space is much more convenient for your needs, and your multi-story home is no longer as practical as it used to be.

Downsizing is even good for your health. Having too much stuff and too many responsibilities can leave us stressed out. Do you want to spend your time stressed out about maintaining a house that's too large or finding something that you know is here somewhere? Probably not.

Having fewer belongings can also help you to live in the present. A number of studies have found that your mood and self-esteem can be profoundly affected by clutter. It can be a huge boon for your mental health to get rid of stuff that's been weighing you down and cluttering your space for years.

When you’re ready to make the move and downsize for retirement, take a look at these moving tips to help you get started.

Find the Freedom to Travel

How many vacations have you not gone on because you didn't want to leave your home unoccupied for too long? Or because the financial burden of owning your home prevented you from making the trip?

When you downsize for retirement, it can free up time, responsibilities, and money so you can come and go as you please. There is something remarkable freeing about not owning a large property, and you can use that freedom to discover the world.

Discover the Opportunity to Meet New Friends

When you downsize, you can choose a completely new place to live, or you can choose to move near friends and family. Being near those you love and having strong social connections can have a majorly positive impact on your health and even increase your life span.

Are you living in a home that served a purpose in the past but now leaves you isolated from the people you want to be around? Downsizing might be a reasonable option for you.

It can be incredibly rejuvenating to downsize, giving you the opportunity to start somewhere new and have a new chapter in life. There can be a sense of 'emotional liberation' that accompanies downsizing for retirement.

Live Life to the Fullest Extent

The bulk of our lives is taken up with work, responsibilities, and saving for retirement. Now, you've finally made it! This means that this is your opportunity to live life to the fullest and get the most out of life. When you downsize, you don't have to be burdened with a property or stuff that is no longer useful to you in your current life stage. You can spend your time learning new skills, taking up hobbies, or enjoying new friends with similar interests as you.

At LivGenerations, we offer resort-style amenities to make your retirement everything you could have dreamed of. The only thing better than taking a vacation at a resort is living where you can get all the benefits of resort life at your fingertips!

Downsizing For Retirement: Is It the Right Path For You? Having a healthy retirement means keeping your brain and body active after you've left the workforce for good. It also means allowing yourself time and space to relax and build relationships. Downsizing for retirement can offer you more opportunities to live the life you want, reducing your responsibilities and freeing up your time to be spent in the ways that are important to you. Learn more about the benefits of downsizing to upgrade your retirement in the news here.

If you're thinking about downsizing for retirement, upgrade to a luxury senior living community with resort-inspired amenities and activities designed to help you thrive in retirement. Schedule an appointment with LivGenerations Mayo Blvd to see your next home in person, today!