After decades of focusing on building your assets, retirement is the time you are finally able to sit back and enjoy your nest egg. You may consider downsizing to a smaller home to increase your savings, so it will last for what could potentially be 30 years without working income. But moving to a smaller space later in life can often seem overwhelming and daunting.
Downsizing in retirement can be the change retirees need to kick start their new life in retirement. New friends, fun activities and having a fresh start while also tackling expenses can allow individuals to focus on what matters most to them. Retirement can offer an individual the opportunity to craft the next stage of a vibrant and fulfilling life. Reducing the monthly expense spent on housing is one obvious benefit of downsizing, but often overlooked is the ability to sell a too-big house that has appreciated and invest the profit to generate income in retirement. Many retirees will live 30 years or more in either full or partial retirement, thus crafting an income generation plan with growth is imperative.