Reply to Anyone transition from big pay/big house/big expense to a low cost, simple, yet fulfilling retirement life?

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Reply to "Anyone transition from big pay/big house/big expense to a low cost, simple, yet fulfilling retirement life?"

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[quote=Anonymous][quote=Anonymous]It is selfish of elderly people not to get their housing and other affairs in order while they still have the physical and mental faculties to do so, rather than dumping it on their children (many of whom are working and raising their own kids). [/quote]

The boomers did the same for their parents and I imagine I will do the same for my parents too. It's not selfish. If anything it's often faster and easier to deal with housing and clearing out the house after they have passed away than during their life. It would take my mother a year to declutter, I could do it in one week.

My parents did the calculations and realized it was cheaper/easier to stay in their large family house than downsize. The only benefit to downsizing would be for a place that was on one floor, but ranch houses are rare where they live and those that exist are often even more expensive. Add to that the costs of buying and selling, which adds up significantly. Their taxes are also much lower due to the Maryland homstead tax credit, which they'd lose if they sold and would then have to pay much higher property taxes at the new purchase price. If would only make sense to sell if they were moving directly to a retirement/assisted living community but they haven't hit that point yet, and may never. So few of their friends have downsized or are planning to downsize, all for this reason. People stay in their houses until they (if they do it) move to a retirement community. Doing something in between is rare for the aforementioned reasons.[/quote]

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