Should You Downsize For Retirement?

It is not uncommon for people reaching retirement age to consider the benefits of potentially downsizing. What downsizing means for couples or individuals in Greenville, SC, can be very different based on your retirement goals.

One of the advantages of working with Matt Dixon, a Registered Financial Consultant, is to understand if downsizing is necessary. As with most issues in retirement planning, understanding how you plan to spend your retirement will always play a factor in the decision.

Get Clear on Your Goals

The first step in fine-tuning your retirement savings and investments is to understand your goals. Matt Dixon works with clients to help to develop this picture fully.

For example, if a couple or individual wants to travel several months of the year in their retirement, staying in a large home may be a disadvantage. It may be more cost-effective and easier to downsize to a small home or even a condo to make it convenient to travel without worrying about keeping up the house and yard.

Reducing Costs

Moving out of a home does not always reduce costs, but it can be a cost-saving consideration. Understanding the financial costs of apartments, condos, or even renting a home compared to continuing to pay a mortgage is important.

There are many hidden costs to home ownership that Matt Dixon can help you to consider. There is maintenance, insurance, and necessary upgrades. There is also the cost of heating and cooling space that may or may not be used. All of these factors need to be considered when choosing to downsize or not in Greenville, SC.

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