"Downsizing has become a dirty word. It conjures up stereotypes of older people "rambling around" sprawling suburban homes being "forced" into a bungalow or apartment far from everyone they know, or relegated into a timber cabin at the end of a garden they tended to for decades so their adult kids can take over the family home."
"But for those approaching retirement with little to no private pension, freeing up a nest egg by selling their large home and moving into a smaller property is one of the best hacks for financing their retirement. Indeed, Irish households could - at least, theoretically - release a combined €16bn in home equity through downsizing, a report by Davy estimated last week."
Downsizing carries negative stereotypes of older people being forced from large suburban homes into bungalows, apartments far from friends, or small garden cabins so adult children can inherit. Those stereotypes obscure the financial benefits of smaller living for people nearing retirement with limited private pensions. Selling a large home and relocating to a smaller property can free a meaningful nest egg to fund retirement expenses. Davy estimated that Irish households could theoretically release a combined €16bn in home equity through downsizing, indicating a large potential source of retirement funding.
Read at Independent
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