The Benefits Of Downsizing In Retirement : Downsizing is a big decision to make and you might have questions or worries about taking the leap. But if you are heading into retirement, now is the perfect time to downsize! In this article, we’re going to outline a few of the amazing benefits of downsizing in retirement.
Downsizing In Retirement Can Reduce Your Monthly Costs
Running a home is costly. And paying for additional space that you no longer require can put a needless strain on your retirement pot. Moving into a smaller home will mean you have fewer utility and general maintenance bills to pay for.
However, when deciding on a new home, we advise you to choose wisely! Some options, such as Retirement Villages, can be incredibly costly. The last thing you want is to spend all of your hard-earned savings on accommodation. If you’re looking for a cost-effective solution to downsizing in retirement, a granny annexe might be perfect for you. These luxury self-contained annexes are perfect for living independently whilst being close to your family.
Reducing your monthly costs means that you have more money to spend on the important things in life, like holidays abroad or your grandchildren (obviously!).
Be Closer To Your Family
Another benefit of downsizing in retirement is, it allows you to be closer to your family. This will be great for both yourself and your loved ones.
Not only will you be able to spend more time with your children and grandchildren, but you will also be able to help out when they need you. For example, you could babysit for your grandchildren, do the school run when mum and dad are busy, or look after the pets when they’re out of town. Similarly, your family will be able to help you if and when you need it.
Live In An Accessible Home
As we grow older, we often struggle to do the simple everyday tasks that we could once do with ease. By moving into an accessible home when you downsize, you are preparing yourself for what the future may bring.
Downsizing is often the easier option than modifying your current home. Having an accessible home will enable you to maintain your independence for far longer. Even if you don’t need an accessible bathroom or grab rails outside the door just yet, it can put you at ease knowing that they’re there if things were to change.
Downsizing Allows You To De-clutter And Get Organised
One of the great things about downsizing in retirement is, it gives you the opportunity to de-clutter your home. This means getting rid of items that you no longer have no use for.
Whether it’s clothes, books or furniture etc., having a good clear out and de-cluttering the physical things in your life can help get organised for your future. Plus, de-cluttering your home has health benefits! It can reduce stress and improve your wellbeing.
Downsizing In Retirement Takes The Burden Off Your Children
There may come a time when you need elderly care. If and when that time comes, it’s likely that your children or close family members will step in to help you. By downsizing and moving closer to your family, your children will be able to care for you regularly without it taking them away from their life.
Gain Time For The Important Things
By moving into a smaller home, you are giving yourself more free time. You might not have to travel as much to visit family, and you won’t have to spend half as much time cleaning and maintaining the house. As well as saving money, downsizing will give you time to live your life independently as you please.
So, you will have more time to spend doing the important things in life… like taking that cruise you keep talking about, or joining a Pilates class, or volunteering with a local charity or attending the grandkids school play!
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