For the next 18 years, the number of boomers turning 65 years of age will go at a rate of 8,000 per day. That's a great amount of Americans in their retirement years that are at a stage of contemplating on the next phase of their life.
Downsizing is a great option for leaving the large family home behind especially if all the kids have already moved out.
So what exactly are the perks of living the 'less is more' lifestyle for baby boomers? Trulia has listed them for you:
Smaller house, smaller mortgage
You may have built up a sizable equity from years of living in your larger house that you can now afford to buy a new, less-expensive one or even eliminate a mortgage payment entirely. That's one way of keeping the stress away at this later phase of life.
Reduced monthly expenses
With a smaller place, one can expect lesser monthly costs. From electricity, water, gas bills, to taxes and insurance, all these can be significantly reduced by choosing 'smaller living'. You will also need lesser time and effort for general upkeep and maintenance.
More affordable town
Moving to a less expensive area makes sense considering that you now have live on a fixed income.
In West Palm Beach, FL for instance, home prices range at $155,000 and dwellers can enjoy affordable cost of living. Compared to Naperville, IL where the houses can go to up to $355,000 and the cost of living is generally higher. (Both figures are current as of the week ending July 1, 2015.) You'll find that costs can shrink in towns where affordability is in alignment with real estate prices.
Lifestyle upgrade
Moving to a new place also gives you the sense of freedom on your lifestyle choice. You can downsize to a new neighborhood that is walking distance to shops, theater, and cultural activities and enjoy all these amenities whenever you wish to.
The idea is you can relocate to an area that is closer to lifestyle amenities in your retirement wish list and this will allow you to spend your life the way you want.
Less stuff, more life
With a simplified home, you enjoy a simplified life. This is the time you let go of all the 'stuff' that you may not find necessary in this new journey ahead. Find time to clean out and edit your possessions so you can begin living without the unnecessary duties on your daily living.
