Ep. 18 Retirement Living - Helping Seniors Downsize

Living Richer

Aug 17 2023 • 42 mins

While the idea of living out your retirement years at home may be appealing, there are some important considerations from both a financial and a lifestyle perspective. For starters, the cost of aging in place is significant. In fact, a recent survey revealed that only 12% of respondents have enough room in their budget to do so. For many homeowners this requires accessing the equity in their single largest asset - which means selling their house. In addition to the financial considerations, aging in place also has important physical and social challenges.

In this episode, I connect with Michael Shuster a seniors real estate specialist. He shares his expertise in helping seniors down-size. We discuss the antiquated stigma that has traditionally been associated with retirement homes, important considerations to take into account when making the decision to down-size, the biggest challenges that seniors face when going through this process, and how their adult children (or grandchildren) can help them overcome these. Lastly, Michael shares his top tips for maximizing the value of your home so that you can be in the best financial position to afford your ideal retirement lifestyle.