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Home Downsizing In Retirement

Downsizing Home in Retirement

Financial experts suggest carefully evaluating monetary, personal comfort, and family needs when considering downsizing upon retirement. Weigh the pros and cons.

ELIZABETHTOWN, Ky. – Question: Should I downsize my home when I retire?

Answer: Retirement is usually a time of major life changes ranging from not working full-time to modifying where and how you choose to live. With regards to the latter, there are significant pros and cons to downsizing/rightsizing and it may not be the right choice for everyone.

To help decide if moving to a smaller or differently configured living space makes sense for you, there are a few key questions to answer. Perhaps the most important is what is affordable based on your income and expenses in retirement?

First, calculate the cost of your current housing by totaling monthly mortgage or rent payments, utilities, annualized maintenance, insurance premiums, etc. If you have an existing low-rate mortgage, significant built-up equity, already live in your preferred neighborhood and the home meets current as well as possible future physical requirements, perhaps aging in place is a viable option.

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