SOMA Living September 2023

FINANCIAL FOCUS SHOULD YOU DOWNSIZE WHEN YOU RETIRE? The issue of downsizing is one that many retirees consider. If your children have grown and left home, you might have more space than you need. However, this doesn’t mean you must pack up and scale down. If you’re open to a change, moving to a smaller house, condo, or apartment may make sense. Let’s consider the advantages of downsizing: • Saving money: Moving to a smaller space could lower your utility bills and upkeep costs. • Saving effort: A smaller home means less maintenance and cleaning. • De-cluttering: Over the years, we accumulate more possessions than we need. Downsizing gives you a chance to de-clutter and donate items to charitable organizations. • Making money: If you’ve owned your home for many years, it might be worth more than what you paid for it. Selling it could yield a significant profit, potentially without being taxed on the gains. While downsizing offers benefits, there are drawbacks. Your home may not be worth as much as you hoped, resulting in less profit from the sale. If you had a mortgage on your larger home, purchasing a less-expensive condo or becoming a renter could affect your tax deductions. Additionally, downsizing involves the hassle of packing and moving, and smaller living spaces may not accommodate visiting family members. Consider financial, practical, and emotional factors when deciding to downsize. Communicate your thoughts to grown children or family members who may be involved in your living space. It’s a significant decision that deserves careful consideration.

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Gary T. Jones 973.821.4900 • g.jones@EdwardJones.com

With over 25 years of experience, I work with individuals and businesses to help you achieve your financial goals. As a longtime resident of SOMA, I am proud to serve the local community. To learn more about the content of this article or schedule an appointment to talk about your goals, please contact me in my Maplewood office.

www.baxterssupply.com contact@baxterssupply.com • Instagram @baxtersupply 1876 Springfield Ave, Maplewood

SEPTEMBER 2023 | SOMA LIVING 23

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