Retirement Real Estate: Should You Downsize or Age in Place?

As retirement approaches, you may find yourself wondering how and where you’ll live during your golden years. There aren’t many choices facing you in your retirement that will impact your lifestyle and well-being more than the question of what type of housing is best for you and your family. The two main choices are:

• Downsizing and selling your current home, either to move to a smaller home elsewhere, a retirement or assisted living facility, or a relative’s home (for example, moving in with an adult child); and
• Aging in place — that is, hanging on to your existing home and remaining where you are, perhaps with some modifications for safety and ease of mobility.

Which option is best for you? That’s a decision you should make after careful analysis of both the drawbacks and benefits each can offer, in light of your personal needs.

Downsizing: Lightening Your Load and Starting Fresh

Downsizing involves whittling down your belongings and choosing a smaller residence for your retirement years.

The act of downsizing can be overwhelming given the need to sort through the accumulated property and memories of a lifetime. That’s to say nothing of the actual move itself, which can be hard on…