As we age, the way we interact with our homes inevitably changes. A home that once served your needs—whether it was chosen for proximity to schools, a spacious yard, or nearby conveniences—might not be as suitable as life moves into different phases. Whether the kids have moved out, your mobility has shifted, or your neighborhood has changed, it’s natural to reassess if your house is still the right fit for your life in retirement.
Your Home Reflects More Than Just Walls
Our homes are more than the structures we live in—they are reflections of the lives we’ve built. They house our memories, milestones, and emotions. A child’s art project hanging on the fridge, a piece of furniture inherited from your parents, or even the garden you’ve nurtured for decades—all these elements contribute to making a house a home. However, while these sentimental aspects may tie us to a place, practical considerations like upkeep, financial strain, and physical limitations also come into play as we age.
The Financial and Emotional Strains of a Big House
As Ed, one of my clients, found, a large home that was once full of life can feel empty and expensive when the children move out. Ed and his wife enjoyed years of raising their family in a 5,000-square-foot house, but once the kids left, the house started to feel too big and the maintenance costs too high. They eventually moved into a smaller, easier-to-manage home, where Ed finished the basement to accommodate visiting grandkids.
Ed’s experience is not unique. Many retirees find that the home they once cherished becomes an emotional and financial burden. The empty bedrooms, higher utility bills, and ongoing maintenance can all contribute to the realization that the house no longer fits their lifestyle.
Holding on to the “Just in Case” Mentality
For other retirees, the idea of downsizing is emotionally challenging. Couples may want to hold onto their large family home for “just in case” scenarios—like hosting holidays or accommodating visiting adult children. However, holding onto a home for occasional events may not be the best financial or practical decision. It’s important to weigh the costs of maintaining a big home against the actual use it gets. Could a smaller space and the financial savings provide more freedom for travel or other activities?
Life Changes and Boomerang Children
Another factor to consider is the return of adult children to the family home, which has become more common in recent years. Whether due to job loss, divorce, or other challenges, “boomerang” children can add to the financial strain of maintaining a larger home. While supporting children is a natural parental instinct, it’s essential to ensure that it doesn’t compromise your financial security or retirement plans.
A Time for Change: Assessing Your Needs
As life changes, so do your housing needs. What once was a perfect fit may no longer support your lifestyle. Gretchen and Bert, a couple in their mid-seventies, faced this realization. With their children grown, they found their large home too big for their current needs. They wanted to travel and live simply, but the thought of maintaining their big house held them back. This is a common dilemma for retirees—whether to hold onto the familiar or embrace a new, more fitting chapter of life.
Evaluating Your Home’s Role in Retirement
The decision to stay in or leave your home is deeply personal, but it should be informed by practical considerations. Ask yourself:
- Does your home require more maintenance than you’re willing or able to handle?
- Are the financial and emotional costs of maintaining the house becoming too much?
- Does your current home still enhance your retirement lifestyle, or is it holding you back?
For many, downsizing, renting, or moving into a community tailored to their needs can provide relief from the demands of homeownership and free up resources for other pursuits like travel or new hobbies.
Ready to Reassess Your Housing Needs?
If life changes have prompted you to rethink whether your home still fits your lifestyle, I’m here to help you navigate this important decision. At Wealthy Choices®, I work with retirees to evaluate their living situations and make informed financial decisions that align with their goals. Contact me today at 781-577-2311 or visit WealthyChoices.com to explore your options for the next phase of life.
