Is Downsizing Right for Your Retirement?
Big Picture Retirement®
Devin Carroll
4.7 • 546 Ratings
🗓️ 21 October 2024
⏱️ 42 minutes
🧾️ Download transcript
Summary
Today we discuss the pros and cons of downsizing in retirement. We discuss how selling your home can reduce expenses, simplify your lifestyle, and free up money for travel or investments. But we also cover the potential downsides, like emotional attachment to your family home and the hidden costs of moving. Tune in to help decide if downsizing is the right move for you.
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Transcript
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| 0:00.0 | The Big Picture Retirement Show does not provide tax, legal, or financial advice. |
| 0:04.3 | Listeners are encouraged to seek out their own advisors in these areas. |
| 0:10.8 | Hey, everyone, welcome to the Big Picture Retirement Show. |
| 0:14.0 | I'm your co-host, Devin, joined by my co-host, John K. Ross Esquart. |
| 0:20.3 | Howdy? |
| 0:21.1 | John, you and I have both had some nice houses. |
| 0:26.1 | We have. |
| 0:26.7 | In the same neighborhood. |
| 0:28.6 | Yeah, we did. |
| 0:29.2 | We lived in the same neighborhood for a while, and we both had a very similar-sized house around that 3,000 square feet, which is plenty of room for me. Some people |
| 0:38.9 | will go, ha, that's not a big house, but for me, it's plenty, right? Well, other people might |
| 0:43.7 | say, wow, that's gigantic. It's all relative. It's all relative. It depends. I spent most of my |
| 0:48.7 | growing up years in houses that were about 1,500 square feet. Same. Yeah. So, you know, the typical ranch, |
| 0:55.1 | three-bedroom, two-bath sometimes, although for a brief period of time, we lived, so my, |
| 1:02.0 | my two-brothers and my parents, we lived in a two-bedroom, one-bath house for, I don't know, |
| 1:07.5 | it was almost a year, because we moved around a lot when I was growing up. |
| 1:16.7 | And I do remember thinking that house was small. But the rest of the houses we lived in didn't seem small to me. It just seemed normal. Right. Looking back at, yeah, my mental picture of the |
| 1:23.6 | house that I grew up in was, yeah, it was plenty of space. |
| 1:28.4 | And it was, you know, again, two bedroom, three bedroom, two bath, ranch style. |
| 1:35.1 | Yeah. |
| 1:35.7 | Probably built in the 70s. |
| 1:38.8 | Yeah. |
... |
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