How to downsize your home and reduce financial stress

If you’re thinking about moving to a smaller home, you may want to begin this process by figuring out what you need to keep and what you can get rid of. In this episode, David Ekerdt, a sociology professor at Kansas University and  author of Downsizing: Confronting our Possessions in Later Life, reveals  that many older people find this process to be a major source of tension and  emotional duress, especially if they have a short timeframe for getting rid of things. Often their children and grandchildren aren’t interested in taking their china, silverware or furniture. Or no wants to buy the collectibles and artwork they thought would bring in a small fortune.  Or the charities they’d like to donate things to are overly picky. A process that they thought would be done quickly can sometimes takes months. To lessen this stress, parents should invite their children to either “claim” or take items they want long before they plan to move to a different location. The earlier they shed the things they no longer need, the less they’ll have to deal with later on.  

Om Podcasten

Whatever life after 50 looks like to you, thinking about money in retirement shouldn’t keep you up at night. We’re all dealing with the big questions about money and aging: How much you can really spend, how to invest your life savings without risking it all in the stock market, and should you sell your home and downsize? Then there’s the biggest unknown: how much health care you’ll need, and whether your savings and insurance is enough to cover the costs. This is personal. These topics may not be easy to talk about with your own family. That’s why nationally known personal finance experts Terry Savage, Richard Eisenberg, and Pam Krueger and are here to open up the dialogue so you can learn how to define your retirement and deal with your money on your own terms. These three friends think, write, and speak about these issues. And now they’re joining forces to give you the benefit of their experience, wisdom and advice in their new podcast, Friends Talk Money. Each week Richard, Pam and Terry will discuss a different piece of the retirement pie. Everything from Social Security and Medicare to investing and cash flow management is on the table, with practical, common-sense advice on how to deal with these and other challenges. But don’t expect cut-and-dried answers. These friends have strong opinions, and aren’t afraid to debate the pros and cons of their friends’ recommendations. But what you will walk away after each episode is a greater awareness of the retirement planning issues you’ll need to address with the help of your family, friends and financial advisor.