The decision to downsize and find a new home in retirement is a significant milestone, and discovering the perfect balance of cost and comfort can have a profound impact on your quality of life. Tim Regan, Founder of PrairieView Wealth, and Katie Umland, Head of Marketing, discuss how to properly plan ahead in this latest episode.
Are you considering downsizing in retirement but unsure how to strike the perfect balance between cost, comfort, and convenience? In this episode of Retirement Readiness, Tim Regan and Katie Umland share their insights from years of experience helping clients build custom retirement plans.
The golden years of retirement should be a time of relaxation, enjoyment, and new experiences – and much of that hinges on your living arrangements. With so many different retirement living options available, it can be helpful to explore and compare various styles of housing and communities to determine which will best suit your unique preferences. Some retirees may prefer a quiet, rural setting with ample outdoor recreation opportunities, while others might gravitate toward buzzing urban centers with easy access to cultural experiences, shopping, and dining.
And, of course, retirement communities offer a variety of maintenance-free living solutions. By researching different types of retirement housing options and touring potential communities, you can gain a better understanding of the benefits and drawbacks of each choice, allowing you to make a well-informed decision that supports your ideal retirement lifestyle.
Ultimately, the key to a successful downsizing experience in retirement is careful planning and honest self-assessment. Acknowledge your priorities and the lifestyle that will bring you the most happiness and satisfaction in your golden years.
Listen to the full episode to hear Regan and Umland discuss how to make the best decision regarding your retirement living situation, plus explore the pros and cons of the most popular options available.
Key Timestamps
- 00:00:54 – Downsizing is a personal decision that depends on an individual’s lifestyle and preferences. While downsizing may seem like it saves costs, it can also become expensive if an individual wants luxurious amenities.
- 00:05:00 – Retirement communities are a popular option for individuals who want to live in a community and have access to amenities.
- 00:07:02 – Designing a home for retirement should take into account an individual’s lifestyle and preferences, including accommodating family visits.
- 00:13:07 – When choosing a retirement location, it’s important to think about what activities you see yourself doing, where your family and church are located, and whether a second home is necessary.
- 00:13:45 – When considering a second home, it’s important to take into account the maintenance required.
- 00:15:20 – It’s important to not get too caught up in the idea that your current home will be your last move. Instead, focus on what you want to do and where you see yourself for the next decade or so, and make choices based on those goals.
Key Takeaways
- The decisions to downsize in retirement should factor in your values, lifestyle, potential costs, proximity to family and more.
- A smaller home doesn’t necessarily mean lower costs – especially if you’re seeking more luxurious amenities in your golden years.
- Retirement communities are a great option for retirees who want to live in a maintenance-free community and have access to amenities.
Links
Build the Retirement of Your Dreams
Your journey to retirement is one of a kind – just like you. Here at PrairieView, we help our clients create a plan for a future that fulfills their individual values and desires. Click here to connect with a member of the PrairieView Wealth team today.
Facebook: https://www.facebook.com/PrairieViewWealthPartners
LinkedIn: https://www.linkedin.com/company/prairieview-wealth-partners/
Website: https://www.prairieviewwealthpartners.com/
[Disclosures]
PrairieView Wealth Partners, LLC is a registered investment advisor. Information in this message is for the intended recipient[s] only. Please visit our website prairieviewwealthpartners.com for important disclosures.
PrairieView Wealth Partners, LLC often communicates with its clients and prospective clients through email and other electronic means. Your privacy and security are very important to us. PrairieView Wealth Partners, LLC makes every effort to ensure that email communications do not contain sensitive information. If you are not the intended recipient of this communication, please delete and destroy all copies in your possession, notify the sender that you have received this communication in error, and note that any review or dissemination of, or the taking of any action in reliance on, this communication is expressly prohibited. We remind our clients and others not to send PrairieView Wealth Partners, LLC private information over email. If you have sensitive data to deliver, we can provide secure means for such delivery. Please note PrairieView Wealth Partners, LLC does not accept trading or money movement instructions via email. Please visit our website prairieviewwealthpartners.com for important disclosures.
Please remember to contact PrairieView Wealth Partners, LLC if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you want to impose, add, or to modify any reasonable restrictions to our investment advisory services. A copy of our current written disclosure statement discussing our advisory services and fees continues to remain available for your review upon request.
The information provided herein is for informational purposes only and does not constitute financial, or legal advice. Investment advice in an advisory capacity can only be rendered after delivery of PrairieView Wealth Partners, LLC’s disclosure statement (Form ADV Part 2) and execution of an investment advisory agreement between the client and PrairieView Wealth Partners, LLC.
