Downsize Your Home as Part of Your Retirement Plan-Applaud Women Spring Issue 2010

Downsizing Can Be a Smart Move by Robin Young

As people move into their 50s and 60s, priorities change. The hours spent on yard work and house work is less appealing and as kids move on there’s all that unneeded space.

Downsizing can offer many financial benefits including saving potentially tens of thousands of dollars with a lower (or no mortgage), and lower taxes, insurance and utilities. There are emotional benefits too, as studies show that you can improve your quality of life by freeing up time to do the things you want to do!

Start by developing a financial plan that outlines what is important to you. What type of lifestyle do you want to live today and what kind of home could you see yourself living comfortably in at age 70 or 80? You don’t have to move to predictable retirement destinations. Telecommuting allows many people to continue their working lives and education from anywhere. The magic combination might involve cheaper real estate, desired weather and activities, travel options, and access to good doctors and quality health care facilities. This combination of factors might happen in a surprisingly large number of places. To get you thinking, start with resources like the U.S. News & World Report’s online “Best Places to Retire” tool. And to read the rest of the article go to the Spring issue of Applaud Women at www.applaudwomen.com. Click on the Spring cover image found on the homepage to enter the publication, turn pages (make sure you turn on your sound to hear the pages swish), print pages or download the entire magazine.


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