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Downsizing just one way to lower retirement cost of living

January 2, 2014

Many older adults are concerned with lowering their retirement costs of living, and there are many ways for them to do so. Yet, while steps like making lifestyle changes or cutting back on certain expenses may be effective, they could also disrupt the active retirement many seniors have in mind. Instead, it might be a smart move for older adults to look at their housing costs, according to U.S. News and World Report.

Downsizing is among the most popular options to re-think housing during retirement. With an empty nest, seniors likely don't need all the space they've required over decades past. Rather than have a home that's too big - and the expenses that come with it - many older adults elect to move to retirement communities, which offer not only living arrangements, but also ample opportunity for social engagement, medical care and mental stimulation.

"We've seen a trend of more people downsizing," Walter Molony, an economic issues spokesman for the National Association of Realtors, told the news source.

In addition to downsizing, many seniors also choose to relocate for retirement. Many people move for more affordable housing or to explore a new locale. For example, Colorado retirement communities are becoming increasingly popular for those seeking an active adult lifestyle.