Downsizing for Retirement: Why You Should Do It Now
The COVID-19 pandemic has had a profound effect on the world, including causing nearly 2.77 million of those above the age of 55 to consider retiring before they had previously expected to. The combination of work fatigue combined with well-performing retirement accounts and home values increasing at a record pace has caused people to rethink what they want from their life.
After decades of your life being pushed and pulled to the demands of work, family obligations, and saving to get to retirement age, when it comes time to retire, following through on your retirement dreams can feel daunting. Downsizing for retirement is one way Americans can take the next steps forward into the life they’ve wanted to live.
If you’ve been considering downsizing, keep reading part two, the final part in this blog series, as we consider the financial benefits of downsizing. Don’t miss the first set of benefits of downsizing for retirement. Read the blog here.
Housing Price Increases
Over the past several months, the housing market in many cities has been exploding, causing record sales prices and quick closings. Most likely, this has been caused by a combination of low market inventory, low interest rates, and a desire to relocate after the pandemic lockdowns.
There’s a good chance your home has a decent amount of equity built up that you can capture to use for your retirement goals. Keeping your money wrapped up into property that has become much bigger than needed for your current lifestyle.
Downsizing to Lower Monthly Obligations
Large homes come with a large price tag. Property taxes are higher, as are utilities, repairs, and other home expenses that could be eating away at your retirement money.
Living in a hotel-inspired retirement community, surprise home costs are a thing of the past. You no longer have to worry about repair bills or the air conditioning going out.
Free Up Time Used on Housework
There is a lot of work involved in owning a home, and the bigger the home, the more work it involves. Downsizing decreases the time spent on household chores and maintenance to keep the place up to your standards. Consider what you would rather be doing than scrubbing toilets and trimming plants!
Choosing a luxury retirement community means having what you need on hand. With independent and assisted living options at LivGenerations Ahwatukee, you can say goodbye to tedious chores in favor of living how you’ve always wanted to.
Release Yourself From Too Much Space
There comes a point in time when you realize you just have too much – stuff, space, tasks. Two-stories may be more than you want to handle and a one-story home can seem a lot more practical than carrying loads of laundry up and down stairs.
Downsizing and clearing out clutter is also beneficial for your health. When there is so much to do and you’re surrounded by a lot of stuff, you can get stressed out easier. Life can be simpler with fewer things around us and less space to take care of.
Self-esteem and mood also seem affected by the accumulation of clutter. When you simplify, it’s easier to live in the present and free up your mental energy for more important things.
Ready to make the jump to a simplified life? These tips will help you get started!
Discover the Time to Travel
Preparing to leave for vacation can be stressful, and then you have to worry about your home being left unattended while you’re out of town. Or, you could be prevented from traveling simply because you’re being held back by the cost of owning your home.
Free up the time, the funds, and the responsibility of homeownership and use that to travel where you’ve always wanted to go. Downsizing for retirement can help you explore new places and learn about the history behind them.
Meet New Friends in Retirement
Downsizing for retirement allows you to control where you live. Relocate closer to friends and family to maintain strong relationships with them! Keeping up with these relationships can positively affect both health and lifespan for retirees.
If you’re feeling isolated in your current home, downsizing might be the option for you. You can take the ‘fresh start’ approach and find somewhere new to live where you can make new friends. Either way you go, you can find some weight lifted off your shoulders by downsizing for retirement.
Seize the Day in Retirement
A large portion of our lives is spent handling the responsibilities of work and adulthood. Now that you’ve made it to retirement age, you have the opportunity to shift that balance and take advantage of everything life has to offer you. Choose to spend your time with new hobbies, new friends, and learning skills you’ve always wanted to have.
LivGenerations Ahwatukee brings luxurious home comforts together with vacation-inspired living to make retirement a dream. Come home from vacation to fantastic amenities and events to keep you engaged in mental, social, and physical health.
Are You Ready to Downsize for Retirement?
It’s easy to let your physical health slide or stop engaging your brain after you’ve stepped back from the workplace. Discover the balance of fitness, mental stimulation, relaxation, and building new relationships in retirement.
Downsizing for retirement expands your options, giving you ample opportunity to choose the life you want to live, free up your time, and lower your day-to-day stress.
Consider upgrading to a resort-inspired senior living community for your retirement and take advantage of fantastic amenities and activities to keep you thriving into retirement. Set up your appointment at LivGenerations Ahwatukee to see what your life in retirement could be like.