Advice for Retirees When Downsizing: Part 1 of 5

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The first thing to keep in mind when considering downsizing is that you should be careful not to wait too long. The longer you wait to downsize, the more time you spend paying your higher incoming taxes, utility bills and other unnecessary expenses.

“You don’t necessarily need to wait until the last [child] gets out of college to pull the trigger,” Thomas Scanlon, an adviser with Raymond James in Manchester, Conn., told MarketWatch. “Lots of folks wait until post-college, and then children boomerang into the basement – it could be an eight- to 10-year run of having more home than you need.”

Image via flickr/Tax Credits

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