Filed Under:Markets, Senior Market

Will Boomers Downsize in Retirement?

Image: FreeDigitalPhotos.net

Image: FreeDigitalPhotos.net

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?

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