By Derek Gibbens
There are many ideal scenarios you might imagine when thinking about retirement, but at some point, where you intend to live when you retire will become a focal point.
Whatever your reason for downsizing, it may take years of consideration – so it is something to think about early on in your retirement planning journey.
It may prove tough to leave your family home, but downsizing to a smaller house could be a workable option for many retirees.
You could:
• Enjoy a more manageable pace of life, less to look after
• Move closer to family and loved ones
• Raise money that could supplement your pension or pay off debts, reduce your living costs – energy bills, council tax, maintenance and repair.
But it’s also important to weigh up factors such as:
• Changes to your health and mobility in later life.
• Loneliness caused by the passing of a partner or loved one you live with.
• If you currently live in a sizeable house with several rooms and a garden, downsizing to, say, a two-bedroom flat or a bungalow would mean less space for your hobbies, or for accommodating family and visitors.
Downsizing your home and taking on a move during retirement is a big task, but with the right planning, it can turn into an enjoyable experience that could possibly improve your life quality in later life.
If you’re thinking of downsizing as an option at retirement, the sooner you make the decision, the better.
A qualified financial adviser can discuss whether downsizing would be a suitable option for you based on your circumstances, and as part of your long-term retirement plan.
Derek Gibbens MBA, FCII, DipPFS,
www.afhwm.co.uk/derek-gibbens
19 Crow Lane, Wilton,
Salisbury, Wiltshire,
SP2 0HB 01722 744556