I am well into my second year of being a “downsize prepper”. (Do you like that term? I just made it up!) By this I mean that I am still living in an oversized house but stuff is leaving this house every week – permanently. I am working diligently on stuff removal so that I can be ready to make a downsizing move on short notice. Clothes, books, CDs, DVDs, knick-nacks, furniture, and stuff lurking in the garage and attic for years are my targets. My sons are afraid to be around me when I am in an active downsize mode because I constantly ask them if they want to have what I don’t want.
We continue with our downsizing plan by preparing to sell our large house in middle Tennessee. In 2012, we gutted and remodeled our master bathroom. Although the bathroom finishes and fixtures were not over the top, it was a significant investment. However, this money had to be spent so that this house would be marketable to anyone other than house flippers. At least we are getting to enjoy the new and improved master bath for a time before we sell. We are about to begin phase II of the remodel.
When we are in our “big” house in Tennessee, I remain in a downsizing state of mind. If I am not taking stuff to Goodwill or the dump, I am at least thinking about what should go next. At the same time, I am cognizant of an attachment to certain “stuff” that has been in our lives for many years. Today I had successes in both categories.
Surveys conducted by various financial services providers continue to show a disconnect between retirement reality and U.S. baby boomers. In a recent such survey, use of home equity as retirement income tool came front and center.
Another retirement list has been published by Topretirements.com. This one ranks the ten best states for retirement. I’m confident that many will shake their heads at some of the states on the list. But either way, reviewing retirement location lists and why certain places are there is worth your time.
I have developed a pattern now. Most of my stays back in the “big house” in Brentwood now include at least one trip to the county dump and/or to Good Will. The alternative is to do it all at once, when we sell this house in a couple of years. But I have also learned that I do not want to wait until then.
Several weeks ago I was interviewed by a journalist who was researching a story about retirement downsizing. She found me because I write this blog and sell a retirement planning tool at Failsafe Retirement. I suppose that gives me some credibility because it shows that I at least think and care enough about retirement issues to research and write about them.
According to my readings, a substantial number of baby boomers intend to downsize and relocate for reasons that include cost of living. That being the case, knowing which states are the most tax-friendly to retirees is important. When you investigate this question, the answers may surprise you.
It’s been two weeks since my past post. A lot has been going on. A big part has been preparing our large family home to sell. We are spending more time in our condo now. Condo living is a definite lifestyle downsize, from 4500 square feet on three levels (with a yard to maintain) to 1500 square feet on one level.
Lists are popular with online readers. This is particularly true for those contemplating where to retire. I often link to lists of the best and worst places to retire and comment on them. Often our home state of Tennessee appears on a top 10 “best” list but sometimes on a “worst” list. It depends on how you prioritize retirement criteria. For example, Tennessee is economically favorable for retirement because of its low cost of living and no state income tax.