Downsizing Can Be a Smart Move
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As people move into their 50s and 60s, priorities change. The hours spent on yard work and house work is less appealing and as kids move on there's all that unneeded space.
Downsizing can offer many financial benefits including saving potentially tens of thousands of dollars with a lower (or no mortgage), and lower taxes, insurance and utilities. There are emotional benefits too, as studies show that you can improve your quality of life by freeing up time to do the things you want to do!
Start by developing a financial plan that outlines what is important to you. What type of lifestyle do you want to live today and what kind of home could you see yourself living comfortably in at age 70 or 80? You don't have to move to predictable retirement destinations. Telecommuting allows many people to continue their working lives and education from anywhere. The magic combination might involve cheaper real estate, desired weather and activities, travel options, and access to good doctors and quality health care facilities. This combination of factors might happen in a surprisingly large number of places. To get you thinking, start with resources like the U.S. News & World Report's online "Best Places to Retire" tool.
Become familiar with the tax and financial implications of downsizing. With life expectancies lengthening, many people 50-55 years of age could conceivably be at only the midpoint of their lives and may need to use the equity in the home to fund their lifestyles. For others, downsizing means "less home" but in a more desirable location that provides a lifestyle of luxury. Decisions on mortgaging your new home or moving to a different state can have major tax implications. Consult with an advisor to understand how these different scenarios will impact you.
Robin Young CFP®, Registered Life Planner and owner of Northstar Financial Planning, Inc. in Londonderry, NH, a Fee-only Financial Life Planning and Wealth Management firm. Visit www.northstarfp.com or contact Robin at 603.216.9226.
For more articles by this author or articles on different topics visit the Applaud Women Library.
by Robin Young
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applaud local women. The core of the magazine is our inspirational women's articles, most of which feature local women but occasionally we
are able to interview national women who we feel provide a unique inspiration for our readers. Our other articles cover topics of interest such
as food recipes, home, garden, beauty, health, fashion, dating, parenting, seniors, finance, business, hair care, skin care, advice, real estate,
insurance, weddings etc. Each issue has a feature section as well. Many of our articles are written by local business people who provide
information relevant to their business expertise. The Applaud Women website is also a resource center for local women including the most
comprehensive listings of Restaurants, Weddings, Female doctors and Hotels. It also includes a number of informational pages with links,
articles and RSS feeds to both local and national websites of interest to women in NH & n. MA. To read the publication click here then click on
the cover image to turn pages, print or download the entire magazine. For past issues visit the Applaud Women Library.