The Must-Discuss Aspects of Downsizing During Retirement

One of the most critical aspects of the decision-making process for a retiree is deciding where to live once they retire. Choosing where you want to live and the way you want to live during your retirement requires careful consideration. Do you want to stay where you are or move?  What are the financial benefits to downsizing? Even though it appears to be a massive undertaking, downsizing and moving can result in a productive, life-enhancing venture.

From deciding to live in the same community, moving closer to friends and relatives, moving for a better climate, which is best? To decide you will need to consider the pros and cons of each. This will require a bit of research as you explore the cost of each avenue and if each will provide you with the type of lifestyle you are seeking to live.

Downsizing

Opting for downsizing can be a savvy financial move even though you might feel the undertaking to be a bit emotional and daunting. The time you decide to downsize is critically important. One advantage of downsizing during the early phase of retirement is that the mortgage payments and other similar expenditures such as real state and utility taxes could decrease. If you own you home currently selling and purchasing lower cost housing could allow you to increase your retirement fund However, you may wish to wait for a sellers’ market to get top dollar from your home.

Forming a Manageable and Organized System

Once you make the decision to downsize you will want to go begin the process of reducing your possessions. Decide what you will take, donate and pass on to family members and friends. You can use a color coded labeling system to streamline the process. For instance, use a white label for the items that you will be keeping with you while availing the blue ones that will be going to charity, green for family or friends.

Contact a Real-Estate Agent

Work with a real estate agent that is willing to help you downsize and aid you during the sale and relocation.

Packing All the Boxes

Employ smaller boxes and make sure that you are smartly detailed during the labeling procedure. Craft a complete description of what consists inside the box and securely attach the label to the box. Apart from that, be specific and strategic while creating labels for different rooms and put a large label for rooms such as the pantry, kitchen, guest room, master bedroom, home office, den, attic, and garage, etc. If you are hiring professional movers, many offer packing services and while there is an additional expense it can make the entire moving process smoother and less stressful.

Hiring the Movers

When looking for the best movers in your locality, keep in mind that cheaper is not always a reliable option. Be exact and detailed regarding your individual requirements and thoroughly comprehend exactly what you are paying for while hiring the movers. Ensure penning down all the details in the written contract, as the people at the moving firm making the basic arrangements will not be the same ones coming to the day of the actual move.

Finally, ensure that you are staying within your budget as downsizing is all about smartly organizing your finances. Follow these steps to enjoy hassle-free new beginnings as you embrace your retirement.

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