The Non-Financial Costs Of Downsizing Your Retirement

One of the biggest decisions you must make about retirement is whether to continue living in your house or to move to another accommodation that is smaller, less expensive, and better suited to your elderly self. Most web content about this decision centers on the financial aspects of it. Since you are retired, work no longer ties you to an expensive city, so why not retire to a small town, where there is less noise, and prices are more affordable? You can use the sale of your house to fund travel, long-term care, or both. Conversely, a financial motivation for keeping the house is that it can become generational wealth; your family can inherit it, and inheriting the house will give them more financial benefit than inheriting however much money is left from the proceeds of the sale after you are gone. Of course, there is much more to a house than its monetary value, and planning for retirement is not merely an exercise in budgeting and investment. For help considering the non-financial aspects of deciding where to live after retirement, contact a Tampa estate planning lawyer.

Empty Nest or Family Home?

Your family status is a major factor in deciding where to live after you retire. If you are single and do not have children, then the decision rests on how well the house suits the future you. Is it too hard to climb up and down the stairs? Could you handle being home alone in a hurricane? Are you within walking distance of your friends? If you are the matriarch or patriarch of a large family, then your house is home to many other people besides you. Even if you move geographically closer to your grandchildren, will your new place be big enough for them to stay for weeks at a time? Will you be moving closer to some grandchildren but farther from others? When your grandchildren come to your house for Christmas and find their toys exactly where they left them at Thanksgiving, it is priceless.

A New Reality for an Old House

Imagine that you choose to stay in your family home for the sake of your children and grandchildren. Is this feasible for you? You should buy long-term care insurance or hybrid life insurance if you have not already done this, so that you are not forced to sell it later on to pay for long-term care. What modifications do you need to make to the house to accommodate how your mobility might decrease? Are your relatives close enough to help with errands and caregiving, instead of or in addition to paid caregivers? Can family members move in with you if you need them to be there full-time? Consider your relatives’ needs and wants, but don’t let them talk you out of the decision that is best for you.

Contact David Toback About Retiring in Your Family Home

A Central Florida estate planning lawyer can help you continue to be the anchor for your family after you retire.  Contact David Toback in Tampa, Florida to set up a consultation.

Source:

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