Should You Downsize When You Retire?
Edward Jones - Chad Choate, AAMS
For more information about the author, click to view their website: Chad Choate III, AAMS | Financial Advisor | Edward Jones
Aug 17, 2023
Florida - Sarasota, Bradenton & Charlotte Counties
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When you
retire, you’ll experience many changes — should one of them involve your living
arrangements?
The issue
of downsizing is one that many retirees will consider. If you have children,
and they’ve grown and left the home, you might find yourself with more space
than you really need. Of course, this doesn’t necessarily mean you must pack up
and scale down yourself. You might love your home and neighborhood and see no
reason to go. But if you’re open to a change, you could find that moving to a
smaller house, a condo or an apartment may make sense for you.
Let’s
consider some of the advantages of downsizing:
• You
could save money. Moving to a smaller space could lower your utility bills
and upkeep costs.
• You could
save effort. A smaller home will mean less maintenance and cleaning.
• You
could de-clutter. Over the years, most of us accumulate more possessions
than we really need. Downsizing gives you a chance to de-clutter. And you can
do some good along the way, too, because many charitable organizations will
welcome some of your items.
• You
could make money. If you’ve had your home for many years, it’s certainly
possible that it’s worth more — perhaps a great deal more — than what you paid
for it. So, when you sell it, you could pocket a lot of money — possibly
without being taxed on the gains. Generally, if you’ve lived in your home for
at least two years in the five-year period before you sold it, you can exclude
$250,000 of capital gains, if you’re single, or $500,000 if you’re married and
file taxes jointly. (You’ll want to consult with your tax advisor, though,
before selling your home, to ensure you’re eligible for the exclusion,
especially if you do own multiple homes. Issues can arise in connection with
determining one’s “primary” residence.)
While
downsizing does offer some potentially big benefits, it can also entail some
drawbacks. First of all, it’s possible that your home might not be worth as
much as you had hoped, which means you won’t clear as much money from the sale
as you anticipated. Also, If you still were paying off a mortgage on your
bigger home, you may have been deducting the interest payments on your taxes —
a deduction that might be reduced or lost to you if you purchase a
less-expensive condo or become a renter. Besides these financial factors, there’s
the ordinary hassle of packing and moving. And if you’re going to a much
smaller living space, you may not have much room for family members who want to
visit or occasionally spend the night.
So, as you
can see, you’ll need to weigh a variety of financial, practical and emotional
issues when deciding whether to downsize. And you will also want to communicate
your thoughts to grown children or other family members who may someday have
reason to be involved in your living space. In short, it’s a big decision — so give
it the attention it deserves.
This article was written by Edward Jones for use by your local Edward
Jones Financial Advisor:
Chad Choate III, AAMS
Bradenton's Riverwalk
828 3rd Ave W Bradenton, FL 34205
941-462-2445
chad.choate@edwardjones.com
Edward Jones, Member SIPC
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Financial Advisor 828 3rd Ave. W., Bradenton, Florida, 34205Hello, I'm Chad Choate a dedicated financial advisor in Bradenton, FL, I began my career with Edward Jones in 2017. As a financial advisor, I want to find out what's important to you and help you build personalized strategies to achieve your goals. As a lifelong Manatee County resident, I graduated from the University of South Florida and was a teacher in Manatee County before joining Edward Jones. My driving force is to change people's lives in a positive way, and what better place than my home to do that. Whether you're planning for retirement, saving for college for children or grandchildren or just trying to protect the financial future of the ones you care for the most, we can work together to develop specific strategies to help you achieve your goals. We will also monitor your progress to help make sure you stay on track or determine if any adjustments need to be made. Throughout it all, we're dedicated to providing you with top-notch client service. But we're not alone. Thousands of people and advanced technology support from our office can help ensure you receive the most current and comprehensive guidance. In addition, we welcome the opportunity to work with your attorney, accountant and other trusted professionals to deliver a comprehensive strategy that leverages everyone's expertise. Working together, we can help you develop a complete, tailored strategy to help you achieve your financial goals. I currently volunteer with the Manatee Hurricane football Broadcast and Booster Club, serve on my church's trustees council and have previously served as a leader in Young Life. I am a member of the Manatee Chamber of Commerce and an alumnus of their Leadership Manatee program. I have been married to my childhood sweetheart, Ashley, for 15 years and we have a son, Wesley, and daughter, Camryn. We enjoy watching our children play their sports and traveling as a family.
Edward Jones - Chad Choate, AAMS
Financial Services 828 3rd Ave. W., Bradenton, Florida, 34205Hello, I'm Chad Choate a dedicated financial advisor in Bradenton, FL, I began my career with Edward Jones in 2017. As a financial advisor, I want to find out what's important to you and help you build personalized strategies to achieve your goals. As a lifelong Manatee County resident, I graduated from the University of South Florida and was a teacher in Manatee County before joining Edward Jones. My driving force is to change people's lives in a positive way, and what better place than my home to do that. Whether you're planning for retirement, saving for college for children or grandchildren or just trying to protect the financial future of the ones you care for the most, we can work together to develop specific strategies to help you achieve your goals. We will also monitor your progress to help make sure you stay on track or determine if any adjustments need to be made. Throughout it all, we're dedicated to providing you with top-notch client service. But we're not alone. Thousands of people and advanced technology support from our office can help ensure you receive the most current and comprehensive guidance. In addition, we welcome the opportunity to work with your attorney, accountant and other trusted professionals to deliver a comprehensive strategy that leverages everyone's expertise. Working together, we can help you develop a complete, tailored strategy to help you achieve your financial goals. I currently volunteer with the Manatee Hurricane football Broadcast and Booster Club, serve on my church's trustees council and have previously served as a leader in Young Life. I am a member of the Manatee Chamber of Commerce and an alumnus of their Leadership Manatee program. I have been married to my childhood sweetheart, Ashley, for 15 years and we have a son, Wesley, and daughter, Camryn. We enjoy watching our children play their sports and traveling as a family.
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Retirement Planning 828 3rd Ave. W., Bradenton, Florida, 34205Experience and BackgroundI am a financial advisor in Bradenton, FL, and began my career with Edward Jones in 2017. As a financial advisor, I want to find out what's important to you and help you build personalized strategies to achieve your goals.As a lifelong Manatee County resident, I graduated from the University of South Florida and was a teacher in Manatee County before joining Edward Jones. My driving force is to change people's lives in a positive way, and what better place than my home to do that.Whether you're planning for retirement, saving for college for children or grandchildren, or just trying to protect the financial future of the ones you care for the most, we can work together to develop specific strategies to help you achieve your goals. We will also monitor your progress to help make sure you stay on track or determine if any adjustments need to be made. Throughout it all, we're dedicated to providing you with top-notch client service.But we're not alone. Thousands of people and advanced technology support our office so that we can help ensure you receive the most current and comprehensive guidance. In addition, we welcome the opportunity to work with your attorney, accountant and other trusted professionals to deliver a comprehensive strategy that leverages everyone's expertise. Working together, we can help you develop a complete, tailored strategy to help you achieve your financial goals.I currently volunteer with the Manatee Hurricane football Broadcast and Booster Club, serve on my church's trustees council and have previously served as a leader in Young Life. I am a member of the Manatee Chamber of Commerce and an alumnus of their Leadership Manatee program.I have been married to my childhood sweetheart, Ashley, for 15 years and we have a son, Wesley, and daughter, Camryn. We enjoy watching our children play their sports and traveling as a family.