Is Downsizing Part of Your Retirement Plan?

Monday, August 20, 2012

Is Downsizing Part of Your Retirement Plan?

retirement (Photo credit: 401(K) 2012)

The financial crisis taught many individuals a harsh lesson about casting their financial lots with a single, illiquid asset: their homes. Median household net worth dropped by 35% between 2005 and 2010, according to U.S. Census Bureau data, driven largely by declining property values. Yet home equity still makes up the greatest percentage of net worth in most households, accounting for more than $50,000 of the median household’s net worth of $66,740 in 2010. And unlocking that home equity by downsizing is clearly part of the financial plan for many retirees and pre-retirees.

I recently asked participants in the Investing During Retirement forum on Morningstar.com to share their own strategies for home ownership during retirement. Did they plan to relocate to a smaller or more affordable home during retirement, or sit tight in their current abode?

Their responses showcased a range of approaches. Many posters noted that downsizing is very much part of their retirement plans, not just because moving makes good financial sense but also because they’d like to simplify, move to a different part of the country, and/or find a more senior-friendly home. Other readers noted that they plan to stay put at their current residences, even very large homes, because they can’t part with their amenities or they love their locations. Still others noted that they don’t need to downsize during retirement because they never “upsized” in the first place. ... Continue to read.

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Seo LeenaAugust 9, 2020 at 9:52 AM
Earning a monthly pay and slowly advancing through the corporate hierarchy are the basics of making financial projections for the next few years. retirement planning
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