According to a study by FreddieMac, by 2020, more than 5 million adults over the age of 55 plan to rent their next residence. Why? Because moving to a maintenance-free home can both reduce living expenses and free up funds to be invested in other areas of life.
In recent years, rightsizing has emerged as a major trend. What is rightsizing? It is the idea of empty nesters and retirees to living a simpler life and breaking free from the costly and time consuming responsibilities of home ownership, to allow for prioritization of new experiences and lifelong passions. In turn, producing a richer life.
Rightsizing can be a daunting task, here are three factors to consider when rightsizing your life:
Trade Space for Experiences: Many empty nesters don’t utilize the majority of rooms in their homes that were once used to raise a family. Therefore, they find themselves paying, and caring for space that is unlikely to be needed. The higher your housing cost, the higher your expenses are across the board….