According to the 2011 Census, baby boomers make up nearly 30 percent of the Canadian population. With many boomers now entering the retirement phase, one aspect of financial planning that’s often overlooked among this group is downsizing. A survey of 1,500 Canadians released by eBay Canada in 2010 found that 39 percent of parents planned to downsize as soon as their kids flew the coop. (They’d better move quickly: Human Resources and Skills Development Canada reports that about 25 percent of kids come right on back!) For many seniors, however, trading in the lawn mower and snow shovel for condo life isn’t as easy as just picking up and moving – especially when it comes to leaving behind a well-loved family home.
With this in mind, even if you don’t have plans to move right now, if you’re in your retirement years, it’s a good idea to give downsizing some thought as part of your financial preparation and planning. Get some tips on how to ease the transition in my new article on GoldenGirlFinance.ca: http://bit.ly/QaYJ7U