51% of Older Workers Could Get $2,000 or Less from Retirement Savings was a recent headline from Motley Fool.* One of the solutions mentioned was downsizing for retirement.
Here is the takeaway:
- Many older workers have too little saved for retirement.
- This could mean their nest egg produces a dangerously low income.
- Saving enough for retirement is crucial to supplement Social Security benefits.
Downsizing for Retirement Options
So, other than working longer and catching up on contributions, downsizing is an effective way to reduce the clutter then reap the benefit of higher home prices. Unfortunately, the question remains where you go now when inventory is so low. Is over 55 community living the answer?
Steps to Take for Seniors Selling a Home
Before we jump into finding an over 55 community, there are a few things you should do to make it an easier transition to selling a home you may have lived in for years. Start with short checklist below:
- Start now removing the things you do not need.
- One day at a time follow the KonMari method
- Four-Box Method: Restrict your options for what to do with a particular item by only giving yourself four options. Typically, these options are kept, donate, trash/recycle, and sell. You should try to avoid putting items in storage.
- One room at a time
Over 55 Community Living in Rhode Island
There are approximately 9 over 55 places to live in Rhode Island. However, all homes for sale are over $350,000.
In addition, we found that there are 4 other options to consider if you live in Rhode Island. They are all over 55 and some include assisted living. Likewise, if you visit this link you can refine your search.
Condominiums for Retirement Options
If you are considering moving into a condominium, check out our blog TIPS ON BUYING A CONDOMINIUM. Of course, you can contact us also in case if you have already started the declutter process and ready for downsizing.