If you are like many families across Canada, you are living in a larger home than you need. Probably a 3 or 4 bedroom family home, the kids have moved out, and it’s just the two of you now. You are used to this large house, the yard, and have amassed a huge amount of belongings along the way. The majority of the years spent raising your family have been in this very house!
Things change rather quickly when they do; and sometimes adapting to these new changes is a battle that is hard to comprehend. You now have 2 or 3 bedrooms that are used as guest rooms, two fridges, but only need one, and more yard work and house maintenance than you ever have time to do…or want to do. It’s time to think about retirement and downsizing to a smaller more manageable home.
The thought of changing this; leaving this house, moving on to something different can be a tough one. Many questions come to mind during the thought of a move. Where will we go? How much space do we need? What type of home can we afford? We have so much stuff, what will we do with it?
For those planning their retirement, other questions come to mind as they were not able to put away as much as they wanted to during their working years. Will our investments sustain us for the years to come? How do we best manage our retirement funds? Most of the money they will retire with is in the equity of their house. Getting the equity that has built up in your house out, finding somewhere to live, and still being able to put a significant chunk in the bank to last you for the next stage of your life is the major challenge. A tough one at that, as people are now retiring between age 50 and 65, and living in the retirement stage of their life for 25-30 years. It takes a lot of funds to be able to support you during those years. Plus you have all the time now since your retired, to do all the things you wanted to, so spending money seems to be an easy thing to do.
To make this process a successful one for you, the positives and benefits need to be your focus. You need to think about freeing yourself from clutter, freeing yourself from the burden of traditional home ownership and the chores and maintenance that come along with it. Giving you the opportunity, the time, and the money to do the things you have always wanted to do.
There are choices for you, and by setting goals, and getting on the path to achieving these goals is the first step. Some may think a nice little bungalow with minimal stairs is right for them. Others want maintenance free living in a condo or retirement community, and others are even choosing to pool their money with the children (now young adults) and building or buying a home that suits both families with a separate living area or nanny type suite. Whatever your retirement or downsizing goal is, take the first step. Write it down. Then work backwards step by step; forming your plan of action.
This plan of action may include a few loads to the dump, a garage sale, donating some items to the goodwill or other family members. Seeing your financial advisor and discussing your retirement plan and how you will access funds. Meet with a real estate agent to discuss the value of your home, and the best steps to take to prepare the home for sale. Another popular step is meeting with a Seniors Move Management Company to provide assistance in all these areas and even help pack, unpack, and setup in the new home.
While it does seem like a challenging path, it is one comes with many benefits if taken. Choose your final goal, make your plan, meet with your advisors, and take the necessary steps to help you reach that goal. In the words of Nelson Mandela, “It always seems impossible until it’s done.” Take the steps to achieving your goals.
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