{"id":4912,"date":"2020-09-17T10:00:00","date_gmt":"2020-09-17T17:00:00","guid":{"rendered":"https:\/\/cedarrockfinancial.com\/?p=4912"},"modified":"2022-04-29T11:21:05","modified_gmt":"2022-04-29T18:21:05","slug":"the-downsizing-myth","status":"publish","type":"post","link":"https:\/\/cedarrockfinancial.com\/tmp\/staging\/articles\/the-downsizing-myth\/","title":{"rendered":"The Downsizing Myth"},"content":{"rendered":"<div class=\"cta\" style=\"background-image: url('https:\/\/cedarrockfinancial.com\/tmp\/staging\/wp-content\/uploads\/2022\/01\/Asset-4.png');\">\r\n    <button id=\"cta-close\" aria-label=\"Close CTA\"><\/button>\r\n    <div class=\"cta__content\">\r\n                    <a href=\"https:\/\/cedarrockfinancial.com\/tmp\/staging\/retirement-planning-ebook\/\" target=\"_self\">\r\n                        <h2><strong>Download Our Free Retirement Guide today<\/strong><\/h2>\n        <span>Learn More<\/span><\/a>    <\/div>\r\n<\/div>\n\n\n<p>This article was reviewed by\u00a0<a href=\"https:\/\/cedarrockfinancial.com\/tmp\/staging\/about-us\/jay-brecknell\/\">Jay Brecknell, CFP\u00ae<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">The Myth<\/h2>\n\n\n\n<p>Did you know that the World Health Organization (WHO) recently reported our global average life expectancy increased by 5.5 years between 2000 and 2016? This is the <strong><em>fastest increase<\/em><\/strong> since the 1960\u2019s. When compiling retirement plans for our clients, we now use age 95 as the factor for both men and women. This means your retirement could last 30 years or longer! Does that seem excessive to you? Perhaps, but we would rather plan with longevity in mind since running out of money in your old age is not usually a desirable outcome.<\/p>\n\n\n\n<p>When wondering if they have enough money saved to last through retirement, often there is a thought in the back of people\u2019s minds linked to the booming real estate market here in BC. It\u2019s the idea of selling the family home and downsizing if money starts to get tight. But is it true that this is a good strategy to access some excess cash, or is it actually a myth?<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Unanticipated costs associated with downsizing<\/h2>\n\n\n\n<p>People usually start with a purchase price in mind for a property they would be willing to downsize to, <em>then<\/em> start working with a realtor. While it is common to start looking at homes in that price range, it\u2019s easy to go a little higher, and then even a little higher. Before you know it, you\u2019ve fallen in love with a home that is only slightly less expensive than your current home.<br><br>Plus, moving typically costs more than you anticipate. It is easy to forget all of the little modifications and additions you\u2019ve made over the years, not to mention furniture and other necessary purchases needed to make a house your home.<br><br>Another common misconception is that home expenses (e.g. maintenance, heating, etc.) will be lower in a smaller home.&nbsp; And don\u2019t forget strata fees can average anywhere from $250-$600 per month <em>in addition<\/em> to regular items you\u2019ll still be responsible for such as property taxes, home insurance, hot water tank or furnace replacement, etc.<br><br>Despite these potential pitfalls, it is true that sometimes the end result can be a substantial amount of cash earmarked for retirement savings. Just be aware, it is <em>more<\/em> likely that it will be less than you had hoped for.<br><br>Want to read our last article on <a href=\"https:\/\/cedarrockfinancial.com\/tmp\/staging\/blog\/the-reverse-mortgage\/\">The Reverse Mortgage<\/a>?<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This article was reviewed by\u00a0Jay Brecknell, CFP\u00ae. The Myth Did you know that the World Health Organization (WHO) recently reported our global average life expectancy increased [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":5705,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[12,14],"tags":[],"class_list":["post-4912","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-planning","category-retirement-planning"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Downsizing Myth - Cedar Rock Financial<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Downsizing Myth - Cedar Rock Financial\" \/>\n<meta property=\"og:description\" content=\"This article was reviewed by\u00a0Jay Brecknell, CFP\u00ae. 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