How Do I Downsize After So Many Years?

Blog 19 December 2019

Retirement is a time in many people’s lives where a lot of big changes get made. Some of these changes are fairly complex and can take some work and planning to get right. One aspect of the work that can sometimes weigh on us a bit as we approach retirement is the question of where and how we’re going to live.

You’d be forgiven for not particularly liking just how complex some of these decisions can get. After all, retirement is a deeply personal and emotional decision and you don’t want to have to worry about jumping through a series of hoops to make it happen.

In this article, we want to talk a bit about a popular move for many in retirement, downsizing their living arrangements. Downsizing gives many retirees the freedom and flexibility to live the way they want to, and we want to unpack some of the reasons why it could be the right move for you.

What does downsizing mean?

Downsizing is all about simplifying how we live. It is about taking a careful look at what we want from our living arrangements going forward and acting on that. Downsizing definitely does not entail down grading. In fact, for many it means making the jump into a much more luxurious living arrangement. Let’s look at some of the reasons why downsizing can be a smart move for so many.

Simplicity

Downsizing brings an opportunity to simplify your living arrangement. Smaller spaces are easier to coordinate, often require far less in terms of maintenance, and can drastically cut back on the amount of thought and planning that goes into keeping your home in order.

Simple home arrangements that don’t demand the world of you can be a welcome change. Making life easier and simpler even for those who have enjoyed big and spacious living arrangements for most of their lives.

Financial freedom

Downsizing often brings with it the opportunity to firm up your financial preparations for retirement. It can make it possible to generate a liquid asset that can help you address any unexpected shortfalls, and even make it possible to partially or completely eliminate mortgage repayments from your recurring expenses.

The added reduction in consumption across utilities and services that you use to maintain your home will also often come as a welcome relief to the bank account. 

Location

Downsizing also brings with it the chance to change up not just what kind of home you live in, but also where that home is. Those entering retirement may want to move closer to their family or even make that sea-change/tree-change that they’ve always thought about.

Those who already live in an are that they love can downsize and stay exactly where they are! Retiring in an area that is familiar to you, in a home that suits your needs, is a great option for those who know that they’ve found the right place for them.

Planning for accessibility

Planning for retirement also means planning for our later years. While it might not just be about the size of the house you’re living in, homes that have fewer obstacles to safe and autonomous living in older age are a great step for those looking to stay independent well into the older years.

Thinking more about retirement? Think The Village

The Village Retirement Group is a collection of retirement communities designed to take the complexity out of your living arrangements in retirement. If you’re looking for the next step, you can book a tour with us at one of our communities and come see what your next move can look like.

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