If you are approaching retirement or are already there, you may be considering downsizing your home. It’s a big decision, with ramifications for both your finances and your lifestyle. As you think about downsizing, here are some things to keep in mind:
(Financial cont’d from pg 1) doesn’t sell quickly.
Consult a real estate professional. A real estate professional can help you determine what needs to be done before putting your house up for sale. Your home may need repairs to meet code or maximize its list price. Get an appraisal of current market value and decide what you’ll be comfortable spending on a new, smaller home.
Review your housing options. Once you decide to downsize, you can start looking for a new place that meets your needs and budget. If you’re considering a condo or townhome (two popular options for retirees) make sure to factor in any fees or assessments that are charged to residents when calculating the overall cost of ownership. If you’re in need of assisted living services, you’ll also want to get a handle on those costs – and whether they can be offset by any long-term care insurance you may have – so you can plan accordingly. In terms of location, you may want to think about the proximity of amenities and services including grocery stores, transportation and your doctor’s office.
Be prepared for a multigen conversation. A change as impactful as selling your home may prompt conversations with family members on the topic of your estate. Downsizing usually re-
quires whittling down the personal possessions you’ve acquired over the years. If you’re moving to a residence with managed maintenance, you won’t need the lawn mower, snowblower, or other tools in your garage. That extra set of dishes might be more useful to someone else. If you’re thinking of giving items to family members, be prepared for the possibility of different generations having different interests and attachments to your home and belongings. It can be a good idea to establish how you want to explain to family members your lifestyle goals for retirement, so they can support you through the process.
Review your finances carefully. Take the time to thoroughly review the financial implications of your specific situation. Just because you are downsizing does not necessarily mean you will suddenly have a cash windfall or establish enormous savings. Remember that HOA expenses, lifestyle changes and upgrades in construction quality can add to costs. Additionally, if you choose to move to a retirement area that has more built-in services, it can increase your cost of living, as well. Taking the time to explore the intricacies of your situation can prepare you for the next steps. And remember: you don’t have to do it alone. A qualified financial advisor can help you navigate this complex process with confidence.
Duane J Lusson, CFP, ChFC, CLU, MSFS, is a Private Wealth Advisor with Ameriprise Financial Services, Inc. in Ottumwa, Iowa. He specializes in fee-based financial planning and asset management strategies and has been in practice for 30 years. To contact him, call 641-684-4200 or stop by his office at 527 W. Second in Ottumwa, Iowa.
Investment products are not insured by the FDIC, NCUA or any federal agency, are not deposits or obligations of, or guaranteed by any financial institution, and involve investment risks including possible loss of principal and fluctuation in value.
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File # 6472908.1
National Library Week
Libraries are much more than books. I use our library fairly often to research things online because it doesn’t have the distractions I have at home. For example, at the library, I’ve never had a cat (Edgar Allan) walk across my keyboard, typing random gibberish while I went for a drink of water.
The ladies at the Silver Bay Public Library are great! Shannon, Eileen, Julia, and Tracy have
a weird question, but I have a question for you.”
Well, that certainly got my attention, so I called Gretchen.
“Do you have anything made up at home,” Gretchen asked. “Something you baked or cooked that would be ready right away?”
“I have a pan of lasagna in the freezer,” I said, “But that would take two days to thaw.”
helped me a lot over the years, especially with printing and technical issues. (I’m not the kind of guy who can hit ‘control print’ and make it happen without an intervention.) National Library Week was coming, and I wanted to do something to give back to our local library.
Shannon, the librarian, told me they would serve coffee and cookies for Library Week. I promised to send some homemade cookies.
Sunday evening, before National Library Week, I baked a couple hundred cookies for the event and gave the library a Pie-O-U.
A Pie-O-U is something I came up with years ago for fundraisers. Instead of an I-O-U, people buy chances for $1 each, or 6/$5. If their name is drawn for the Pie-O-U, I will bake a pie of their choice and deliver it to them. It’s far more delicious than an I-O-U.
