Downsizing is good for your wallet - how about your health?
Downsizing seems to be the buzzword—whether it's a couple or individual moving to an over-55 community, chucking it all to travel cross-country by van or opting for a tiny house.
By reducing possessions, square footage—or both—you will likely be able to stretch your retirement income by eliminating or reducing mortgage debt, lowering utility bills and alleviating your maintenance responsibilities. But did you realize the reasons to downsize also may include health benefits?
Here are a few of the ways downsizing could be as healthy for your body as it is for your wallet:
Lower stress, better health.
Multiple studies indicate an overabundance of stuff, also known as clutter, causes sensory overload and stress, which is associated with a host of health risks. As a practical matter, the more possessions you have, the more you have to keep clean—so clutter may also contribute to allergies and even asthma attacks.1
Less space, more time.
The average American home and yard require their fair share of repairs, maintenance and time-consuming upkeep. Climbing a ladder poses a fall risk. Shoveling snow and raking leaves may damage joints and muscles, including the heart. Leaving those chores behind, or relegating them to the maintenance staff, may go a long way toward keeping you injury-free and healthy. 2,3
Lower costs, greater opportunities.
Speaking of exercise, spending less time doing chores translates to more time for fun, including regular exercise—preferably exercise that's more rewarding than shoveling snow or raking leaves. Research shows that leisure and recreational pursuits that include physical activity are good for your blood pressure, stress, depression—and overall quality of life. 4
And speaking of leisure, the “turnkey” lifestyle that goes with your apartment or condo will make it easier to get away from it all and travel—another well-known antidote to stress.
From downsizing to moving to your dream home to traveling in retirement, life is always changing. We can help you create a financial strategy.
This is for informational purposes only. You should discuss your individual health concerns and situation with your personal health care provider. New York Life Insurance Company, its affiliates, and agents are not in the business of providing health, downsizing or lifestyle advice.