The Ups of Going Down for Baby Boomers: Downsizing for Retirement Living
The Ups of Going Down for Baby Boomers: Downsizing for Retirement Living
For many Americans, especially the Baby Boomer generation, retirement is either here or just on the horizon. The first of the Boomer generation to hit retirement age was in 2011 and according to the National Association of REALTORS®, the population of baby boomers entering retirement is projected to be 10,000 people a day, for at least the next two decades! I don’t know about you, but my mind is officially blown. This is the largest mass retirement in the country’s history. So, what does it mean for the Boomers? The Boomers are a generation unlike any who came before them and we are in the midst of an unprecedented housing shift.
The decision for many Boomers to downsize their homes is an important and complex choice. However, there are many upsides to “downsizing!”
- OUT WITH THE OLD AND IN WITH THE NEW – There is nothing as rewarding as an exciting life change and a new house is a big lifestyle change! Whether the kids are all moved out, retirement is on the horizon or health reasons are of concern, a new house may be just the ticket. This is a new phase of your life and you define what it is going to be, so accept nothing less than perfection! Change is good—especially if the change has a great walk-in closet or a prime garden spot!
- MONEY, MONEY, MONEY –The most obvious upside to downsizing is lowering your monthly overhead. Retirement is excellent, but unfortunately the bills keep on comin’. A smaller house means lower utility bills, which can really help retirees live well on a fixed income. In addition, if you have significant equity in your original home, there is a possibility of finding a new house and paying cash for it and (hopefully!) having some left over to add to your retirement savings.
- SINGLE STORY RULES –Going up and down stairs can become a problem with age, so think about what you would want in your ideal retirement home! You may find that a single story home is exactly what you’ve been wanting.
- EASY ON THE LABOR –A smaller house means fewer chores—less dusting, less vacuuming, less…well, everything! (and who doesn’t like that!) It is also a great time to declutter and downsize the sheer volume of stuff that has accumulated during the years in your current house. Your new lifestyle will naturally lend itself to giving you more time for the things you really want to be doing (anything but dusting!)
- DOWNSIZING, NOT DOWNGRADING –A common worry is that downsizing will mean a downgrade. The good news is, you don’t have to settle! Downsizing does NOT mean downgrading. A smaller space is much cheaper to deck out and decorate to the nines than a large house is. If you’ve always wanted granite countertops, a luxury kitchen or something else that was not possible before—now may be the time to get it!
Downsizing is not a punishment—it is a change in location to better fit your new lifestyle! It’s definitely a big decision and one that requires careful consideration of the pros and cons. Downsizing isn’t for everyone, but it should definitely be a consideration in planning for retirement; and especially for those that have an aversion to spending their golden years dusting the house.
Lisa E. Priest is local REALTOR® with Picket Fence Realty, Inc. You can reach her via phone or text at 903-948-3343 or email [email protected] or at BuyPalestine.com.