I delivered the cookies on Monday morning. On Tuesday, I stopped at the library. “I went to my kitchen for a cookie, but I didn’t have any,” I said. “If I want one of my cookies, I have to go to the library.” We all shared a good laugh about that, and then I snatched a maple nut and a ginger crack cookie.
Wednesday, I got a message from my friend Gretchen. (She was my boss when I cooked for the assisted living home.) “Are you home as in Silver Bay? I know,
“I need something sooner than that,” Gretchen said. “Do you have any cookies, a pie, or a cake at home?”
“Okay, that is a strange question,” I said. “Tell me what’s going on.”
“I have a friend named Star from Silver Bay,” Gretchen said. “Do you happen to know her?”
“I don’t,” I answered. “Is that her real name?” Her real name sounded familiar, so I looked her up. “Oh, yes, she is a Facebook friend.”
“She’s a very dear friend of mine who reads all your stories; she thinks you’re the greatest,” Gretchen said. “Anyway, she’s been under Hospice care for a while now. Last night, just out of the blue, Star said, ‘Before I die, I want something Tom Palen made.’” I certainly was not expecting that.
…I’m over it…you’re not over it…sneak her in…
To read the rest of this story, please visit our website at ottumwapost. com.
Enough To Share
My wife and I both enjoy hunting and eating morel mushrooms. With residual drought conditions left over from last year, the morel season got off to a slow start. After finally receiving some rain, we jumped in the Ranger and decided to try to find some of the delicious delicacies. A couple of our old reliable spots in the south timber and the north pasture had none. We decided to try someplace we had never checked before. We headed across the dam, through the woods, and across the first of twin sluices. This is about as far as a person can get from civilization on our farm. It was here, the Ranger, that had been running smoothly, decided to quit dead in its tracks. We thought it may have overheated do to driving to slowly while hunting mushrooms as we drove along. We walked about checking for morels in the nearby timber while giving it a chance to cool down. Being cool did not change the Ranger’s attitude. It was just dead. When it comes to repairing engines, my mechanical ability is limited to tapping on assorted parts and calling the machine bad names. Neither of these changed our situation.
Being the chivalrous person I am, I volunteered to walk back to the house and get another vehicle to pick up my wife. She could wander around looking for mushrooms and try to start the Ranger while I was walking over
hill and dale.
I do not mind walking if there is a good reason, such as hunting. To walk just for the purpose of getting someplace is just annoying. I got to the top of the first big hill when I realized I had not done any significant amount of walking since last deer season. My legs were burning, and I needed a break. It suddenly dawned on me, I had a cell phone in my pocket and could call for help. I generally think of myself as a problem solver and above average in intelligence. I have no idea why it took this long to come up with a solution to our dilemma. It took Damon much less time to
show up and rescue us than it would have taken me to walk out and drive back to pick up my wife. We decided to end our adventure for the day and resume our mushroom search after another rain.
Welcome Olivia Tori Morris FNP
Pella Regional Health Center is pleased to welcome Victoria ‘Tori’ Morris, FNP to the medical staff beginning in April. Morris is a Family Nurse Practitioner who will be practicing in the Pella Regional Walk-In Clinic in Ottumwa.
“I am focused on providing high quality care through evidence-based practice and open communication with patients and the healthcare team,” said Morris. “I am eager to help patients reach their health-related goals.”
Morris earned her Master of Science in Nursing, Family Nurse Practitioner degree from Purdue University Global, West Lafayette, Indiana. She completed her Bachelor of Science in Nursing at Iowa Wesleyan University, Mount Pleasant, Iowa. She is a member of the American Association of Nurse Practitioners.
Friday and Saturday it did finally rain. It came down for hours, pretty much wiping out the moisture deficit we had accrued over the past year. With rubber boots, we started the search again. My wife found a few in the south timber and we both found a few in the north pasture. We were driving toward the next spot we were going to search when my wife suddenly yelled, “Stop!” I was not sure what the emergency was until I looked out her side of the vehicle and saw the mushrooms. Great big, yellow, wonderful morels, standing around just waiting for someone to come by and pick them. In just a few minutes, we made up for all the futile searches we had made before. After that haul, our further hunting was somewhat half-hearted. We found enough to meet our needs and have some to share with others.
