Saving by cutting: Couple shares their tips for downsizing
The Great Recession taught many baby boomers to be a little more careful about their expenses, and now that retirement is coming closer, households are rethinking how they use their savings. This is the case of Chuck and Doris, a couple who shared some of their advice with AARP.org.
"Everything we'd always been told about retirement planning and investing seemed to be a lie, or at least it wasn't working out as we'd planned or hoped," Chuck told the news provider. "It wasn't until we really started looking at the spending side of our finances that we began to feel like retirement was once again something within our reach."
On the top of their list was finding a house that had a more reasonable price tag attached to it. Many other Americans are choosing to do the same - moving to retirement communities where the cost of living is cheaper and the housing is sure to be comfortable for years to come.
A 2010 Del Webb survey revealed that nearly one-third of baby boomers are planning to move for their retirement. This is particularly thought to be the case for those who are now empty-nesters who no longer want to maintain a large home.
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