Great Lakes Advocate

5 Things to consider when downsizing for retirement

5 Things to consider when downsizing for retirement
5 Things to consider when downsizing for retirement

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Retirement is an exciting time for many, as it isn't just a reward for a long and illustrious career, but also an opportunity to really slow down and invest time in all the things that enrich our lives.

Although the idea of downsizing may seem daunting (especially for empty nesters), there are some major benefits to decluttering and leaving your family home after many decades.

There are certainly many reasons to downsize, some of which include freeing up time and energy that was once spent tending yards and large homes. Moving from a larger suburban home to retirement homes or a retirement village may also mean you can choose a more central place to live.

If you are about to enter your years in retirement and are looking to downsize yourself, then read on to unearth 5 things that you should keep in mind during this transition. You might even wish to go through this list with your loved ones as well so that everyone is on the same page.

1. Understand and explore your accommodation options

Before you can commence retirement planning and downsizing, you need to know what your next address will be. Perhaps you are looking to live independently close to home, or you might wish to explore retirement homes close to family and other locations that are important to you.

Knowing where you are headed and what space and location you are working with will help guide you through your retirement planning process, and allow you to be measured in your approach to this transitional period.

There are government resources that can be accessed which will provide third-party advice on retirement planning and aged care options, so ensure that you have understood and enquired about these items.

You may be eligible for benefits without even knowing it, so doing some independent research and taking advantage of the resources available to you is highly recommended.

2. Involve your loved ones

This phase of your life, while exciting, can still be stressful. Involving family and friends will ensure that you do not take on too much and are allocating time to rest and digest all the changes as they come. You might find that their company during retirement home visits is invaluable in your decision making.

Alongside this, having some helping hands as you pack down your home or make your home more comfortable can be a genuine game changer.

Any big life changes and decisions should be shared with those we trust and love. Whether you have a spouse or not, be sure to include any and all extended family and friends so you have different viewpoints and support networks to rely on throughout your transition into retirement.

3. Address your finances

It's impossible to plan accurately without having a full picture of your finances. You can get this transparency by working with a financial advisor, who will prompt you to reflect on what plans you have for the future, what you value, and how you intend on spending your years in retirement.

Whilst we may have a general overview of our finances, it takes a professional to truly assess all debts, investments, savings and government payments to determine what income we are working with and what sort of lifestyle we can conceivably secure for ourselves in retirement.

It is always best practice to see a financial advisor who is not affiliated with a bank as they will be able to determine what the best packages and financial institutions are for you and your unique circumstances without bias. Be sure to do all the pre-work ahead of your appointment so that you can launch straight in and discuss your retirement and downsizing options.

4. Use professionals where possible

You didn't work this hard for retirement to be a slog! If you are starting to downsize and find yourself overwhelmed with the sheer amount of work that there is to do throughout this process, then it may be time to enlist professional assistance.

The sorts of services available to you include professional cleaning and moving assistance, buyer's advocates or buyer's agents (to find and bid on property on your behalf), organisation specialists, and even a virtual assistant if you are wrapping up business components and need support with menial tasks.

We recommend that you take full advantage of the gig economy to save on some funds. In other words, don't be afraid to find out what sort of professional services you can delegate in order to make this transition seamless, but do feel encouraged to shop around with regards to these services wherever possible.

5. Storage, storage, and more storage

If you are downsizing from a large family home, as many of us are, then you are going to face a lot of 'stuff' that needs to be rehomed. This is where a fool-proof storage solution can really make a difference. It's not just finding storage tubs and baskets either for housing all your knick knacks, family heirlooms, and other beloved belongings.

You can even choose furniture that comes equipped with built-in storage. Instead of a TV cabinet, can you find an attractive wooden box that can also store linen? Instead of dining chairs, can you opt for chic bench seating which can open up for storage?

The options truly are endless here, and with op shops and online marketplaces at your disposal, there's really no end to the valuable storage solutions that you'll be able to find to help minimise clutter throughout your years in retirement.

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We hope these 5 things have got you thinking about how you can have a seamless transition into retirement as well as a quick and efficient experience when it comes to downsizing. Planning is at the core of every single item we have discussed, so start the process today to ensure an easier tomorrow.