Your Guide to Downgrading the Family Home to Support Retirement
Downgrading your family home is a good first step to retirement readiness. You may not know the exact amount of money you'll need when you retire. You can start by estimating 70% of your current income. Although this figure may seem large, it's a good starting point. Before making that leap and seeking the help of professional movers, there are things you must consider. We will guide you through what these are:
Recognize your emotions when dealing with a major life change
When it comes time to downgrade the family home, it can lead to a very emotional time. As it calls for change but understand that your emotions are perfectly normal and are an important part of life. But how you react to your feelings matters a lot. Recognizing your feelings and learning to manage them will allow you to make smart decisions. If you find yourself struggling with difficult emotions, you may want to seek support from a trusted adult. You can even seek the help of a therapist.
You can begin by identifying the events that trigger your emotions. These triggers will vary from person to person. For example, unwanted memories, topics that are uncomfortable, or words or actions of another person can all trigger your emotions. You can also observe your own behaviors and take note of the events that evoke strong emotional reactions.
Assess your financial situation
Whether downgrading the family home is necessary for retirement or not, it is important to determine your financial situation before making this decision. The majority of seniors have saved less than $50,000 for their retirement. Some turn to their home equity to pay off bills and other expenses. While it may be time to consider downsizing, it is important to consider if it is financially viable. Seek the help of a financial advisor if in doubt. If you do decide to downgrade there are things to consider before even booking in your furniture removalists.
Downgrade your family home
If you're approaching retirement and thinking about downgrading your family home, there are several considerations to consider. This includes, what are the necessities that you need or accessibilities in your home to be able to carry you through comfortably during retirement. Living in a double storey house if you suffer from rheumatoid arthritis may not be a good idea. If your mobility access is dependent on a wheelchair then consider accessibility requirements and support bars in showers. Then is your level of entertaining, do you regularly have kids or grandkids sleep over or visit you on the weekends? When downsizing will you need that extra room or are they okay sleeping together in the living room if it’s not that often? Having a smaller home might be the best solution as you get retirement ready as the truth is as your kids grow up and have their own families, the need for 4 or 5 bedroom house does not seem as practical to upkeep and maintain even if you do have cleaners.
Reduce clutter in your home
Decluttering your family home can make you feel more relaxed and calm. This is particularly helpful if you are a senior. Senior citizens often have limited mobility and need to keep commonly used items close at hand. Additionally, decluttering can help them focus. In addition to being good for the environment, decluttering your family home can also help you feel lighter.
It's important to start by assessing what you truly need. If your family is accustomed to having five bedrooms, you may only need two. Keep your favorite furniture and bed linens, but only keep what you will need for two beds. If you are moving to a smaller space, focus on what you'll actually use in that space, rather than on your desire to have everything. The best way to declutter is to hire a rubbish removal company who will do it for you.
Donating old clothes and other items to charity is also an excellent way to give back to the community. Many retirees enjoy volunteering after retirement. If you don't have the time or energy to do it yourself, enlist the help of family members and friends for a group decluttering session. This way, you'll be able to get the job done faster and more efficiently.