Are you planning to downsize when you are older?

[D20]

What age/life stage are you aiming for? We’ve always assumed at some point we will downsize (physically) when we retire. Our Mortgage will be paid off, kids will be well on their way into adulthood. Both of our neighbours are now in their 70s and in failing health but no plans to move so I wonder if we’ll end up the same.

While downsizing is great in theory, we get settled into our larger houses, with every closet filled with 'stuff'. Also by that time, there are grandchildren to look after and occasional sleepovers, large family dinners, a garden that you have watched grow for 20 years or more. And in a neighbourhood that you can afford!

That's just where we are. five bedroom house which is paid for, in a nice neighbourhood and a great view (which is important to us). We are in a smaller town, and anything appealing in a smaller size isn't really available in this town. So it would mean moving away from family, so most likely not going to happen.

We are early 60's, but I know in ten years it is a crucial time for having the strength and energy to downsize, pack up and go somewhere else. We have even purchased a two bed ground floor condo in a nice small city which is currently rented out waiting for us to make a decision.

My advice is to give yourself a few years after your mortgage is paid to travel, then purchase a smaller property in a 'retirement location', and rent it out until you are ready. Then it is partially paid for when you are ready.

Bus pass at 60 in Scotland

I spy the small country houses I will downsize to. No way when I am seventy will I live in a big house with 40 windows to clean. Have suggested to kids that we could split the house in three and all live together🤣
that’s a hard no at the minute, but they can come back to me when they see what their other alternatives are in this crazy world.

I think I need to move then! Have a few friends who've turned 60 now and they tell me it's not til 67 here.

In London you get free bus and train travel at 60.

Our house isn't that big anyway and in town but if anything happened to DH I would downsize to somewhere with a small garden. DH though would stay in our house if it was the other way round.

I just got my bus pass at 66 when I got my state pension, England not London. Most journeys seem to be only £2 anyway so it's not the same advantage as it used to be.

Yes! Our home is pretty large and I wouldn't want to keep cleaning empty rooms after DC leave.

We plan to sell, release some equity and buy two smaller homes (one by the coast perhaps).

Not unless we were relocating somewhere and then probably would downsize and free up some cash but otherwise no staying put, but we have a modest 3bed detached with just enough space so me and DH can have our own rooms in case we don't like each other by then 😂

Our small 3 bed detached 30s home with a large garden and outbuilding is probably more difficult to maintain when older than a larger modern house with a small neat square garden with one shed. So it would also depend on the style of house not just size when considering this.

No! Late 50s and early 60s couple here and we actually upsized a few years ago to a bigger house with very large gardens. We love gardening, are retired and have a large family and even though the kids are all adults and have left home, our house is a hub for family events. We have lots of friends and family to stay.

I suppose there may come a time when we have to sell and move somewhere smaller with transport links and a smaller garden but I'm hoping that will be 20 years plus away 🙏🏻

Such a variety of plans and ages. Just to wade in on the age debate… my parents and in-laws are the same age and stage of life but have massively different views of how to ‘do retirement’ and they are hopefully doing what makes them happy. Their way wouldn’t necessarily make me happy. So pleased for all those who are living their dreams.

Renting out a retirement pad until we are ready to make the leap is definitely something we’ll consider that I wouldn’t have thought of before.

I hadn’t thought about this before this thread (am mid thirties to be fair to me). I hope that by 60 DC will have flown the nest, mortgage paid off and DH retired. At the moment we live in a 4 bed detached rurally. I think I would love to spend 60-65 ish in central London enjoying the museums and the shows. Hopping on the Eurostar or the plane from City airport regularly to travel. Then in mid to late 60s move to a market town with plenty of amenities and a great retirement community. Ideally something like the community in the Thursday Murder Club.

Obviously I have not a clue what the country will look like in 25 years or what will be financially possible but this would be my ideal I think.

My DM already live in a generously sized bungalow she bought before she retired and when my sister was still at home. It’s too big really but she won’t move. She’s looked at smaller bungalows but can’t bring herself to get rid of things. However I will eventually inherit half of it and do plan to live there when that time comes. It’s not really a downsize from my current mortgage free 3 bed as it’s bigger but the bungalow aspect means it’s liveable for longer. Bungalows are hard to come by here and she often has people knocking asking if she wants to sell. My sibling has no intention of ever living there as she doesn’t live nearby but I would need to be able to buy her out of her half. I have 2 kids but suspect one might actually live with me longer terms as has additional needs. They might move out but who know? Time will tell. It would also mean I’ve space for when sibling visits which die does often.

My DM is also a v keen and talented gardener- her mature borders have that “everything at just the right height and nothing dying or with suspicious fungal infections ” look that I just can’t achieve 🤣. My advice would be “bend so you don’t break”. There will be a big difference in how much you can do now vs probably even being 70. Don’t resist getting someone in to do the heavy/ back straining stuff like barrowing and spreading 2 tonnes of manure, weeding etc. and you can continue to enjoy the fun bits longer. I’m only 50 but now when the nursery offer to carry the compost to my car I let them. Don’t want to put my back out proving I’ve still got a core 🤣

@LaPalmaLlama ☺️☺️☺️

Our mortgage will be cleared in 4 yrs and we'll only be 47 ish. We will definitely downsize to a bungalow but they're the same price as our detached house so will stay out until the youngest is finished school which is approx 10 yrs from now. Totally depends what the kids choose to do next, but when we do move there won't be much equity to enjoy!