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Dare to Downsize
What's in Store for You? By Teri Brown
. She says many people wanting to downsize should think seriously about the financial aspects of doing so. "We just are not prepared to live as long as we do now, and we have a financial longevity gap," Berg says. "We hope that our home sale proceeds will cover that. Statistics show that 78 percent of senior wealth is tied up in their home." Berg says that income and property tax must be considered, as well as how to invest the proceeds of the sale of the old home to last all their life. A financial planner is a wise investment at this time.
"Another concern to me is that people remember the importance of making sure you can 'age n place,' single floor living, grab bars and wide doorways for the wheelchair or mobility device, etc.," Berg says. Aging in one place takes forethought and understanding of what your needs are now, and in the future.
Investing wisely, family support and a timeframe can help your downsizing less stressful and more fulfilling. After all, this is the time in your life you should begin to think about what will really make you happy and satisfied.
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Meet with a financial planning expert to explore your options. They can help map out a budget and assist in turning leftover money from the sale of your home into a steady income.