When To Downsize And How To Get Started

As you move into retirement and start thinking about your next steps, downsizing can have many benefits. Here’s why we recommend downsizing early and how to do it.

Benefits Of Downsizing Early

Financial Benefits: By selling your collections and items that are no longer needed, you can get cash for items that would otherwise be sitting around. This money can be invested in order to maximize returns, saved for retirement or be put toward experiences to make the next phase of your life more comfortable and enjoyable.

Focus on quality over quantity: When you get rid of unnecessary items, you focus on keeping fewer, better things. This is a cathartic process that helps you mindfully and intentionally choose to keep and purchase high-quality items that last a long time and serve multiple functions.

Easier while you’re healthy and have time: Cleaning out your possessions is difficult no matter what your age, but it becomes significantly more of a burden when you’re older and less mobile. As we age, the threats of aches, pains and illness increase. By downsizing when you’re healthy and have the time, you can do it more quickly and without needing to hire someone to help.

Less cleaning: Fewer possessions means less clutter and therefore less cleaning, which is beneficial as you age and home upkeep becomes more of a burden. This can save you time, allowing for more fruitful activities such as volunteering, hobbies and spending time with family.

Increased flexibility and mobility: When you don’t have a ton of unnecessary possessions, you can more easily move and travel as your life’s circumstances change.

Consider a Smaller Home

As you get older and move toward retirement, moving into a smaller living space can be a great way to save money, reduce stress and provide a greater quality of life.

• Reduced living costs: A smaller home often means lower mortgage interest, utility bills and property taxes, which can help you maintain a high standard of living after you retire.
• Less home maintenance and more flexibility: If you need less space, you’re able to potentially move into a lower-maintenance living space such as an apartment or condo. These types of housing often include lawn care, snow removal, repairs and other benefits in their HOA or lease agreements, so you don’t have to deal with many physically demanding tasks. You’ll also have the ability to travel more often, since you won’t have to worry about keeping up your property or leaving it for long periods of time.
• Greater safety and accessibility: A smaller home is less likely to have multiple floors and stairs, and a shared living community often features elevators, ramps and other accessible features. These can be useful if you eventually require one-level living.

• More social interaction: Many adults find that their social opportunities dwindle after they retire and their family moves out, so living in a shared community can be beneficial for people looking for more interaction, particularly if it’s an age-restricted community. These communities often have social events and shared areas that provide more opportunities to foster relationships than you would have living in a single-family home.
• Preparation for future living situations: If you eventually have to move into an assisted living facility, it’s helpful to be accustomed to living in a smaller space with fewer things.

Don’t Wait To Downsize

For all of the reasons we’ve listed, the best time to start downsizing is now. The best way to do so is by working with an estate evaluation company.

Jack Hunt offers expert, no-obligation evaluations of your collectibles and collections of precious metals, jewelry, coins, holloware, flatware and more. Contact us to learn how we can help you get the best value for your estate while minimizing your time and stress.