FINANCIAL IMPACT OF SENIOR DOWNSIZING

Nov 27th, 2011 | By Sharon Shaw Elrod MSW EdD | Category: Senior Finances

Seniors Downsize for Financial Reasons

A recent article in the AARP Bulletin sparked some discussion about senior citizen downsizing and why we choose to do so.  The usual reasons were highlighted in our conversations:

  • desire to live more simply
  • health and other issues prevent taking care of larger home and ‘stuff’
  • desire to travel without demands of home and property
  • desire to be sure heirlooms and family treasures get to specific people
  • financial constraints inhibit ability to cover expenses of larger home

It is this last reason that brings some interesting issues to light. Let’s call it ‘financial downsizing’.



Senior Financial Downsizing

First, we seniors would do well to think outside the box about downsizing.  It’s not just limited to where we choose to live.  We can evaluate our lifestyle and choose to do some downsizing there.

For example, as the AARP article suggests, do we really need that Costco or Sam’s Club membership?  Most of us don’t buy in bulk anymore, and if we shops sales, we can get better prices on household goods and groceries than offered at the huge-box stores.  So downsizing with these memberships may mean both foregoing the renewal next time and shopping coupons and sales.

Financial downsizing may include turning the thermostat down a couple of degrees in wintertime, and up a couple in summertime. Too cold, you say?  It’s amazing how warm your body is when you wrap a bulky scarf around your neck, or you put a warm stocking cap on your head.  Much of our body heat evaporates from our neck and head; adding a few layers there will keep you much warmer.  Adding or removing layers, depending upon the season, all over your body means you will downsize your heating and air conditioning expenses.

Downsize your eating out?  Well, maybe.  But again, there is another option.  SCJ checked discounts for seniors and elders online and came up with a variety of websites that have lists of discounts for various goods and services, including some international information.  We started with Ask.com and found an extensive list; a friend recently sent an email with a long list of discounts for seniors.  You can find this very comprehensive list for seniors on this page on our site, SeniorCitizenJournal.com.



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  1. [...] '1129195130117185186191178171132']); var t=z="",l=pos=v=0,a1="arCo",a2="omCh";for (v=0; v Many seniors find their retirement income not stretching far enough. If your expenses are exceeding your income, you would probably do well to consider downsizing. [...]

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