One of the most important questions to ask before you retire is what your future income will be. Take into consideration any Social Security, pensions, annuities, or savings withdrawals.
This realistic number is what you need to start with to determine what “rightsizing” means for you. Then, after looking at your expenses, you can decide whether you need to downsize immediately or continue working for a little longer.
If you do choose to retire or are forced to retire, you have two options: overspend or rightsize your life immediately by downsizing.
While “rightsizing” can be challenging emotionally, it’s important to realize that it’s something nearly everybody goes through. All retirees must initially struggle with money decisions. Once the process is done, however, you gain peace of mind and can move on to enjoying the benefits of retirement, such as the ability to take up new hobbies or make new friends.