Should You Consider Downsizing?
There are certain advantages that come with downsizing to a smaller home. Consider these reasons for downsizing as you approach retirement.
Now that you have an empty nest, it’s time to consider the benefits of downsizing. If you’re looking for tips on downsizing to a smaller home, check out some of the cost estimates above, and see how much you stand to save.
When it comes to downsizing, there are several options. Whether you’re partial to a smaller single-family house or an apartment, a senior community or a condo, there can be many advantages to making the move. There’s less to clean and care for, perhaps fewer stairs to climb and your new space may be better suited to your retirement lifestyle. But downsizing especially impacts your life in a place you’ll quickly notice – your budget.
Now that it’s only you, or you and a spouse, you no longer need as much room as you once did for your growing family. Why not cash in on that? Downsizing in retirement generally means that you can save a good deal of money.
Instead of paying for space you don’t need or use, you can downsize and put those funds toward travel, retirement savings or even life insurance, to help ensure your loved ones are taken care of financially after you pass.
- Rate generated from FHA Mortgage Calculator assuming a 30-year mortgage, with 20% down payment, 1.25% taxes and .35% homeowners insurance expense on May 30, 2018.
- 2015 Residential Energy Consumption Survey (RECS), U.S. Energy Information Administration, 2018.
- How to Budget for Home Maintenance Costs, HGTV, 2018.
- Sample monthly premiums for 10-year Term Life insurance with benefit amounts shown for a Female and Male at age shown. Rates are Preferred Platinum and are guaranteed to remain level for the 10-year period. Monthly premium rates are available via EFT (electronic funds transfer). Actual premiums can only be determined by a full application and underwriting process, including some medical testing at our expense. Depending on your exact age and healthy, your actual rates may be higher or lower. Standard form numbers ICC15 FGCLT01-01 in most states. Not all plans are available in all durations and at all ages. Some features may not be available in all states.
ALIC51519 (exp. 10/20)
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