Study reveals perfect age to downsize your home is 64

The perfect age to downsize is 64 - as the burden of large gardens and too many rooms takes its toll, a study has revealed.

Seven in ten people aged over 60 said they want to rid themselves of unused space and trade down while they are still young enough to enjoy their new surroundings.

The poll of 1,000 people found that half of over-60s struggle to maintain their current property and a third finding it hard to keep on top of their garden.

One in five said their home feels empty and three in 10 said they have rooms which they don't use very often.

The research was commissioned by Retirement Move, a new service which helps retiring people move home, to mark the start of the 50+ Show in London.

Richard Drew, CEO of Retirement Move, said: "The results show that people want to make the most of later life but sometimes they can be restricted in that due to being tied to a property they struggle to fill or maintain.

"The prospect of moving home is daunting whatever your age but downsizing at the right time can help avoid years of struggling to manage a larger space or feeling overwhelmed with your current property. Moving at the right time means retirees can get the best out of their new homes, ensuring a focus on living a fulfilling and enjoyable time of life, rather than worrying about property maintenance or upkeep for a place that's no longer suitable."

A fifth of respondents said they had no family members within 45 minutes of them and worried about retirement and their next move, while nearly 40 per cent are thinking about downsizing in the future.

A third plan to relocate to a much smaller place and want to move nearer to amenities like doctors and hospitals.

Most of those polled - 62 per cent - feel tied down after having invested the majority of their money in their current property. While three in 10 said they worry about having to get rid of furniture and other possessions.

The study also saw 1,000 people in their 40s and 50s questioned on their elderly parents and found three in 10 are worried about looking after their parents as they get older.

A quarter are concerned they live too far away from their parents to help them.

Almost half of those polled said they feel guilty about the amount of time they are able to give their parents.

Richard Drew added: "We've seen first-hand that life really does begin at 60 - and part of planning for retirement is not about the 'end' but about new beginnings. Being able to make decisions about moving when you feel mentally and physically able is really important, and our new service is about making that move as easy as possible so that retirees can enjoy the next stage in their lives."


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