Money in the Middle

Sandwich Generation Talking About Money Up, Down and Across Generations

Downsizing to Get Retirement Finances Right

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 There’s an interesting article in today’s New York Times on the impact of downsizing on children – especially those in their teens.  It features families – generally baby boomer parents – who have decided to downsize their homes to save money. It’s not what the parents had in mind. The kids aren’t so happy.  But, the move can save money now and in the future for retirement.

 

It fits in with yesterday’s post about the need to put your retirement planning needs first – not the kids.  That doesn’t mean it’s easy or the way you planned to have things happen.  But then, there isn’t much about the economic events of the past year that match what we planned.

 

We often don’t realize how much it costs to have a home. Beyond the mortgage there’s regular maintenance, gas/electric/water bills, taxes and those unexpected maintenance bill.  Cut down on the size of your house, the savings can add up.  Learning to live in a smaller space, takes a bit of time.  

 

It’s also a good hands-on learning experience for the kids about adjusting to financial reality.

 

 

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Written by Laura Rossman

September 10, 2009 at 6:01 pm

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