There are so many ways to spend your retirement years. As older adults approach retirement, one of the big decisions to make is where to retire. This means deciding between aging in place or rightsizing (AKA downsizing) to a new home. While there are pluses and minuses to either choice, the best way to make the decision is to carefully consider your unique needs for personal lifestyle, mental, and physical health.
Before deciding if rightsizing or downsizing is the right fit, Florida’s Best Moving shares 5 major factors you should consider.
Physical Health
If you or a family member has health issues that are no longer suited for the current layout of your home, moving or making renovations for accessibility can have many benefits, especially as mobility may become hazardous as you age.
Moving to a home with an open or simpler layout or that has the ability for a wheelchair friendly entrance may help improve your quality of life. We believe it’s better to move or make updates to your home when you can, not when it becomes a must.
Mental Well-being
Stressed at the thought of caring for your yard, multiple rooms, and general home maintenance? If you put a plan in place, either rightsizing or aging in place could be good options.
What services near you could help with the upkeep if you stay in your home? Local pros could also help you with decluttering to either remain at home or help prepare it for sale so you can rightsize.
Related: Clearing the Clutter of your Empty Nest
Financial Plans
It’s time to be realistic about your finances whether you are planning to remain in your home or rightsizing. Remember that your retirement savings has a limit for what will be covered in the future.
Thinking through your retirement financial plans may help you decide if a move or aging in place could save you money in the long run. Try the AARP retirement calculator to help you.
Your Family
Retirement means you may have the chance to spend more time with family, friends, children or grandchildren. Potential new memories are important to consider prior to deciding to remain at home or downsize.
Consider your need for help and what is best for you and your family relationships. Some seniors even decide to move in with a family member. This may mean rightsizing to a larger home to share with close family members or friends.
Related: The Real Cost of Aging in Place
Your Lifestyle
Are you active? Love to travel? Your new lifestyle can help determine where you should spend retirement. Think about what suits your retirement lifestyle and your wish list for social interaction.
How Much Space Do I Need?
Maybe a move to a larger space is for you:
- Great if you want to make room for relatives
- Larger spaces also make room for your children or grandchildren to move in and help you
Perhaps you should consider a move to a smaller space:
- Have health issues not suited for the current layout of your space
- Moving could save you money during retirement
- The thought of home maintenance or costs associated seems too stressful
- Your current space has lots of areas that aren’t used
Perhaps your current home is the perfect fit:
- Try making simple modifications for increased comfort and accessibility
- Use extra rooms for family, friends, or in-home experts to assist with your care
- Aging in place makes the most financial sense
- You know trustworthy services available in your area to help with property upkeep, daily tasks, and/or care that fit in your monthly budget
Related: Tips to Downsize
Life Changes, So Should Our Use of Space
At every stage in our lives, we use our homes differently; retirement is no different. Planning how you want to spend your retirement presents new, exciting things to consider, but may lead to some apprehension in some due to all the possible changes on the horizon.
As with any major life decision, you’ll want to take the time to create a well thought out plan and weigh your options to help make the best decision. Our tips on this list can give you a great place to start planning for your next phase in your life. Florida’s Best Moving & Storage is here to help you whether you decide to rightsize or remain in your home (but store or donate old items to make the space work for you as you age). Either way is a great choice for you.