Will your current financial plan support your future quality of life?
As you consider rightsizing, take into account your financial state. This will be crucial to moving forward with any plans, whether that’s aging in your current home or relocating to a better fit for you. It’s important to think about not just your retirement fund but the expenses of your current home.
As we age, our medical expenses grow, and it’s the same with our houses. The upkeep on a house can begin to nickel and dime you as it grows older, becoming a burden for many seniors. If you stay in your current home, will your retirement fund last as expenses grow?
What are the costs of upkeep in your current home?
There are many parts around the house that can break at a moment's notice. Can you afford to replace your furnace, or even your refrigerator? Are you paying someone to handle your lawn for you? Or have a housekeeper who cleans on a regular basis? Unless you have an emergency fund with several thousand dollars saved, maintaining a home may be too expensive in the long term.
Does your retirement savings allow you to stay in your home?
If you’re in good health, have you thought about how you might outlive your retirement fund? You could sell your current home, and move to a smaller, less expensive option like a condo or apartment, boosting your savings in the process.
What are the long-term risks versus benefits of moving?
As your health deteriorates over the years, you might have thought about remodeling your home to accommodate medical issues. But how much would that cost? Planning to relocate to a new space is much less hassle than dealing with construction.
Did you know that only 13% of Americans over 60 have retirement savings(1)? Making the right financial moves is important when you consider Rightsizing, ensuring you will have a better quality life.
Does your current home meet your physical needs? Read Rightsizing at the Right Time for You Part 1 to learn more other considerations. We hope you use these important questions to decide if now’s the right time for you to Rightsize your life!
Another way to keep the stress low while rightsizing is hiring Caring Transitions to help! We are experts in rightsizing, estate sales and auctions, and more. Learn about our services.