How Can Seniors Downsize During Retirement? | Law Firm Newswire

How Can Seniors Downsize During Retirement?

Hook Law Center (formerly Oast & Hook)

Hook Law Center (formerly Oast & Hook)

Virginia Beach, VA (Law Firm Newswire) April 10, 2015 – During retirement, seniors are typically operating on a much tighter budget than they were during their working years.

This is especially the case when major life events, such as an early retirement or a health problem, have made finances tighter. Downsizing can be an important strategy for making retirement funds stretch farther, and there are a number of different methods.

"It is important for seniors to evaluate their particular financial situation in order to make smart decisions about what should stay and what should be altered," said Andrew H. Hook, a Virginia elder law attorney with Hook Law Center, located in Virginia Beach and northern Suffolk.

Selling the family home and moving into a smaller one is one of the most common ways to downsize. A smaller home means a lower mortgage payment, lower insurance premiums, reduced taxes and fewer maintenance costs. Some seniors opt for retirement communities, which may provide services like meals, laundry and social activities as part of their cost. Many also have the option to transition to a higher level of care later on. The financial impact can be especially large if a senior's move relocates him or her to an area with a lower cost of living.

Many seniors can benefit from selling their second car, if they have one, which can provide some immediate cash flow and provide savings on insurance, gas and car maintenance.

Donating to charity is another downsizing option which can be helpful. Donating gently used clothing, furniture and tools can add up to a significant tax deduction. Be sure to keep clear documentation of what was donated.

Finally, seniors should consider which monthly bills they can reduce or eliminate. Land lines, premium cable channels and pricey cell phone plans can often be altered or abandoned

Hook Law Center
295 Bendix Road, Suite 170
Virginia Beach, Virginia 23452-1294
Phone: 757-399-7506
Fax: 757-397-1267

SUFFOLK
5806 Harbour View Blvd.
Suite 203
Suffolk VA 23435
Phone: 757-399-7506
Fax: 757-397-1267
http://www.hooklawcenter.com/

  • Stimulus Payments Belong to Recipient, Not Nursing Homes or Care Facilities
    Following concerns that businesses may be taking advantage of those who received an economic impact payment, the Internal Revenue Service recently notified nursing home and other care facilities that the recent stimulus payments received by many Americans generally belong to the recipients, not the organizations providing the care. This means that these payments do not [...]<p><a class="btn btn-secondary bravehart-read-more-link" href="http://www.hooklawcenter.com/2020/06/26/stimulus-payments-belong-to-recipient-not-nursing-homes-or-care-facilities/">Read More...</a></p>
  • Planning to Transition a Small or Family-Owned Business
    Estate planning often involves the transition of a small or family-owned business to the next generation. Despite best plans and practices by estate planners and business coaches, this transition often fails, leaving dissatisfied families and employees in the wake of the transition. Unfortunately for estate planning attorneys, the failure of business transition does not lie [...]<p><a class="btn btn-secondary bravehart-read-more-link" href="http://www.hooklawcenter.com/2020/06/19/planning-to-transition-a-small-or-family-owned-business/">Read More...</a></p>
  • Beware of COVID-19 Scams
    Criminally-minded individuals will choose to take advantage of almost any situation if they perceive a possible benefit to them.  Unfortunately, the coronavirus pandemic is no exception.  As of June 4, 2020, the Federal Trade Commission estimated that coronavirus-related scams have cost Americans $46.2 million.  There are several scams related to the COVID-19 crisis that everyone [...]<p><a class="btn btn-secondary bravehart-read-more-link" href="http://www.hooklawcenter.com/2020/06/15/beware-of-covid-19-scams/">Read More...</a></p>
  • Protecting Personal Injury Settlements with Trusts
    Personal injury attorneys, and their clients, often seek the advice of elder law attorneys when complicated issues associated with Supplemental Security Income (SSI), Medicaid, and Medicare are presented in a case. Our role as an advisor in these cases has increased our involvement in planning associated with these very specific benefits, and subsequently, an increased [...]<p><a class="btn btn-secondary bravehart-read-more-link" href="http://www.hooklawcenter.com/2020/06/05/protecting-personal-injury-settlements-with-trusts/">Read More...</a></p>
  • What to Expect When Qualifying As an Executor or Administrator of an Estate
    When a loved one passes away, often the relatives of the deceased are tasked with the difficult responsibility of wrapping up the estate. While it is possible for an estate to avoid probate if all of the decedent’s assets are designated directly to a beneficiary or to a trust, more often than not, there are [...]<p><a class="btn btn-secondary bravehart-read-more-link" href="http://www.hooklawcenter.com/2020/05/29/what-to-expect-when-qualifying-as-an-executor-or-administrator-of-an-estate/">Read More...</a></p>

Tags: , , , , ,



Get headlines from Law Firm Newswire sent right to your inbox.

* indicates required