Anyone who has even a passing acquaintance with this blog knows that I am interested in downsizing — primarily because I’m smack dab in the middle of the process myself. We sold our house last summer, and we’re living in a one-bedroom condominium for the time being while we look for our more permanent retirement home.
I recently ran across this article from my friend Jeremy Kisner, who writes a blog for Surevest Wealth Management in Phoenix, Arizona. It was listed as one of his “best” articles of 2016. I’ve made a few minor changes for space and format, but the message remains the same:
Many Baby Boomers will downsize their current residence at some point during retirement. People downsize for a lot of reasons: they retire, get divorced, want to save money, or just get tired of maintaining a big house and/or yard. Research shows that most people prefer single-family, one-story, low maintenance homes, and most (69%) still want a yard or a garden.
Few things will have a bigger impact on your lifestyle or your financial plan than where you live. Housing is one of the biggest (if not the biggest) expense for most households, including retirees who do not have a mortgage.