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You’ve retired. Should you downsize?

As a retiree, you may be thinking about simplifying your life — and that often includes downsizing. If your home has appreciated over the years, selling it will provide a nice financial boost. Many of our clients are sold on the fact that downsizing will allow them to cut down on expenses and be more financially flexible.

This is a common conversation especially these days with market volatility and the economy in flux. Kiplinger is out with some things to consider before you downsize.

💰 Why Downsizing Might Make Sense

  • Housing is your biggest expense: In 2022, Americans aged 65+ spent an average of $20,362 a year on housing — that’s about 35% of their income.
  • Rising cost burden: The number of older adults spending more than half their income on housing has nearly doubled in 20 years.
  • Your equity can work for you: Homeowners 65 and older had a median home equity of $250,000 in 2022. Downsizing could free up that money for travel, healthcare, or everyday needs.

While downsizing might look good on paper, it’s a personal decision that will affect more than your finances.

>Emotional ties – Selling the home where you raised your family can be tough and many miss the comfort and familiarity of a well-loved space.
>Community Connections – 75% of adults 50+ say they want to stay in their current homes as they age. 73% hope to remain in their communities — and that social connection matters.
>Unexpected Costs – New homes come with unknowns — and possibly pricey repairs or HOA fees. Some condos and townhomes have high monthly costs that eat into your savings.
> The Mortgage Factor – Many retirees have paid off their homes or locked in low interest rates. With today’s rates hovering near 7%, buying a new place could be more expensive than expected.

Some things to consider before downsizing. Do you want a fresh start in a smaller space? Will moving disrupt your social life and hobbies? Will moving really save you money? Does it make more sense to age in place with some home modifications?

For many, downsizing can be a great way to cut costs and simplify — but it’s not the only path to a secure retirement. Whether you decide to stay or go, make the choice that fits your lifestyle, health needs, and personal happiness. Click here to read the full article from Kiplinger.

Still exploring your options? Reach out to Atlanta Seniors Real Estate if you’d like to talk about it.

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How to help your parents downsize.

Helping your parents downsize is an emotional process for you and for them. With some compassion, tact, preparation, and possibly some outside help, it can be a smooth experience for everyone involved.

Caring Transitions of Northeast Atlanta offers some wonderful tips to help you begin and go through the downsizing process with older loved ones.

Before helping your parents, prepare yourself mentally and emotionally. Sometimes the emotional aspect of downsizing goes overlooked as you focus on the more practical aspects. Checking in with yourself and setting your perspective goes a long way in creating a more positive experience.

Recognize that this won’t be easy. Even with a plan, downsizing can bring up some tough emotions. Expect the process to be a little messy and stressful and be compassionate towards your parents and yourself.

Be patient. Downsizing can be especially difficult if your parents are leaving the family home, or if an upsetting circumstance triggered the downsize. On top of that, it often takes longer than expected, depending on how many possessions must be decluttered. Put yourself in your parents’ shoes as best you can. A little patience goes a long way.

Don’t try to take over. Unless there is an issue of impaired cognitive function, know that your parents are ultimately the decision makers. Trying to force them into anything will only be counterproductive. If your parents are losing cognitive functioning, still be respectful and involve them as much as you reasonably can, so they feel they still have some control.

>>Click here to read the remainder of this important article on how to help your parents and loved ones downsize with many more tips to help you.

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Signs It’s Time to Get Organized

(Posted with permission from Mike DeLeon at Caring Transitions of Northeast Atlanta)

Has your “stuff” taken over your space?

The items that fill our homes can be cherished, but when those items start to get in the way, it may be time to clear clutter. If you care for your home and an aging loved one too, this can become even more complex.

We have signs to help you decide if your possessions are holding you or a loved one back from being organized. In both cases, we can easily become blind to the number of items we accumulate over time and grow accustomed to clutter being there. If you’re not sure you need to remove excess “stuff” from your living environment here are signs clutter has taken over and it’s time to get organized.

In Your Home

Streamlining in your home to save space will help you stop clutter from taking over your space. Each room should have designated spaces for everything that belongs in the room.

Signs you may have too much “stuff” in your home:

  • You planned to clear clutter and get organized for a while, but haven’t had time.
  • You have more clothing and shoes in your home than can be worn in a specific season and laundry has become overwhelming.
  • You have trouble finding items like keys or other daily essentials frequently.
  • You have multiple spaces where “stuff” consistently continues to accumulate.
  • You have a large amount of items connected to memories or emotions that have taken up too much space.

3 Tips to Start Getting Organized

  1. Create a plan. Start the process by deciding which items are most meaningful to you and what you need for your family’s daily routine. Then identify heirlooms and keepsakes you are certain you want to keep.
  2. Know your space. Understand the layout, limitations, and organization wishes for your home. Decide what you believe should comfortably be in each room.
  3. Sort your items. Decide which items you want to donate or consider selling. Evaluate the best options to help you with that task.

In Your Loved One’s Home

Here’s a list of significant changes that could indicate your parents may currently or soon need additional support streamlining or professional decluttering help:

  • You observe stacks of unpaid bills or late notices.
  • Your loved one has trouble finding important or daily use items.
  • Changes in housekeeping that indicate parents are having trouble with clutter.
  • Clutter is causing numerous safety concerns in the home, such as covering heat and air conditioning ducts or trip and fall hazards.
  • Clutter is leading to issues with disorganized medications, spoiled food in the fridge, lack of healthy food items, infestations or mold.

3 Tips to Help Loved One’s Streamline

  1. Help your loved one get rid of items that belong to other people. Have they held on to your childhood furniture and keepsakes or stored items for family and friends? If your answer is yes, start clearing those items.
  2. Dispose of broken and outdated items. In most cases, broken items are no longer useful or functional, but a hazard. Be sure to discard these items to clear room as well as for safety.
  3. Be patient and prioritize the well-being of everyone involved. In a world driven by immediacy, we often want instant results. Remember this is a process that works best with a plan and lots of patience. If the task exceeds what you comfortably do, experts like those at Caring Transitions can help.

If these signs describe your home or your loved one’s home, it’s time to reclaim your space and get organized! This can be an overwhelming task, but you don’t have to do it alone. Experts at Caring Transitions can help you clear space. Learn more by contacting Mike DeLeon at Caring Transitions of Northeast Atlanta – mdeleon@caringtransitions.com.