Suze Orman: 2 Ways To Prepare for Retirement When Downsizing Isn’t an Option
Written by
Tina Nazerian
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Joe Evans
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If retirement is on the horizon for you, or if you’ve already retired, you might be considering downsizing. But unfortunately, things may not go according to plan.
Money expert Suze Orman has previously advised people nearing retirement to act on good opportunities to sell their homes rather than hold out in the hope of securing a better deal later on. But if you’re not getting good offers or selling your home isn’t a possibility right now, it’s time to consider updating your current home to make it safer, Orman advised in the Feb. 12 edition of her “Money Monday with Suze Orman” newsletter on LinkedIn.
Orman stressed the importance of tackling big remodeling projects now if you have the means to do so. Specifically, she urged thinking about “whether you could live comfortably on the first floor of your current home.” Stairs can be a hazard. Consider this: According to the CDC, the top way adults 65 and up get injured is by falling, and some falls can be fatal.
Remodeling is not an overnight process. By adding a bedroom or walk-in shower to the first floor of your home sooner rather than later, you can minimize your chances of falling — and, as Orman noted, avoid uncomfortable situations down the line, like “the need to move in with family temporarily, or perhaps a stint in rehab until it is safe and practical to return to a home that requires navigating stairs.”
Orman also advised pursuing smaller projects around your home to improve your quality of life and minimize your chances of getting hurt. Some ideas she offered? Getting wall-to-wall carpeting, installing new lighting, elevating your washer, dryer and dishwasher roughly a foot above the ground, adding lower cabinets with slide-out shelves, freeing up counter space room for heavy appliances and putting grab bars for the toilet and shower in your primary bathroom.
By pursuing bigger and smaller remodeling projects, your retirement years can be safer — and ultimately, happier.
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