For some seniors, downsizing isn’t just a difficult decision but an actual economic necessity. As more Baby Boomers and Gen Xers near retirement age, downsizing might be the only way they can afford to stay retired.
If you’ve considered selling your home for something smaller, there are a few factors you may want to consider. First, think about your personal reasons for downsizing — economic or otherwise. Second, consider what kind of home you’d like to move into. Finally, you’ll need to figure out whether selling your home would financially support the first two factors.
It’s not a fun situation — unless you’re planning to move somewhere exciting or close to your adult children — but downsizing can be a prudent financial decision that can set you up to live out your retirement years in comfort.
