This story was originally published here.
Three reasons why downsizing is a bad idea:
- Your house is not worth what you think it is
- Popular retirement destinations tend to have higher property taxes
- You’re likely out of touch with how much a new home costs
These are some of the arguments against downsizing.
What about the benefits?
The pros to downsizing are hard to ignore. Otherwise, four in 10 Americans wouldn’t be considering downsizing after retiring.
But the most obvious benefit is saving money.
If you downsize, you’ll likely cut your monthly housing expenses by 25 percent.
Assuming you profit from the sale of your current home, you should also be able to add a little cushion to your retirement nest egg.
But we think you shouldn’t have to choose between aging in place vs. downsizing.
Instead, what if you could get the benefits of downsizing without having to move?
Aside from the drawbacks mentioned above, a big reason not to move is simply because you like the house you’re living in now.
Moving to a whole new city, where you have new neighbors and you’re far away from friends and family is not ideal.
But some retirees have no choice. Downsizing is framed as the only option to make up for a small nest egg.
But is that true?
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