Think Small and Dwell Down for Retirement
Your house is growing.
From 1978 to 2013, the average single family home grew from 1,780 to 2,660 square feet. This means more house to heat and cool, more space to clean and maintain, and more room for more stuff. And while the average house was growing, the typical family was shrinking, as the average family went from having three kids in the 1970s to two in the 2010s.
For seniors straining to pay for retirement, downsizing to a smaller home may be a solution worth exploring.
I regularly read articles and review guidance from experts on what seniors and boomers can do to solve the retirement savings predicament, and if I’m being honest, some of this guidance drives me crazy. Typically, a bunch of platitudes are recited, suggesting that seniors need to “save more” and “spend less.” Sadly, this is much easier said than done. How does one “save more” as wages remain stagnant or “spend less” as costs of living continue to rise? When times are tight, as with the recent downturn, such advice is nearly impossible to follow.