By Andrea Needham
Retirement should be a time to enjoy yourself. This is why so many retirees decide to downsize before they enter their golden years. If you have been considering making this move for your retirement, you may still have questions. DAV Auxiliary Unit 8 invites you to read on for helpful resources to make an informed decision and make downsizing easier.
What Does Your Retirement Budget Look Like?
If you’re still on the fence about downsizing, you need to ask yourself this question. Every senior should take a look at their budget before they make any plans for retirement.
● Use a retirement calculator to figure out how much you need in savings.
● Carefully weigh potential financial pros and cons of downsizing your home.
● Also, use a tool like this one to figure out how much you can afford for a new home.
Have You Considered Health Care Costs?
As well as the cost of living, you also need to include expenses related to your health and wellness.
● You can research average retiree health care expenses but also look into insurance options.
● Investigate options and have a plan in place for potential assisted living or nursing home needs.
● Learn about what Medicare covers and your coverage choices.
Are You Prepared for the Process?
Moving from one home to a smaller one can take some real work in terms of your time, effort, budget, and even your emotions. Make sure you’re ready for each step ahead.
● One of your first steps should be to declutter as this project can take time.
● It’s normal to experience a range of emotions while downsizing and decluttering.
Have You Made Plans for Your Home and Move?
You may be busy decluttering belongings and processing your emotions, but don’t forget to plan for your move, too.
● Make sure your new home has all the space you need, especially if you are running a business or working out of your home. A room for a home office is ideal.
● To make your big move easier, also budget for a moving company.
● Remember, it takes time to settle into your new home, so be patient with the process.
● Secure your home with smart cameras, lights, locks, and a doorbell.
Moving to a smaller home can provide you with the freedom you are looking for to truly enjoy your retirement. It’s a big decision, so be sure to weigh your options carefully.