💨 Abstract

Downsizing in retirement comes with several misconceptions. Selling a large home may not yield high profits due to potential repairs and market conditions. Moving to urban areas can also be expensive, with hidden costs like service fees and higher property taxes. Financial and health concerns should drive the decision to downsize, not just the desire for a smaller space. Retirees might find ways to reduce expenses in their current home and even generate income by renting out rooms.

Courtesy: WTOP Staff