By the time you reach the retirement age it’s safe to say that your children will have flown the coop. As you get used to life without the children around and the dust settles, you may find yourself surrounded by a home that is starting to feel a little too empty and lonely for your liking.
If you’re worried that your pension isn’t going to be sufficient to fund your retirement, you may want to consider downsizing. Selling your home will give you a lump sum of revenue to help you relax without financial worry in your later years. Besides funding a retirement vacation, there are plenty of practical benefits to downsizing.
Moving to a smaller abode means you’ll have the opportunity to sort through all your lost treasures and evaluate what you really need. Although it may seem a sad fate saying goodbye to possessions which hold precious memories, the truth is that you probably didn’t realise they were there in the first place. Your children and grandchildren may be able to make better use of some of your old possessions, so it makes sense to sort through the mass and see what is spare.
Downsizing doesn’t mean you have to stay in the same little town you grew up in. Plenty of Brits decide to move to warmer climates in their later years. It’s estimated that 4.7 million UK-born people have since emigrated abroad, the most popular destination being Australia. Although many worry about receiving a state pension freeze, if you move to the EU, US or other designated destination your pension will continue to increase with inflation. This would also be beneficial to family who would perhaps use your new home as a holiday destination.
Family and Friends
There does come a time when your children begin a life of their own; their job, partner or lifestyle could however take them further away than originally anticipated. Saying goodbye to your current residence could give you the opportunity to live a little bit closer to family and friends that you have previously parted ways with.
Downsizing doesn’t mean you’ll be living in a small box during your later years. If the benefits aren’t enough and you’re still worried downsizing won’t be right for you, there are plenty of handy interior design tricks to make your new home feel bigger. Feature walls and mirrors can instantly transform a room and make you feel as if the walls have expanded before your eyes.
As previously mentioned, moving also gives you the opportunity to de-clutter. Without all those unused possessions you won’t have to factor-in storage space.
The cash flow boost you’d receive from downsizing could be the key to unlocking you retirement dreams, so what are you waiting for – Get in touch to find out more!