As older adults approach retirement, there are limitless
ways to spend your retirement years. One of the first decisions most adults
near retirement make is where they want to retire. This is usually an important
decision between aging in place or rightsizing to a new home. There are
positives and negatives to each decision, but the best way to determine your
next step is considering the unique needs for your lifestyle, physical and
mental health.
Before deciding if rightsizing or downsizing is the right
fit, you should consider five major factors.
1. PHYSICAL HEALTH
If you or your family member has health complications that
are not suited for the current layout of your residence, moving or making accessibility updates to your home can have
significant benefits, especially if mobility is an issue. Something as simple
as moving to a home with a simpler layout or creating a wheelchair friendly
entrance may go a long way. Remember it’s better to move or make updates when
you can, not when you must.
2. MENTAL WELL-BEING
If the thought of caring for your yard, multiple bedrooms,
or general upkeep seems stressful rightsizing or aging in place can both be good
options with proper planning. Start
assessing services near you that can help you keep up with the overall upkeep
of your home, help you declutter, or do space planning either as you age in
place or before you sell your home to rightsize.
3. FINANCIAL PLANS
Being realistic about your finances is a great step towards
planning for retirement whether you are remaining in your home or rightsizing.
In many cases retirement savings has a limit for what is covered. Making solid
financial plans for retirement or creating a financial plan while approaching
retirement may help you decide if a move or aging in place could save you
money. AARP has a retirement calculator to help you plan. https://www.aarp.org/work/retirement-planning/retirement_calculator.html
4. FAMILY
Retirement may be a time where you decide to spend more time
with family, friends, children or grandchildren to make new memories. It’s
important to consider this prior to the aging in place or downsizing process
and create a for spending time with, visiting, or in some cases living with a
family member. Factor in the perceived need for help and what you and your family
members or friends envision for your relationship with them. In some cases, seniors
opt to rightsize to a larger home they intend to share with close family and
friends.
5. LIFESTYLE
Are you active? Do you plan to travel? Your lifestyle is a
great determining factor for where you plan to spend retirement and where you
decide to settle for this exciting part of your life. Retirement is different
from what you may remember it being for your parents or grandparents. Choose an
option that fits your retirement lifestyle as well as your wishlist for social
interaction.
WHAT SIZE SPACE DO I NEED?
Here’s how to tell if you should move to a larger space:
-
You want
to make room for relatives
-
You want
to make room for your children to move in and help you
How to tell if you should move to a smaller space:
-
You have
health complications that are not suited for the current layout of your
residence
-
The
thought of caring for or paying for landscaping, cleaning multiple
bedrooms, or other general upkeep tasks and costs seems stressful
-
Moving
could save you money in retirement
-
Your
home has lots of space that is never used
How to tell if your existing home is the perfect fit:
-
You could make simple modifications for comfort
and accessibility
-
You want to use your extra rooms for family
members or professionals to assist with care
- Aging in place is the best financial decision
-
There are services available in your area for
property upkeep, daily tasks, and medical care that fit within your budget
As life changes, so does our use of space. For
every milestone in our life, we use space differently. Retirement is no
different. Planning how you want to enjoy retirement present new things to
consider, exciting discoveries, and in some cases bring you face to face with frightening
truths. As with any major life decision, creating a well thought out plan and
weighing all options helps you make an informed decision. Considering the tips
on this list can give you a great foundation to plan for your next phase and
help you decide if rightsizing or remaining in your home is the right choice.