Will Boomers Downsize in Retirement?

We keep hearing that retirement isn’t what retirement used to be, with seniors tightening their belts to make ends meet. We spoke with a group of Boomers recently to find out if they have plans to downsize to keep their assets through their retirement years. Leave a comment below to let us know what you’ve been hearing from your Boomer clients.

See also: 4 Reasons Why Your Clients Can Never Really Retire

We have been downsizing in stages for years. When our youngest went to high school, we started exploring our options. We already had one out of the house at that point with another one right behind her. It took us a couple of years to find something we really liked—we weren’t in a hurry—and then we moved with our youngest to a smaller place. Later, we found a condo and downsized again.

Antonin, 61
Fort Myers, Fla.

I’m sure we will. I am so sick of cleaning all these rooms! And the upkeep … It’s all just too much. It’s just the two of us and it doesn’t make any sense to have a house this big. We’re just waiting for the market to improve. My husband says that won’t happen for at least three more years though. It’s pretty depressing.

Olivia, 56
Durham, N.C.

Yeah, we’re working on that right now. We put a bid in on a nice place near where we are now. We don’t want to have to change doctors and all that. It has everything we were looking for and we really had the upper hand in the negotiations because of the market. Our daughter wants to take over our current place, so we won’t have to sell for a while. We’re pretty lucky, really.

Bert, 62
Las Vegas, Nev.

I’m still trying to decide what to do. I’m a widow and my husband left me a substantial nest egg when he died. So, I’m not in a position of having to move for financial reasons. I’d like to wait until I can get a good price, definitely. Also, my closest child is a two-hour plane ride away and I have seven grandchildren. So when they come visit, it’s nice to have room for them all. I don’t know. For now I think I’ll stay put.

Margaret, 66
San Clemente, Calif.

For more from Daniel Williams, see:

Death, Fear, Faith, Love

Confessions of a Professional Plate-Licker

Should Annuity Advisors Diversify or Specialize?

About the Author
Daniel Williams

Daniel Williams

Daniel Williams, Editor-in-Chief of the new Retirement Advisor magazine (formerly Senior Market Advisor) and Annuities Channel Editor for LifeHealthPro.com, is an award-winning journalist and business editor with extensive experience in print, online and trade shows. Prior to joining Senior Market Advisor, Daniel was editor of Real Estate Southern California magazine and West Coast South Bureau Chief of GlobeSt.com, both are divisions of Real Estate Media. Previously, he covered the commercial real estate beat for the Orange County Business Journal. While there, he received a certificate of merit from SABEW (the Society of American Business Editors and Writers Inc.) for a story on "OCs Cash Economy." A native of the Deep South, Daniel relocated from Los Angeles to Denver with his wife and daughter and can be reached at dwilliams@SummitProNets.com or on Twitter @LHPro_Annuities.

Related Life Planning Strategies Resources

Powered by

  • Planning For Retirement Can Be Very Confusing

    For the first time ever, The Annuity Store is giving you INSTANT ACCESS to a 16 page, consumer facing report, that is designed to help you ease your clients’ uncertainty by presenting detailed solutions to these challenging concerns.

  • When Your Clients Run Out Of Luck, Make Sure They Don't Run Out Of Money

    For the first time, Assurity Life Insurance Company is providing INSTANT ACCESS to a consumer facing video that shares the story of a producer on his personal experience with surviving a critical illness and the benefits the policy delivered.

Comments

Advertisement. Closing in 15 seconds.