Recently while doing a much needed purge I came across an old AARP magazine from a couple of years ago. Yes, I'm that old. And, being in the baby boomer mindset, my husband and I often consider downsizing, or right-sizing.
When this article caught my eye, it reminded me that 70 is the new 65. It explained good reasons why waiting to collect social security results in bigger benefits later.While we may only be considering a lifestyle change to a smaller home, retirement for us may still be years away. Still, this is the stage of life where there are many considerations that need to be taken into account.
Personally speaking, if I've learned anything from the pandemic and lockdown, it's that I'm nowhere near ready to slow down. Even if some of our same age friends have opted to retire, these past few months of having to stay home and sit idle have taught me that I crave an active lifestyle and one that requires me to engage my mind. In our 60s, we still have the wisdom and shouldn't have to put that aside. There is still income that can be generated. That doesn't mean we shouldn't consider different scenarios, but the one that plays out over and over again in my mind is living until 100 (or more), and needing to continue working to gain financial confidence for the future. And, what if social security is done away with! Then what?
We may not be retiring until after we reach 70, but one thing is for sure, we are ready to say goodbye to a large home and wasted space. Less space means fewer hours to have to spend each week maintaining a home and less upkeep. There will be lower utility bills and monthly expenses.And, the biggest financial windfall will be cashing out. Why wait until retirement?
While 70 might be the new 65, downsizing long before retirement seems like the smart thing to do. I also feel strongly, that we will do ourselves a disservice to wait much longer to downsize because a move of any kind can be draining and overwhelming, which further complicates the situation as we get older.
So, while waiting to retire makes perfect sense, waiting to downsize and aligning that move with retirement doesn't. By downsizing at least a decade in advance, we can improve on our quality of life. Simplifying lends itself to a new kind of freedom and work/life balance that every senior who is approaching retirement can appreciate. How nice might it be to play golf after work or take weekend getaways, instead of maintaining a big home. And, my100 year old self will be very thankful for any savings I begin to accumulate just by cutting expenses long before retirement
We grew old thinking we'd retire at 60 or 62, like the generations before us. But, something happened along the way. Social Security guidelines changed right before our eyes. Well, if 70 is the new 65, I'm okay with that as long as I can ease into lifestyle simplicity while continuing to still work ...it's a good thing we love our jobs!
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