Adventures in Downsizing: Part 1
Adventures in Downsizing Part 1
Downsizing is one of the most stressful times for seniors and their families. It is most certainly easier the earlier you start. Give yourself time to make a plan. What are your wishes, dreams, thoughts and desires for the next chapter of your life?
Let’s start this series with the most important step first. Mapping out a plan. If you thought retirement planning was hard, jump on board with me here. Use this series to help an aging senior in your life.
Step 1: Making a Plan
What do you envision for your future? A smaller home to age happily in place in? A community with less responsibilities, making friends, joining in activities, or just less to take care of while you travel more? Where you choose to go, determines so much of the next steps you are about to take. Once you have a good idea of your vision, you need to figure out how to get you there. The worst thing to do is to put it off and be forced to downsize due to health. It is overwhelming not just for you but for family and friends trying to help as well. It adds stress and can wreak havoc with your budget in an emergency situation.
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If for example you want to live in an RV and travel, you have a lot of work to do to get rid of 90 % of the life you have built, as only 10% fits in an RV. Not going that extreme, then whew! take a breath it will be easier. Or is it time to start thinking about a 55+ community? Build or buy something smaller, that just fits your needs? What are the restrictions? What are the benefits? Being with age similar people totally may be your thing instead of a child laden neighborhood, with loud cars, school buses, and lots of traffic.
Maybe a fun independent living community? No snow removal, no yard work, no kids, no loud traffic, just fun! Do we need some assistance, but are still pretty independent? Most Assisted Living or Personal Care communities offer smaller spaces similar to a studio apartment. Tight but cozy quarters. Maybe you want to move to a cottage on the beach in a warm climate closer to your grandkids. Where ever that choice may lie, it is time to start the research.
Once you have built your list by priorities, now let’s talk about the kind of home you want to live in. One bedroom, 2-bedroom, smaller house, out of state, or local.
Whatever your thoughts are, let’s get started by making a list of places you think you might be interested in. Consider location. How close are the things you love to do like hiking, bowling, fishing, shopping, lunch out with friends. Medical care, hair salon or barber, close to your current community or church for familiarity, or a totally new area? Make a list of those things that are your top priorities for a comfy and happy life.
The next most important step you can take for yourself is to schedule a consult with an elder law attorney. NO not a regular attorney. Even if you have an estate planned, trust made, or will written…an elder law attorney is not looking at one thing, they are looking at a big picture approach. Take all of that and your finances and insurance policies with you. Their main focus is to look at and build a future plan that encompasses your legal, financial assets and insurance needs. These are all important pieces when making a downsizing plan.
You may already have a financial planner, but look to consult with an elder financial advisor, they look at different things than just gains and losses and that conversation is much different than the one you had at 40 or 50. A well laid plan with the right pros will set you up for success and they are worth every penny, as you age. Being prepared will also reduce stress and allow you to live the life you plan with fewer bumps. Once you have made your plans discuss them with your family. Remembers you’re not asking their permission; you’re just informing them of the life you plan to live.
If you are budget conscious, making a plan will save you time and money. Downsizing over time allows you to work at your pace, not be overwhelmed and give thought to the items you will get rid of. Who will they benefit the most? Usually, family members get first choice; but not always if you have items that can make you money, your finances are the priority.
I find calling an auctioneer to walk thru and point out what your valuable items are first most helpful. You don’t want to give away items of value if they benefit you the most. Then look at local nonprofits, though they may only take certain items, they benefit the community quickly. Look at websites for the list of items they might be needing, that will help guide you. Missions, churches, school organizations, nonprofits that benefit women directly, or vets, or maybe the homeless trying to get a fresh start. Some organizations help families get a fresh start whom are struggling. Where ever your heart lies, is what is important. Be good, and do good my grandmother always said.
Once you have laid your foundation and know your finances then its time to look at communities or where ever you may want to go. Good luck and watch for Adventures in Downsizing part 2!
