By the time you’re nearing retirement, if you’re like a lot of people, you’ve accumulated a lot of stuff. And that’s what a lot of it usually is–nonspecific stuff that you probably don’t want to hang onto but don’t want to get rid of either without at least looking at it and considering if it’s worth keeping. This can all lead to a cascade of other issues.

Downsize in Retirement Downsize in Retirement ?

If your thoughts about downsizing include moving to a smaller place, you’re stuck until you can sort through everything unless you want to rent a storage unit, which gets expensive. It can seem easier just to not make any decisions at all, but then you’re still stuck in a too-large house with too much stuff. The points below are all worth considering when you’re trying to decide what to do.

A Smaller Home

There are plenty of advantages to a smaller home. It can be less expensive and easier to clean. You may have a smaller yard or no yard at all if you’ve moved to an apartment or a condo. Overall, you simply do not have to spend as much time or money on maintenance. If you are a parent and are hoping to leave something behind for your family once you are gone, a smaller home may facilitate this. Combined with other money habits for responsible parents over the years the amount saved on your mortgage can be significant.

Of course, there can be disadvantages. Your children may be particularly attached to the family home, or you might want enough space to comfortably host family members. You might want to talk to your family about how they feel about your downsizing, but keep in mind that it should ultimately be your decision. Your adult children may be sentimentally attached to the house, but they aren’t the ones responsible for its upkeep.

Your Finances

Even if you don’t move to a smaller place or get rid of anything else, getting your finances in order is a good idea. You can get rid of old financial documents that you no longer need and organize the ones that you do want to keep. You may find things you no longer need, like a life insurance policy. Did you know that you could sell some types of policies through a life settlement? You will not get the full benefit, but you can get a substantial sum, and it can be better than simply surrendering the policy. You can read more about a life settlement in a guide. Organizing your finances can also help you figure out exactly how much money you have for your retirement years. In addition, this process may make it easier for you to create or update an estate plan.

Anxiety

Clutter can create anxiety in various ways. You may be simultaneously stressed out about it and stressed out about getting rid of it. Some people need a counselor as much as they need a professional organizer when it comes to sorting through their possessions and ensuring that they do not accumulate more once they’ve done a clear out. Even if you don’t have any particular deep-seated emotional issues about your belongings, ongoing procrastination can create a vicious circle of anxiety. It’s worth thinking about your attachments and the source of any emotional discomfort you are feeling about decluttering and downsizing.

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