Downsizing Part A

By: Joan Blumenfeld

At the age of seventy-five, Sharon chose to move from the eight-room home where her three children grew up to a two-bedroom apartment. While she was still in good health she sold the mortgage-free house where she had lived for forty-six years, and never looked back!!



Sharon bought that house in 1963 for about what a decent car costs these days. She got somewhat less than the asking price but still a satisfactory amount. She dutifully paid the capital gains tax and with the help of a careful, thoughtful financial advisor, invested the rest.



Sharon rented an apartment. She rented a brand new apartment in the next town, exactly seven minutes from her old home. She rented a lovely space: two bedrooms, two baths, open kitchen with black granite counters, a loft for her library and TV, and a living room with ten large, sunny windows!


What Sharon Gave Up

• She gave up 2,500 square feet of space and an acre of land.
• She gave up mowing, plowing, shoveling, pruning, planting and weeding.
• She gave up roof and driveway repairs, a damp basement and a resident woodchuck.
• She gave up high taxes and insurance bills not to mention periodic deliveries of 500 gallons of expensive heating oil!
• She gave up a houseful of dark, old furniture and bags of outgrown clothes, toys and tools.

What Sharon Gained

• She has 1,700 square feet of bright, light, living space.
• She bought a few pieces of cheerful, clean-cut furniture from Crate and Barrel to mix with sentimental pieces from her old home.
• She has a container garden on her balcony that is impervious to deer, rabbits and moles!
• Her new apartment complex is a friendly, diverse community of renters of all ages.
• She lives in much more glamorous, much less expensive digs.


Sharon “right-sized” at just the right time in her life! The money from her house is working for her now! With more financial freedom, her budget no longer depends on the vagaries of her entrepreneurial business. She does not need to watch every penny or obsessively worry about her future. She can be more generous with her children and grandchildren. With some luck and continuing good health, these are indeed shaping up to be truly golden years for Sharon.


PEARL OF WISDOM
People of a “certain age” might do well to consider “right-sizing” while they are still young at heart and healthy enough to enjoy the adventure! ■

Joan Blumenfeld is a Geriatric Care Manager practicing in Fairfield County, Connecticut. This blog is for general interest only, not as advice for specific cases. Visit www.joanblumenfeld.com . Contact her at joan@joanblumenfeld.com or make an appointment for a private consultation by calling 203.845.0191. © Joan Blumenfeld 2015