What Are Some Tips to Downsize For Baby Boomers?
Many Baby Boomers are looking into downsize their houses and possessions. This is something that many are looking into doing since there is no need for such a large house once the children are gone as well as the long term cost of owning a larger place when trying to set aside money for a comfortable retirement. There are some tips that you need to know that will make this process easier.
The first thing that you need to do is to start off by getting rid of things that you no longer use or need. For most people there is something called the one year rule that is very applicable. It’s the idea that if you haven’t used something in a whole year, you probably aren’t going to use it again. Get rid of those things that you aren’t using.
Be sure that when you do this you donate away things that still have use besides just throwing them away. Alternatively, consider selling the items that you no longer need either.
Think of the concept of outsourcing your home. This means instead of having a large space for everything, that you outsource certain aspects of your home to the outside world. For example, instead of having a home gym, just join one that you can go to when you want.
Start selling the larger family home that you have now before the liquidity problems happen. Housing prices are most likely going to have to come down when many people are selling off at the same time to retire.
You can give away your family possessions now while you are still alive. Your children don’t have to wait until you pass on to get these items. Give these away. Also find out what each child wants to make this process easier.
After you have gone through your home reorganizing room by room, you will find out how much space you don’t need. Then you can practically move to something that fits your needs.
