November 22, 2024
Allworth financial advisor Renee Nenninger explores the benefits of downsizing in retirement, focusing on how simplifying your home and life can lead to more freedom, financial flexibility, and peace of mind.
As we get older, many of us start thinking about what we truly need—and what we can let go of. Downsizing isn’t just about moving into a smaller space; it’s about simplifying and creating a lifestyle that aligns with what really matters. For a lot of people, letting go of a big house can be a little scary, but it can also be incredibly freeing.
Let’s talk about why downsizing can be a great option and how it can make your life more manageable, enjoyable, and focused on what’s important.
One of the biggest benefits of downsizing is how much time, energy, and money you save on home maintenance. Big homes require more upkeep—whether it’s yard work, cleaning, or repairs, there’s always something that needs attention. By moving to a smaller home, you free yourself from the constant cycle of chores and maintenance, giving you more time to enjoy the things you love.
Think about what you could do with those extra hours: travel, spend time with family, pick up a new hobby, or simply relax without worrying about that leaky roof or overgrown lawn. Downsizing allows you to focus on what matters most, instead of being tied to an endless to-do list.
A smaller home usually means lower monthly expenses. With downsizing, you’ll likely save on utilities, property taxes, and insurance. Selling a larger home and moving to a smaller, more affordable space may also free up some cash that can be used to enjoy retirement, travel, or invest in experiences instead of things.
For many, this financial flexibility is a huge relief. You’re no longer funneling as much money into your home and can instead use those funds to pursue passions, support loved ones, or simply give yourself a little breathing room.
If you’ve lived in the same home for decades, chances are you’ve accumulated a lot of “stuff.” Downsizing gives you an opportunity to declutter and pare down to only the things that bring you joy or serve a purpose. It’s a chance to simplify and surround yourself with the items that truly matter.
Imagine living in a space where everything has meaning, where you’re not overwhelmed by piles of things you don’t need or use. Downsizing forces us to consider what’s most important—and getting rid of the excess can feel incredibly freeing. Plus, less clutter makes it much easier to keep your home organized, clean, and peaceful.
Our needs and lifestyles change over time. A house that was perfect for raising a family may feel too big or empty once the kids have moved out. Downsizing lets you find a space that suits your current lifestyle, with features that match where you are in life now.
Maybe you’re looking for a cozy condo in a community with other retirees, or a smaller house near family or in a walkable neighborhood. Downsizing can allow you to choose a place that makes daily life easier and more enjoyable—without the extra space and rooms you no longer need.
Downsizing can also bring you closer to community. Many smaller homes, condos, and retirement communities foster a sense of closeness and camaraderie. In a larger home, it’s easy to feel isolated, but in a more compact living environment, you’re likely to cross paths with neighbors, make new friends, and enjoy a greater sense of connection.
If you choose a retirement or active adult community, there may even be shared amenities like fitness centers, group activities, or social events that bring people together. For many retirees, this sense of belonging is one of the most rewarding parts of downsizing.
As we age, it’s natural to think about what will make life easier and more manageable down the road. A smaller home often means fewer stairs, less cleaning, and more accessibility. Choosing a home that supports aging in place can help you maintain independence for longer and reduce the need for costly adjustments or care services later on.
Moving to a more manageable space now can save you and your loved ones time, stress, and worry in the future. It’s a proactive way to ensure your home supports you in every phase of life.
Downsizing doesn’t mean giving up—it means choosing a simpler, more intentional way of living. It’s about focusing on what truly brings you happiness and eliminating the things that weigh you down. With less time, money, and energy devoted to home maintenance, you can spend more of your days doing what you love.
If you’re considering downsizing and want to talk through the financial and lifestyle impacts, I’m here to help. Together, we can make sure your next chapter is filled with freedom, joy, and a home that truly fits your life.
I became a financial advisor to help those around me feel at ease and at peace with their decisions. It’s important to me that clients know I’ve covered all the bases, so they feel completely unburdened in their financial life. I find it incredibly rewarding to see those anxieties and worries transform into understanding, calmness, and peace of mind.
.svg)
.svg)
.svg)
.svg)
Privacy Policy | Disclosures | Cookie Preferences | Do Not Sell or Share My Personal Information
Advisory services offered through Allworth Financial, a Registered Investment Advisor | Disclosures | Privacy Policy
Securities offered through AW Securities, a Registered Broker/Dealer, member FINRA/SIPC. Check the background of this firm on FINRA's BrokerCheck.
HMRN Insurance Agency, LLC license #0D34087
1Barron’s 2024 Top 100 RIA Firms. Barron's© magazine is a trademark of Dow Jones L.P. The ranking of independent advisory companies is based on assets managed by the firms, growth, technology spending, succession planning, and other metrics.
2 Retention Rate Source: Allworth Internal Data, FY 2022
3 The NBRI Circle of Excellence Award is bestowed upon NBRI clients meeting one or both of the following criteria: Total Company score at or above the 75th percentile of the NBRI ClearPath Benchmarking Database and/or improvement of five (5) or more benchmarking percentiles in Total Company score over the previous survey.
4 As of 7/1/2024, Allworth Financial, an SEC registered investment adviser and AW Securities, a registered broker/dealer have approximately $22.5 billion in total assets under management and administration.
5 InvestmentNews 2020 and 2021 Best Places to Work for Financial Advisers. The ranking reflects survey responses and scores completed by both employers and employees. Employers report their organization’s workplace policies, practices, and demographics. Employees complete a survey designed to measure the employee experience.
6 2021 Value of an Advisor Study / Russel Investments
7 Ranked 9th Top Wealth Managers By Growth in Assets in the U.S. from RIA Channel, 2022. RIA Database and RIA Channel are registered trademarks owned by Labworks, LLC.
8 USA Today Best Financial Advisory Firms 2024. The ranking is based on the growth of the companies’ assets under management (AUM) over the short and long term and the number of recommendations they received from clients and peers.
9 NBRI Best in Class Ethics 2023. The Best in Class level is bestowed upon clients performing at or above 90 percentile of the NBRI ClearPath Benchmarking Database.
✢ Scott Hanson, Investment Advisor 2005, 25 most influential people in the financial services industry. The ranking reflects 25 people who Investment Advisor magazine believes have had or will have the greatest influence on the financial services industry.
✼Pat McClain, InvestmentNews 2014, Invest in Others Community Service Award, presented to an advisor who has made an outstanding impact on a community through managerial contributions to a non-profit organization.
†Financial Times, FT 300 Top Registered Investment Advisers, June 2019. The ranking reflects six areas of consideration including the company's years in existence, industry certifications of key employees, AUM, asset growth, SEC compliance record and online accessibility and calculates a numeric score for each company.
Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.
Important Information
The information presented is for educational purposes only and is not intended to be a comprehensive analysis of the topics discussed. It should not be interpreted as personalized investment advice or relied upon as such.
Allworth Financial, LP (“Allworth”) makes no representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of the information presented. While efforts are made to ensure the information’s accuracy, it is subject to change without notice. Allworth conducts a reasonable inquiry to determine that information provided by third party sources is reasonable, but cannot guarantee its accuracy or completeness. Opinions expressed are also subject to change without notice and should not be construed as investment advice.
The information is not intended to convey any implicit or explicit guarantee or sense of assurance that, if followed, any investment strategies referenced will produce a positive or desired outcome. All investments involve risk, including the potential loss of principal. There can be no assurance that any investment strategy or decision will achieve its intended objectives or result in a positive return. It is important to carefully consider your investment goals, risk tolerance, and seek professional advice before making any investment decisions.