Downsizing means serious change, and it needs to be done right. Moving from a house of one's own to somewhere smaller can be difficult, but it is a choice increasingly made by seniors and baby boomers across the country.
A Merrill Lynch study found an estimated 4.2 million retirees moved into new homes last year, including many baby boomers entering retirement. The same study found 64% of retirees are likely to move at least once during retirement, with 37% having already moved and 27% anticipating doing so.
Retirees looking for new housing typically have been mulling the question for a few years. Seniors have been drawn to newer construction for a suburban feel, as well as and new apartments for those who want more city life.
Most clients who are 60 or older typically are asking this question: Their children are now grown and out of the house. They begin to consider whether they need the space. And sometimes, it's not about space, but planning down the road for the next 20 years.
The decision to downsize often takes years.