Many people consider downsizing around the age of 65, especially in retirement. If you’re undecided about whether downsizing may be a good fit for you, it may help to think of the potential benefits. Here are five reasons to consider downsizing after 65.
1. Fresh Start
If you plan to retire around 65 like most people, starting this new phase of life with a fresh start can be helpful. This is especially true if you’re already concerned with other life changes, like starting Medicare. Click here,
Downsizing is an excellent opportunity to go through all your belongings and remove anything you don’t need anymore. Sifting through all the stuff in your current home can help keep your new space organized and free of clutter.
Doing so can also help you live a more easy-going and simpler life, meaning you can focus more on spending time with friends and family or engaging in activities you enjoy. It can also allow you to focus on learning Medicare since most people transition to Medicare at 65. You can visit boomerbenefits.com to learn more about Medicare.
2. Lifestyle Changes
After 65, your day-to-day activities and routines will probably have changed. For example, if you no longer have kids in the home, you may not need those extra two bedrooms anymore. Having too much extra space might be unnecessary now that you’re older.
You may also want to go out or engage in activities outdoors in your Golden Years. Choosing a new place within walking distance of amenities like restaurants, parks, doctors, and more can be beneficial too.
Traveling more is also a goal for many people in retirement. If you plan to travel a lot, there may be times when you’re not home for a while, so you might not require a big home anymore.
As you age, it’s important to consider your safety. It’s common for older adults to be at a higher risk of injury like falling or hip fractures. The Center for Disease Control and Prevention reports that “falls are the leading cause of fatal and nonfatal injuries among older adults.”
One way to combat this is to cater your living situation to your needs. For example, you can move to a smaller home without stairs and install grab bars in bathrooms. Ensuring that your new home is clutter-free is also a great way to eliminate unnecessary hazards.
Another factor to consider is the location of necessary amenities, including grocery stores, healthcare providers, gyms, and more. It may be helpful to have these essential facilities close by for your health and safety, especially if driving becomes difficult for you.
4. Lower Costs
Moving to a smaller home or living space can also be a great way to save money in retirement. You’ll likely have a cheaper mortgage and lower utility costs, which can put some extra cash in your pocket.
Additionally, the maintenance and upkeep of a smaller place are usually cheaper, less time-consuming, and more manageable. As you age, you may not have the ability to keep up with large-home repairs, so downsizing can help alleviate this issue.
5. Family & Friends
Downsizing can also be a great opportunity to move closer to friends and family. If your current home is far from your loved ones, you can choose a new location closer to your friends and family while reaping the other benefits of a smaller living situation.
You can visit your children, grandchildren, and friends more frequently to stay connected. Staying connected with others is always important as you age.
All in all, there are many benefits to downsizing after 65. Not only can you cater to your current needs, but you can also prepare for the future. It can be a great way to transition to this new chapter in your life with less stress and a better ability to focus on what’s important.