A smaller home comes with lower expenses -- particularly in property taxes and insurance -- and less maintenance and cleaning.
A lot of retirees will get rid of sentimental items like family heirlooms or other meaningful belongings to declutter.
"Something I have noticed in my conversations with [my clients] is the regret in downsizing their social circles and commitments too drastically," said True Tamplin, CEPF and founder of Finance Strategists.
Many retirees move when they retire. Some want to be closer to their children or grandchildren or better medical facilities. Others want a lower cost of living.
Many apartments and smaller homes don't have the space for a private yard or a garden. So, if this is something you enjoy, losing that space could be something you end up regretting later.
If you're thinking about moving into a senior community or shared living space, make sure it's what you really want -- and need -- before doing so.
Retirement is when people typically have the most time to travel or pursue other hobbies and interests. But if you downsize your budget for these thing