How Downsizing for Retirement Can Help Your Mental Health
Just under 3 million Americans who are aged 55 and over have started considering an earlier retirement, changing their plans after the COVID-19 pandemic. Rising real estate values combined with a growing stock market are helping to fund this leap into the life of retirement.
With years of your life previously controlled by work schedules, and family and hobbies peppered in where they can be, retirement becomes a time to start doing what you have always wanted to. But pressing “go” on retirement can be a difficult decision.
Now that retirement is near, and quite possibly your kids have moved into their own homes, the question of whether to downsize for retirement or keep your large home is in the air. Below, we’ll dig into more reasons why downsizing for retirement is beneficial for you. To catch the first seven benefits of downsizing for retirement, read this article here.
Seller’s Markets are Beneficial for Downsizing
While the market has slowed slightly since the frenzy that took place this past spring and summer, it’s still very much a seller’s market. This has been fueled by low interest rates, a lack of homes on the market for sale, and people’s desire to relocate to a different setting or a home that allows for an office for remote work.
With the current increase in home prices, especially in Phoenix, you probably have a good amount of equity in your home that you can cash in and use to fund the retirement of your dreams. While some experts say the market is going to cool and others think it will stay a seller’s market for a while longer, there’s still lower inventory than normal and homes are selling in less than a month.
Lowering Monthly Bills with Downsizing
There’s one drawback to owning a larger home than you need, and that’s the bills that come with it. Property taxes, utilities, and even home maintenance grow with the size and value of your property. Those then increase the monthly bill payments eating away at your retirement budget and your free time.
Active-living retirement communities take care of the maintenance for you, all while providing resort-inspired amenities. When the costs don’t fluctuate as much, it’s easier to create a budget and stick to it.
Make Extensive Chores a Thing of the Past
Spending hours and hours each week keeping up with your large property can be stressful and hard on the body. Minimizing your home size means finding more free time to do the things you want to do – like visiting family or enjoying a new hobby. Wouldn’t you rather go golfing than mow the lawn?
Luxury retirement communities, like LivGenerations Agritopia, provide the services you need to have your chores done for you! Enroll in housekeeping services, meal services, and more!
There is Such Thing as Too Much
Americans are good at collecting stuff, filling our days with tasks, and going for the bigger is better mentality. But having too much can be detrimental to your mental and physical health. As discussed earlier, too much space can cause more work for you. Cleaning gutters and climbing ladders to wipe down ceiling fans becomes more difficult as we age.
In addition, all of the stuff and clutter can cause stress on your mental health. This may be surprising, but studies have shown both mood and self-esteem are affected by an overabundance of stuff in your house. Clearing out and simplifying can be a good way to lighten the mental load! Need a little help getting started? Check out these tips.
Have You Always Wanted to Travel?
As a homeowner, it’s easy to cut short vacations to avoid the stress of leaving your home unoccupied. Plus, vacations may have to be passed over when money is tied up in your home or an unexpected repair pops up.
Downsizing for retirement means more than just additional time on your hands, but it can give you more funds to take your dream vacation (or vacations)! Not owning a home can help you feel freer and like you’re able to discover new towns and cities around the world.
Build New Friendships
When you have the freedom to choose your new home, you can decide to live near family or somewhere completely new. It also gives you the opportunity to discover active retirement communities where there are a plethora of new friends within walking distance of your doorstep. Having friends and family around can increase your life span through the positive influence the social connections have on your life.
If you also find yourself surrounded by memories of the past, you can get a fresh start by downsizing for retirement.
Live a Fulfilled Retirement Life
Decades of work and responsibilities culminate in retirement. That’s why retirement should be spent doing stuff you love and getting the most out of your life. Say goodbye to the burden of the physical stuff that’s no longer serving a purpose in your life. Now, you can take up a new hobby, find new friends, and even take classes you’ve always wanted to.
LivGenerations Agritopia offers hotel-inspired amenities that take your retirement lifestyle up a level. Get all of the benefits of a resort right in your own backyard.
When Downsizing for Retirement is the Best Option For You
Staying active, both mentally and physically, is important for any healthy retirement. You’ll also want to give yourself space to rest and relax, and time to engage with others around you. Living in an active-retirement community provides the opportunities to get a workout in, learn new things, enjoy healthy gourmet food, build new friendships, and step back and relax when you want a break. Learn about the new way LivGenerations is upgrading retirement living here.
If downsizing for retirement has been on your brain, and the idea of an upgrade to luxury retirement living sounds intriguing, schedule a tour with LivGenerations Agritopia! You’ll see the fantastic amenities and gorgeous homes for yourself.