Downsizing: Where to Move, What to Take

Reader Comments
Back to blog

I, too, am living in a senior housing cooperative in Minnesota, where we now have 74 coops! As I understand it from our Senior Cooperative Federation (www.seniorcoops.org), this type of living is popular in MN now because developers, attorneys and lenders put them together and the state of MN is supportive of the concept.
I live in the the southwest Suburbs of Minneapolis at Realife Valley View. It is a great lifestyle, with privacy when you want it and friends right outside your door. I'm in a great location in what I see as the right-sized housing coop, BUT it's the community that really matters.

Sandra Sellstedt of MN 1:56PM July 06, 2009

Oops, I didn't proofread. There are 74 senior housing coops in MN (not 78). See previous blog response... Sorry.

Sandra Sellstedt of MN 1:21PM July 06, 2009

We would like to move into a smaller place to save, But my husband is 70 and i am 48 w/ disabilities, also w/ a 18 yr old. But we can not find a place due to my age and my daughter still lives with us. we live in Phila, Do you know of any places or what I can do b/c of our age. they said they can give him a place but we can not movein. i am his wife and caregiver due to Esphageal cancer. and we can not afford our home now. Any suggestions?
Thank You
Jackie

Jacqueline Stanley of PA 1:43PM July 03, 2009

Such a great article. As a Senior Move Manager I have found that "where do I go?" and "What do I take with me?" are two key questions that, when they go unanswered, often stop people from moving out of a not-so-good living situation (the house is too big to take care of, isolation from others, etc.). A third key question is "How am I going to pay for it?" Addressing these three questions straight on and honestly give the person who is moving such freedom. And as SMM's we have access to resources that can help people answer those questions and thus move to a lifestyle that is in alignment with their needs as they age. Thanks for writing about the process so well.

Jennie Zehmer of PA 9:32AM July 02, 2009

I have studied, read, taken courses and blogged all over the internet. I have summarized main concerns of those who NEED to be preparing to transition, categorized them and published them on one-page fliers. I took those fliers with me to a fellowship dinner at my church and offered them to the congregation, many of which are older adults. Only two of the many attending that night showed any interest.
There is a plethora of information available on adult communities, adult care, estate planning; etc. If you wait until you HAVE to make decisions regarding your transition or that of a loved one, you often times make hasty, ill-informed decisions.
I cannot stress enough to every group I present to that PLANNING starts now - just as you plan for vacations, you need to plan for your next move.
My grandmother's one desire is to live in her home my grandfather built her 70 years ago until she dies. She fell three times in two years, each time tripping over a floor grate in the hallway on her way to the bathroom. She is now in a private assisted living home and cannot live at home.
If I knew then what I know now, I would have completed an Age in Place plan for her, safety being the key issue, and she possibly could still be waking up every day in the home she lived in over 70 years.
Age in Place Planning allows you to live safely at home as long as possible. The floor grate in my grandmother's house could have been changed, at a small cost, and one hazard eliminated. But there are MANY aspects that need to be considered, I strongly urge everyone who has older parents, grandparents, etc., still at home to be proactive and go through the Aging in Place process.

Sarah Lenihan of KY 8:27AM June 30, 2009

What to take and what to leave behind can be the most difficult part of the "right-sizing" transition process.
Our job, as Senior Move Managers, is to assist the pro-active seniors and their families to prepare for the future and not let crisis dictate what happens to them and their belongings. Too many of us have had to make decisions for our parents or our loved ones in a crisis mode. Being proactive, being organized, being prepared, and making your wishes known is the greatest legacy a person can leave to the family.
Our company, A Place for Everything, LLC, has a most fascinating job as we get invited into people’s lives to help them sort through their treasures, make room for what’s next, and ensure that loved ones are considered.
Everyone who loves “stuff” and doesn’t know what to do with all of it can benefit from outside non-judgemental assistance. If you love your stuff and have too much of it, an organizer can help you make those ruthless decisions to help you get right-sized. The process does not get better with age. It takes longer than you think. We suggest you begin now!

Sally Allen of CO 7:47PM June 29, 2009

My company, Downsizing Simplified, is also a member of the National Assoc. of Senior Move Managers and specializes in helping older adults through the many steps involved in downsizing their households. We find the most difficult and time consuming part of the process for our clients is sorting and paring down their possessions. We also find that emotions, often depression, play another huge role when leaving a longtime, memory-rich home. In our "Downsizing" seminars we spend a good deal of time on both of these areas and have been told how much the information was appreciated (in a heads-up kind of way). In closing, hiring a professional move manager does take the stress out of the situation for the older adult and the family. We too have been called "angels" and "God-sends" and the best part is, we love our jobs and working with seniors.

Cindy Murphy of MO 6:28PM June 29, 2009

It was great to read the statement advocating using a senior move manager! I'm a member of the National Association of Senior Move Managers through our company, St. Louis Move Helpers (Move Facilitations LLC). We have been called, by our clients, "angels", "therapist", "godsend", "friend", and more. It is rewarding to know some people don't value carrying all the stress themselves. Our best downsizing client was a couple who had four adult children with their own families all living in St. Louis. Our company arranged all aspects of the move, including getting the couple completely unpacked the same day of the move, with everything away in its place. The only tasks that remained was the hanging of the photos and pictures--which the family (children and grandchildren) did that evening following bowls of ice cream in the grandparents' new residence to celebrate. No one was over-stressed by this move. I highly encourage everyone to consider the costs of NOT using a move manager when making such a big move in one's life. Eliminating the stress of moving is one of the best gifts families can give each other.

Marsha Clark of MO 5:36PM June 29, 2009

As the questioner already mentioned, there is the advantage of lower property taxes when you downsize. When you sell a primary residence that you owned and lived in for at least 2 years, you can exclude from income, up to $500,000 gain on the your home (if married filing jointly or up to $250,000 for all others). Remember to add to your basis any settlement fees when you bought your home as well as any improvement you have made to the property.
By downsizing your furniture as well, you can take an itemized deduction for the value of items donated to qualified charities. In general, you can donate up to 50% of your adjusted gross income for the year. This lowers your taxable income and thus your tax. Make sure you keep receipts of donations from the charities.
A final benefit of downsizing is that you can put more money into your retirement savings. If this is done with a tax-advantaged account such as a 401(k) or a deductible IRA, the money goes into your account pre-tax, which reduces your taxable income.
There can also be a few disadvantages. By downsizing, you probably will reduce or eliminate your mortgage. Although this is a great benefit to you with less monthly expense, you may reduce the mortgage interest paid to a point where you no longer can itemize your deductions. Also remember that condo or other neighborhood fees, which can be a significant monthly expense, are not deductible.

Teri Tornroos of GA 4:24PM June 29, 2009