Last year Michele Leavelle give up her full-time selling job, put her 3,600-square-foot Dallas residence on the marketplace for $319,000 and began acid for a new not as big home where she hopes to live out her years. "Where I move is where they"ll be carrying me out of," she declares.But Leavelle, a powerful 59-year-old, is frequency seeking for a little close potency in a early early early retirement complex. Instead, shes got her eye on a $245,000, 2,200 block feet home in a resolution with a pool. She wants copiousness of room for her 88-year-old mom, Alene Barbara, who lives with her half of the year. But she no longer wants to be worried progressing the four-bedroom home, with the own pool, where she and her late father lifted dual daughters. "I"m ready to move on and facilitate my life," Leavelle says. "I only need a place thats easy to say and feel protected and be independent." fdcWincolComputeStyle(); fdcWincolComputeListpos("feature_with_art"); OAS_query = "?template=story_feature_with_art";var alertsList = { "alerts":[{"type":"tickers","key":"MET","value":"MetLife"},{"type":"keywords","key":"downsizing","value":"downsizing"},{"type":"keywords","key":"tax credits","value":"tax credits"},{"type":"keywords","key":"retirement places","value":"retirement places"},{"type":"keywords","key":"baby boomers","value":"baby boomers"}]}; firstHTML(); OAS_AD("BigBanner"); secondHTML(); OAS_AD(centBan); thirdHTML(); showHMenu(fdcchannel); OAS_AD("StoryLogo"); Rightsizing Boomers Start Downsizing For Retirement Ashlea Ebeling,03.16.10, 06:00 PM EDTThe kids are grown and you"re ready to have a move. Heres what to see for--from location, to taxes, to concept design. In Pictures: 10 Tips For Downsizing Boomers Last year Michele Leavelle give up her full-time selling job, put her 3,600-square-foot Dallas residence on the marketplace for $319,000 and began acid for a new not as big home where she hopes to live out her years. "Where I move is where they"ll be carrying me out of," she declares.But Leavelle, a powerful 59-year-old, is frequency seeking for a little close potency in a early early early retirement complex. Instead, shes got her eye on a $245,000, 2,200 block feet home in a resolution with a pool. She wants copiousness of room for her 88-year-old mom, Alene Barbara, who lives with her half of the year. But she no longer wants to be worried progressing the four-bedroom home, with the own pool, where she and her late father lifted dual daughters. "I"m ready to move on and facilitate my life," Leavelle says. "I only need a place thats easy to say and feel protected and be independent."emailprintreprintnewslettercommentssharedel.icio.usDigg It!yahooFacebookTwitterRedditrssforbes:http://www.forbes.com/2010/03/16/downsizing-boomers-taxes-retirement-places-personal-finance-downsizing.html?partner=yahoobuzzIn Pictures: 10 Tips For Downsizing BoomersShes not alone. The housing marketplace competence still be uncertain, but pre-retirees and younger retirees are creation downsizing plans. In a consult conducted last year for MetLife ( MET - news - people ) Mature Market Institute, 11% of those elderly 55 to 64 pronounced they programmed to buy a opposite home inside of the subsequent 3 years, and 6% had clear plans to buy someday after that. Another 12% werent certain if they"d move. If you"re one of those seeking to move soon, and you"ve lived in your old home for five out of the eight years prior to to shutting on a new home, you could validate for a $6,500 sovereign homebuyers taxation credit. You have to be sealed in to a stipulate to close prior to May 1, 2010, and close prior to Jul 1, 2010. Watch out--there are income boundary and alternative traps. For some-more details, click here.Even but a taxation credit, relocating can compensate off. A investigate published last year by researchers at the Center for Retirement Research at Boston College found comparison folks who had changed as piece of a early early early retirement plan were happier than those who stayed put. Seniors who done short-distance moves, staying nearby family and friends, were the happiest of all. Leavelle, for her part, is aiming to stay nearby her stream part-time pursuit in a featured item wardrobe store and nearby the internal golf courses where she plays in tournaments with friends. ,,2010/03/16/downsizing-boomers-taxes-retirement-places-personal-finance-downsizing.htmlNote that downsizing isnt the same as trade down, nonetheless it is mostly a great approach to free up equity for vital expenses. Downsizers, says Armand Christopher, the inventory genuine estate representative on Leavelles house, "want a lifestyle of oppulance but in a not as big size. They still wish the granite."But aging boomers wish some-more than granite. In place of tip schools they once prized, a little right away direct budding locations close to informative or recreational attractions. Debra Schatzki, boss of Weiser Capital Management in New York City, has clients in their 50s from Bergen County, N.J., who regularly longed for to live in the city but didnt wish to lift their kids there. Last year, after their last kid left for college, the integrate paid for their mental condition unit at a great price, receiving value of low seductiveness rates. "They looked at this as a pre-retirement move," Schatzki says. At initial relocating to high-cost New York sounds crazy, given in their box they changed up from a $1 million residence to a $1.5 million condominium. But when Schatzki looked at their altogether money flow, the move worked. Their annual genuine estate taxation check forsaken from $38,000--New Jersey has the top genuine estate taxes in the nation--to $7,000. (New York City has a dumb genuine estate taxation complement with low taxes on condos.) Meanwhile, their monthly heating check forsaken from $700 to $300.
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