The Downside of Downsizing

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why downsizing might not be a good idea
What Are the Downsides to Downsizing?

In most cases, retirees see downsizing as a positive experience. Downsizing enables you to fit your housing to your retirement lifestyle and probably improve your retirement financial plan in the process.

However, moving has been classified as one of the most stressful life experiences – right up there with divorce and death. As such – downsizing is accompanied by a few disadvantages:

  • Downsizing Your Belongings: Within your home you may have amassed a treasure trove of things – things that stand for important memories and experiences. It may be incredibly difficult to part with those belongings. Understand that you may have to sell or give away some belongings. Perhaps you can see it as an opportunity to find a special place for these things before you pass on.
  • Grandchildren Missing Out: One of the biggest complaints about downsizing by retirees is that they are sad that their grandchildren will not experience the house and place. While this is a legitimate sadness, it is important to remember that the relationship between you and your grandchildren is what is important – not the relationship between the grandchildren and the house. And, maybe downsizing will enable more visits through increased assets for travel or by relocating somewhere closer.
  • Moving Away from the Familiar: No matter how excited you might be about the prospect of moving to a new area, it is never easy to leave what you know.

For Most Retirees the Benefits of Downsizing or Relocation Far Outweigh Downsides

While moving is difficult, for most retirees, relocation and/or downsizing offers the wonderful opportunity to:

  • Reduce or eliminate debt
  • Reduce monthly expenses
  • Improve your lifestyle

Relocation and downsizing enable you to improve your retirement plan. If you are interested in finding the best place to retire, click here to find a specialized relocation real estate agent.