Downsizing Your Home As your life evolves, your needs change. That's especially true of your housing needs when you transition into retirement. Are you Ready to Change your Housing? If you're an empty-nester, it may be time to rethink your housing situation. You may want to downsize into a smaller home, condo or townhouse that requires less maintenance. Or maybe you'd like to move to a warmer climate or live closer to your grandchildren. You may even wish to help your parents with retirement housing alternatives. Evaluate your Retirement Housing Preferences To Help Evaluate your Choices, Consider your Lifestyle:Do you want to continue with home maintenance chores and expenses? Can you afford to hire help? Will you have to rely on friends, family and relatives?How close do you want to live to family and friends? To public transportation? To shopping and social life?Will you be able to renovate your home as your physical needs change?Do you adjust to change and make friends easily?How does your spouse feel about moving or staying at home? Your family? Where Would you Like to Live?Stay in the family home. If you're physically independent and willing to do the upkeep, you'll probably be happy with this option. You might also consider remodeling your home to reflect your changing lifestyle and needs.Go with a smaller home, condo or townhouse. Less expensive, smaller and more manageable. With a condo or townhome, most of the outdoor maintenance chores are done for you. True "downsizing."Move closer to or move in with your children. Talk with your kids about all the emotional and practical implications before you consider moving. Are you physically independent? Financially? Will you feel in the way? How will other family members feel?Other retirement housing options. Continuing care retirement communities (CCRC) are an increasingly popular option for many. CCRCs and/or assisted-living facilities rent rooms or apartments and offer as many or as few "extras" as you care to choose — housekeeping services, meals, social activities, transportation. Some also offer degrees of physical assistance if you require it. Other Financial Considerations Before you make any major decisions, talk to our team of Financial Advisors about how changing your housing might affect your financial situation and your retirement, now and in the future.How will a sale/purchase of a home impact your retirement income or financial goals? Your retirement and other financial goals?How much will health care cost in retirement?Where do you anticipate most of your retirement income coming from and will your money last? Do you know what a safe withdrawal rate is? Plan for the Retirement Lifestyle you Want Our team of Financial Advisors at Genesis Wealth Advisors can help you evaluate your options and considerations for housing as you prepare for retirement. To learn more about Downsizing your home and other financial services, contact Genesis Wealth Advisors to schedule an appointment today.