As children grow up and leave home, many empty nesters find themselves reconsidering their living situation. Whether it's about making life easier, being closer to family, or preparing for the future, downsizing or relocating can offer numerous benefits. Here are some common reasons why empty nesters may choose to make a change.

• More Space Than Needed: After kids move out, many parents find that they have more space than they need. Downsizing to a smaller home can reduce maintenance and utility costs.
• Move Closer to Grandkids: As families spread out, grandparents often want to be closer to their grandchildren and help parents out if needed.
• Warmer Climate: Many empty nesters dream of moving to a warmer climate to enjoy their retirement.
• Closer to Essential Resources: If you currently live outside the city or in a rural area, downsizing to a more central location closer to doctors, hospitals, grocery stores, and other essential services can provide convenience as you age.
• Mobility Considerations: Mobility issues can become a concern for empty nesters living in multi-story homes as they age. Transitioning to a one-story bungalow or a home with fewer stairs can improve accessibility and safety.

Tip: Downsizing also offers a unique opportunity to pass down heirlooms to your children while you can still enjoy seeing them in use. This can help reduce the amount of stuff you’ll need to move and offer a meaningful gesture to your loved ones.

How a Financial Planner or Banker Can Assist

Downsizing or relocating is not just a lifestyle choice—it also has financial implications. Your Alterna financial advisor or banker help you ensure a smooth financial transition by providing advice on:

• Assessing potential savings and/or costs related to downsizing.
• Providing mortgage options if moving to a more expensive location.
• Reviewing your finances to determine the best long-term plan if relocating, particularly the cost/benefits of buying another home or renting.
• Assessing if renovations are a better alternative to moving.

If you’re thinking about downsizing or relocating, now is the perfect time to sit down with your Alterna financial advisor or banker who can help you make informed decisions that align with your financial future.