Downsizing when you age or empty nesters?

[Anonymous]

We are only selling our house if/when we decide to relocate. I wouldn’t bother doing it just to get a smaller place in the same area.

[Anonymous]

Anonymous wrote:

Anonymous wrote:It cost a lot of money to buy and sell. As my father said, why downsize to a smaller house in his mid - late 70s only to have to sell it again within a decade to move into assisted living/retirement. They're staying in the house till they know they absolutely have to move to a retirement community.

That is why (imo) it makes more sense to do the downsizing in your mid to late 50s, once kids are out of the house. Then you get 20+ years possibly living there before you need a retirement community

+1 you don't want to be moving when you absolutely have to. You want to do it when you don't have to. Moving when desperate makes it harder.

My MIL had to move at 88; big house, lots of steps. Fell, blacked out. Finally she agreed to move. Bought a nice bungalow. Died 18 months later. They will be lucky to not take a loss on the house.

[Anonymous]

Anonymous wrote:

Anonymous wrote:It cost a lot of money to buy and sell. As my father said, why downsize to a smaller house in his mid - late 70s only to have to sell it again within a decade to move into assisted living/retirement. They're staying in the house till they know they absolutely have to move to a retirement community.

That is why (imo) it makes more sense to do the downsizing in your mid to late 50s, once kids are out of the house. Then you get 20+ years possibly living there before you need a retirement community

But why downsize if you are already happy in your house? That's what some of you are struggling to understand. There is no rule that you must downsize into something smaller or more efficient by a certain age. Smaller houses aren't necessarily cheaper to operate than larger houses, there's a certain amount of sunk costs involved.

[Anonymous]

Anonymous wrote:

Anonymous wrote:It cost a lot of money to buy and sell. As my father said, why downsize to a smaller house in his mid - late 70s only to have to sell it again within a decade to move into assisted living/retirement. They're staying in the house till they know they absolutely have to move to a retirement community.

That is why (imo) it makes more sense to do the downsizing in your mid to late 50s, once kids are out of the house. Then you get 20+ years possibly living there before you need a retirement community

I am 55 with both kids out of college. Kids are still coming home with various friends. I am hosting holidays. Our house is paid off. I see no reason to move, Someday if stairs become hard, we will think about moving. Maybe the kids will host and we will be visiting them. I imagine it will be a retirement community or Continuing Care Community,

[Anonymous]

Sure millennial. Dream on.
Not getting my house.

[Anonymous]

Anonymous wrote:Sure millennial. Dream on.
Not getting my house.

Cool it boomer. I'm the OP and I am def NOT a Millennial.

[Anonymous]

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Anonymous wrote:Don’t downsize to a townhouse. Many have over 30 steps. Not good for aging knees.

Master suit on ground floor is a must after 60.

You must be young! Most people in their 60s are fine with stairs.

I'm 63 and just did a hike yesterday that is the equivalent of 60 flights of stairs. Use it or lose it.

Our beloved neighbor died late last year from a fall in her home with lots of stairs. She tumbled down the stairs. She was of sound mind and very active, but in her early 80s and broke her hip. Health failed while in the hospital and died after a few weeks of convalescence.

Once you hit 80, you are one fall away from dying. Or living the rest of your life with much more restricted mobility (but might as well be dead TBH). The fall itself might not even kill you, but the injuries from the fall kick off a cascade of health issues that wreck your quality-of-life and eventually kills you.

I know someone who died this way as well. He was very spry for his age (80s) and he / his wife still traveled, fished, etc. But he got disoriented in the middle of the night and fell and died within days.

I'll be honest: part of me sees this as the horrible thing it is for his wife/family/him and it could have been avoidable with a ranch. Part of me feels like, if I'm going to go, it's not the worst way. It's over fast. And in your 80s that's all you can ask for.

Me too.

[Anonymous]

Everything smaller in an area as nice as we are already living is just as expensive or more in the DMV. It would be nice to have outdoor maintenance taken care of though. I think it will be sad when all of the neighbors I raised kids with leave. That's when I will go.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Sure millennial. Dream on.
Not getting my house.

Cool it boomer. I'm the OP and I am def NOT a Millennial.

Are you a boomer and thinking of downsizing?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It cost a lot of money to buy and sell. As my father said, why downsize to a smaller house in his mid - late 70s only to have to sell it again within a decade to move into assisted living/retirement. They're staying in the house till they know they absolutely have to move to a retirement community.

