Downsizing may not necessarily reduce costs for baby boomers — particularly if they opt for aging-in-place features such as wide paths to accommodate a wheelchair in the future. Before downsizing, you should consider three factors: your vision for retirement, the total financial costs and potential psychological hurdles. If you haven’t done so already, develop a comprehensive financial plan to determine your savings needs and what type of home you can afford. Calculate your current home costs, including mortgage, taxes, insurance, utilities and maintenance. Don’t forget to factor in the costs of moving, including fees for real estate agents and a mover.

Source: Washington Post March 06, 2017 13:52 UTC