5 Ways to Downsize Effectively for a Happier Retirement

In this episode of Blue Collar Wealth presented by Stone House™, join Bob Brown, CFP® as he outlines five ways to effectively downsize for a happier retirement. To downsize might just help you reduce stress, unnecessary expenses, and energy wasted on maintenance of a lifestyle that no longer fits you. As you approach retirement, downsizing your life can be an effective way to reduce stress, expenses, and maintenance. When we run numbers for people, one of the biggest factors that can change the trajectory of their retirement is expenses. The leaner you can cut your spending the better your chance of not running out of money period. Now to some of you, this might sound like an impossible task. But keep in mind, most people who transitioned from working full-time into retirement don't do many of the same things that they used to do when they were working full-time. It's a new chapter in your life and it can be a more expensive one or a less expensive one. That choice is 100% up to you. Here are some tips to downsize effectively and make the most of that next chapter in your life: Start Early: It's never too early to start downsizing. Begin by decluttering your home and getting rid of items you don't use or need anymore. This can be a gradual process that you work on over time. Analyze Credit Card and Recurring Payments: Many of us have set up our monthly expenses on autopilot. These bills are paid each month oftentimes right out of our checking accounts or our credit cards. Unfortunately, it's not uncommon for those bills to continue being charged to us even though we no longer use the service. That's why businesses love the subscription model. Don't fall victim and get caught in that trap. Make it a habit to check your credit cards and checking accounts for activity. And if you no longer use it… then absolutely lose it. Consider Your Lifestyle: Think about the lifestyle you want to have in retirement and how downsizing can help you achieve that. For example, if you plan to travel more, downsizing your home can free up money for travel expenses. Speaking of travel expenses, are you taking advantage of Frequent Flyer miles and other credit card points? Get Creative: Think outside the box when it comes to downsizing. Consider alternative living arrangements, such as tiny homes, RVs, or co-housing communities or even in-law suites with your children. Get help: Downsizing can be an overwhelming process, so don't be afraid to ask for help. Family members, friends, or a professional organizer can help you make the process more manageable. Learn more at https://www.stonehouseretire.com/blue... Disclosures: Registration with the Securities and Exchange Commission does not imply that Stone House or its representatives have achieved a certain level of skill, certification or training or that the SEC approves of Stone House or its services.