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Consider the Benefits of 'Rightsizing' Before Retirement

Would you buy your present home if you were shopping for a home today? If not, perhaps you should consider rightsizing now rather than waiting for the market to change.

Are you cliff living? Jeffrey Christakos uses this term when you stay in your big house waiting for retirement, then change work, finances and home all at the same time.

Should you wait to downsize?

Too many people compare today's prices to those at the market high and hope that by waiting a few more years prices will return to that level. Not so fast.

If the value has dropped 50%, it now has to increase 100% to get back to that level. There's no guarantee how soon the economy will recover nor how long low interest rates will continue.

Would you buy your current home today? That's the magic question. If, due to family size, location, finances or changing interests, you wouldn't - then consider right sizing or right typing now.

The move may also reduce your expenses, helping you transition to lower income when you retire or semi-retire. There are many options from a downtown St Petersburg condo to a brand new home across the bridge, from a golf course home to a Costa Rica getaway.

If you aren't ready to move yet, you may want to consider buying your retirement home today while prices are low and renting it out in the meantime.

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

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