Instead of thinking that you have to give up your house, why not consider giving yourself a new home that may be an even better fit for you as you age, and if it helps to give you a little bit more money, how can that not be something you would consider?

There are many people who know their current home may not be suitable anymore, but they still don’t want to leave.  What will they do for Easter, Thanksgiving, or Christmas?   Family memories are made in a loving home, but they can also travel with you.  Remember, it’s our family, not the place, that binds you together.  Don’t worry about your adult kids, they will still gather no matter where you end up…..maybe Christmas could be at another person’s home with new traditions and lots more new memories for you to make and treasure.

Here are some questions to consider when you are making your decision to “right-size” your life.

1. Can you downsize your traditional home into a smaller home or condo.  Are you able to get a new home that is more suited to your needs as you age?  Could you see yourself growing old in this new home?  Are you able to stay in the same town/location?
2. Could you move in with family/friend to save money and build a tight social system.  Families could move in together to help out each other and care for one another (grandchildren/elderly, cooking/cleaning/gardening, financially supporting one another).
3. Should you financially downsize and rent: no more taxes, maintenance, etc.  This would provide a true lock-and-leave-it lifestyle.  Are you wanting to be “free as a bird” to travel?  You could sell your home, rent for a few years, and then move into a small home or consider an adult living community when you want to settle down.
4. If moving is still out of the question, could you spend part of your retirement savings to make your current home more suitable.  Can you modify your home to keep you in it long term; for example, a main floor master, walk-in tub/shower, new roof or heating, less maintenance/gardening, etc.  Can you get a renter in the basement to help with expenses?  What about hiring a part-time maintenance man to help out?

Christine’s Tip:

The decision to change your living arrangement in retirement could provide more confidence and happiness instead of the nervous worry about how to maintain the status quo.  A wait and see perspective can be very stressful especially if your current residence is not suitable for an aging senior.  If you get forced into a decision you’re not ready for, it could make things very difficult at a time when your health may not be at its best.