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Is Now The Right Time to Downsize For Me?
Retirement: Is This a Good Time to Downsize?
Moving into a smaller home – downsizing – isn't just a way to save creaky knees from the two-story monster where you raised your family. It's also a way to free up equity to use during retirement. (Century 21)
Money Bags Although Americans lost a substantial amount of home equity during the housing crisis, older Americans fared better than most. In fact, in 2010 the median home equity for those between the ages of 55 and 64 was $100,000, according to Reuters. Americans aged 65 and over did even better; they typically claimed $135,000 in home equity.
This is money they fully intend on tapping into during retirement, and downsizing into a smaller home is one way to access that money.
Attitudes Only 29 percent of baby boomers between the ages of 50 and 64 plan on moving within the next five years, according to Reuters, and only a fraction of them plan on downsizing.
"Downsizing" is scary, and it's a major event in life, like having an empty nest after the children leave," Gerontologist Karen Owen-Lee told the Salt Lake Tribune.
Attitudes change as we age, however. Of the 14 percent of folks over ... more
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