When you retire, you’ll experience many changes - should one of them involve your living arrangements?
Many retirees do consider downsizing.
And there can be some advantages to it.
Moving to a smaller space could lower your utility bills and upkeep costs and reduce the amount of maintenance needed.
And you might be able to get rid of a lot of clutter that’s accumulated over the years.
Plus, if you’ve had your home for many years, you might be able to sell it for much more than you paid for it, though there are no guarantees.
Of course, as with any major decision, you’ll need to think about potential drawbacks.
For one thing, downsizing might mean the reduction or loss of any mortgage interest deductions you’ve been claiming on your taxes.
And by moving into a smaller space, you might not have room to have family members stay with you when they visit.
You’ll need to weigh a variety of financial, practical, and emotional issues when thinking about downsizing.
It’s a big decision - so give it the attention it deserves.
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor John Dickerson. Member SIPC.