That is why (imo) it makes more sense to do the downsizing in your mid to late 50s, once kids are out of the house. Then you get 20+ years possibly living there before you need a retirement community

But why downsize if you are already happy in your house? That's what some of you are struggling to understand. There is no rule that you must downsize into something smaller or more efficient by a certain age. Smaller houses aren't necessarily cheaper to operate than larger houses, there's a certain amount of sunk costs involved.

Obviously, nobody is forcing you to downsize. I for one don't want the maintenance/yard work and hassles of a 5K sq ft home when there are only 2 of us living there. it was great with two kids at home, and wonderful when everyone was working from home/doing school from home during covid---everyone had their own space with a desk that was quite/behind doors. Seems wasteful and a pain in the ass to manage though when we only would need it for a few weeks out of the year once youngest is out of college. So we moved to a 2 bed/2bath condo in the city. One kid already out of college and launched out of state. 2nd well on the way and at least 75% chance they will get job OOS. If they get a job near us, we will help them rent a place in the city (VHCOL)--that way they will be independent but able to afford a decent place.

Around me, smaller places are easier to maintain and property taxes are correspondingly lower. Sure I own my big house, but I sold it for double the purchase price 7 years later. The smaller Townhome/condo is still going to be "cheaper and less overall costs" long term.

[Anonymous]

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Anonymous wrote:I think this is more of a finance question than a real estate or midlife one, so posting here.
What are you doing with your real estate options when you get to say 55, or when you are empty nesters? Are you downsizing? Moving to a TH? Aging in place? Keeping a larger home for family gatherings, grandkids? What’s your plan?

Is this post from 1975? Empty Nestor at 55 ready to retire?

That was back when my Uncles were cops and Firemen married HS sweethearts young and by 55 a full pension and kids long gone. Kids just went an inexpensive local college.

Today men and women are having kids much later. Their kids are having kids much later and college costs are insane.

When I was 55 I had a 16, 14 and 10 year old at home.

Hence the issue downsizing no longer works

My youngest graduates college when I am 67 and then wants to move home for grad school.

Then until they are married with kids I am still hosting holidays.

I thought I was an old parent but tons and tons parents my age at school.

My friend is 61 with a 13, 11 and 6 year old at home. Had last kid he was 55, wife 45.

55 year olds are still having kids and 25-30 years from retirement.

There are also plenty of people that age who become empty nesters, retire, and downsize.

Yup! Did have kid until almost 30, was done by 35, by 52 last kid was off to college.
Sold big family home and moved into our 2 bed/2bath condo in the city. Won't retire until kid is done with college but we could if we really wanted to, the money is ready and waiting

DOn't know about most people, but I don't want to be over 60 and still have kids on my payroll/supporting my kids because they are not yet out of college. So we chose not to have a kid at 40+

Big plus by working later my SS and 401k will be huge.

As HHI earners, our SS will be huge already. And 401k/IRAs are huge as well (over $4M currently). They are only about 10% of our NW.

I don't recommend retiring early if you are not financially ready or mentally ready.
We always planned to be done by 56/57. We planned our kids and savings accordingly

I am 62 my job has a 401k and a 457b. Both with matches. Combined I am putting away 69k a year. I plan to work till 70. Which will give me 48 years of 401k contributions. I then want to join some boards, adjunct professor, consulting then retire around 80.

My uncle retired at 78. He is now 93 has a younger girlfriend and a place on beach in California.

My grand aunt just died and she never retired at 90. She was 104. I saw her at 103 she was managing a renovation on one of her rental properties.

[Anonymous]

Three of my neighbors are very old in big houses. Two neighbors in their mid 90s have helpers, kids visiting to help and a night nurse.

My other neighbors in perfect health mid 80s. They walk two miles everyday converted their living room to a master bedroom suite to plan ahead for when stairs are an issue.

[Anonymous]

Anonymous wrote:Don’t downsize to a townhouse. Many have over 30 steps. Not good for aging knees.

Only if you are fat. Climbing steps daily has been shown to increase lifespan and mobility

[Anonymous]

Anonymous wrote:

Anonymous wrote:Don’t downsize to a townhouse. Many have over 30 steps. Not good for aging knees.

Only if you are fat. Climbing steps daily has been shown to increase lifespan and mobility

Yes up to a certain point...then you are one slip away from a wheel chair.

[Anonymous]

Built a house on a ski slope and move there.