9 Ways to Downsize When You Retire

Finally, the moment has come. You’ve been working for the better part of your life, and now it’s time to reap the benefits in retirement. It can be a welcome relief to leave the workforce. There’s now an unlimited amount of time for travel, leisure activities, visiting with children or maybe grandchildren – the options are endless. It’s an exciting time, but as you enter retirement there are also a few things you should consider. There are ways to make your life easier and more feasible. Make your retirement fund last, and even add to it by downsizing.

Check out the 9 best ways to downsize and enjoy your retirement to the fullest.

1) Move

When retirement comes, many couples find they are living in a house that’s too big for them. If you made the decision to start a family, you probably bought a house that could accommodate your family and loved ones.

If you had children, it’s likely they flew the coup a while back. This leaves you with a half empty house. Downsizing to a smaller home can save money, especially if your mortgage is already paid off. The housing market has been a little shaky, so it may be wise to consult a realtor to get a realistic estimate on your current home’s value. Then it’s time to start looking for a smaller space. Once you make the sale, you’ll be able to pay for your new digs in cash (no mortgage!). Downsizing like this should also leave you with some extra money to add to your nest egg.