Today’s seniors want more out of their retirements. With life expectancy at an all-time high, retirees understand they have many viable and vibrant years ahead of them. How can this new generation of seniors finance a lifestyle that is more active, more enjoyable, and decidedly longer than traditional retirement? For many, the answer is simple: they need to downsize their square footage to upgrade their lifestyle.
Selling the Status Quo
During those busy middle years of children, work, and the daily joys of living, a home is often the centerpiece of family and social life. Many seniors find the home that once fit their needs perfectly, doesn’t serve them well in their retirement; whether it’s too big, too expensive, or just too empty. After working many years to purchase their dream house, selling such a valuable asset early in retirement may seem counterintuitive. However, the sale of a traditional home can finance a smaller, simpler housing situation and create the freedom to enjoy an energetic and social senior lifestyle.
New Options in Senior Housing
After receiving equity gains on a home or finding freedom from an expensive mortgage, retirees who are looking for senior housing have a lot of options in today’s market. From smaller homes and apartments to senior living communities and continuing care retirement communities (CCRCs), there are many affordable choices. One attractive option that has recently gained popularity with seniors choosing to downsize is the “tiny home.” These small homes are designed for function and a minimalistic lifestyle that appeals to persons -both young and old – seeking respite from today’s materialism.
Every senior living option has its advantages and disadvantages. While nothing is ever permanent, there should be a long-term approach when making this life-altering decision, including factoring in limited mobility and other aging concerns. Choosing the right senior housing option requires thorough research and a personal understanding of what will be right for a person through the remainder of their retirement.
Fun as the Priority
After many years in the working world, it can be hard for seniors to focus solely on leisure time. However, maintaining an active, social lifestyle is not only enjoyable, but it is the key to a long and healthy retirement. Many studies have shown that loneliness is a key indicator of mortality, and unfortunately, many seniors find themselves becoming more isolated as they age. It is vitally important for seniors to maintain social ties and seek entertainment.
Senior living communities are a downsizing option that creates opportunities for social interactions and engaging activities every day. Many new communities focus on maintaining current hobbies and have programs in place that help residents build friendships and gain new skills. However, seniors can also access socialization through senior centers, religious organizations, and their current hobbies and passions. Downsizing can help retirees to maintain all of these important connections by increasing the amount of flexible spending money available each month, allowing for spur of the moment lunches and tee times without worrying about their fixed income.
Downsized Senior Living
Parting with a dream house or lifelong home is not a decision that is made lightly, especially with all of the great memories these houses may hold. However, choosing to downsize can unlock the potential for new memories, new friends, and a new retired life. Whatever senior housing option a retiree chooses, the goal is to have a cash flow that allows for the daily activities, vacations, and social experiences that will make retirement more rewarding. For many seniors, downsizing their home can make that exciting new future a reality.