Downsizing for retirement takes planning, hard work and time. It involves organizing your current home, donating unwanted items, putting your house up for sale and moving to a new location. Some people hire experts to help, while others rely on friends and family for support.
Millions of older Americans are choosing to go small in retirement. According to a Zillow report, 46 percent of baby boomers who sold homes in 2017 were in the process. Downsizing is a major decision, influenced by unique financial and emotional factors. Decluttering a large home is no easy feat. Selling your house, finding a new one and moving your belongings adds further complexity.
In this guide, we explore the reasons people downsize for retirement and share advice from experts on how to navigate the transition. We also look at other aspects of the process, such as getting your home market-ready and estimating moving costs.
“Downsizing involves letting go of 70 to 80 percent of the belongings it took you 20 to 30 years to accumulate.”
Downsizing Expert and Owner of Simply Downsized LLC
Downsizing For Retirement
- Determine Your Reasons for Moving
- Financial Aspects of Downsizing
- Start Downsizing
- Cope with Your Emotions
- Selling Your Current Home
- Moving Costs and Other Expenses
- Expert Tips on Downsizing for Retirement
- Finding a New Home
- Downsizing Without Moving
- Additional Resources
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