5 Brilliant Money Moves Baby Boomers Are Making in Retirement

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1. Downsizing

Insider Monkey Score: 29

“Baby boomers have the upper hand in the home-buying market. The majority of them are repeat buyers who have housing equity to propel them into their dream home – be it a place to enjoy retirement or a home near friends and family. They are living healthier and longer and making housing trades later in life.”

– Dr. Jessica Lautz, NAR deputy chief economist and vice president of research.

Baby boomers are being wise with their money by buying smaller homes in affordable areas. Not only does it help them reduce housing costs, but also allows them to cut down on mortgage payments, property taxes, utilities, as well as maintenance costs. As quoted by AARP, 51% of people aged 50 and above are set to downsize their homes beginning in late 2024. With more homes put up for sale, the US housing market will likely see home prices coming down and 30 million units housing units back on the market.

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