Should you downsize when you retire?

Submitted by Edward JonesPrint Story | Email Story
When you retire, you'll experience many changes — should one of them involve your living arrangements?
 
The issue of downsizing is one that many retirees will consider. If you have children, and they've grown and left the home, you might find yourself with more space than you really need. Of course, this doesn't necessarily mean you must pack up and scale down yourself. You might love your home and neighborhood and see no reason to go. But if you're open to a change, you could find that moving to a smaller house, a condo or an apartment may make sense for you.
 
Let's consider some of the advantages of downsizing:
  • You could save money. Moving to a smaller space could lower your utility bills and upkeep costs.
  • You could save effort. A smaller home will mean less maintenance and cleaning.
  • You could de-clutter. Over the years, most of us accumulate more possessions than we really need. Downsizing gives you a chance to de-clutter. And you can do some good along the way, too, because many charitable organizations will welcome some of your items.  
  • You could make money. If you've had your home for many years, it's certainly possible that it's worth more — perhaps a great deal more — than what you paid for it. So, when you sell it, you could pocket a lot of money — possibly without being taxed on the gains. Generally, if you've lived in your home for at least two years in the five-year period before you sold it, you can exclude $250,000 of capital gains, if you're single, or $500,000 if you're married and file taxes jointly. (You'll want to consult with your tax advisor, though, before selling your home, to ensure you're eligible for the exclusion, especially if you do own multiple homes. Issues can arise in connection with determining one's "primary" residence.)
While downsizing does offer some potentially big benefits, it can also entail some drawbacks. First of all, it's possible that your home might not be worth as much as you had hoped, which means you won't clear as much money from the sale as you anticipated. Also, If you still were paying off a mortgage on your bigger home, you may have been deducting the interest payments on your taxes — a deduction that might be reduced or lost to you if you purchase a less-expensive condo or become a renter. Besides these financial factors, there's the ordinary hassle of packing and moving. And if you're going to a much smaller living space, you may not have much room for family members who want to visit or occasionally spend the night.
 
So, as you can see, you'll need to weigh a variety of financial, practical and emotional issues when deciding whether to downsize. And you will also want to communicate your thoughts to grown children or other family members who may someday have reason to be involved in your living space. In short, it's a big decision — so give it the attention it deserves.  
 
This article was written by Edward Jones for use by your local Edward Jones financial advisor. Courtesy of Rob Adams, 71 Main Street, North Adams, MA 01247, 413-664-9253.. Edward Jones, its employees and financial advisors cannot provide tax or legal advice. You should consult your attorney or qualified tax advisor regarding your situation. For more information, see This article was written by Edward Jones for use by your local Edward Jones financial advisor. Courtesy of Rob Adams, 71 Main Street, North Adams, MA 01247, 413-664-9253.. Edward Jones, its employees and financial advisors cannot provide tax or legal advice. You should consult your attorney or qualified tax advisor regarding your situation. For more information go to www.edwardjones.com/rob-adams.
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Blue Vista Motor Lodge Brings Hospitality & View to Guests

By Breanna SteeleiBerkshires Staff

Among the upgrades at the renovated lodge is a sauna to refresh after a day of skiing and hiking. 
FLORIDA, Mass. — The Blue Vista Motor Lodge is still bringing hospitality to the town of Florida — even 100 years, many owners, names, and renovations later.
 
"When we were working on renovation plans, we found a postcard online from 1923 from the Whitcomb Summit Motor Lodge so that's kind of exciting that for over 100 years, people have been coming here and I think you can see why," owner Stella Downie said.
 
It all started with a small shack on Whitcomb Summit offering souvenirs and drinks that opened up with the highway in 1914. With growing popularity along the scenic byway, small cottages were built for motorists to stay on the Mohawk Trail's highest point.  
Unfortunately, in 1938, the store and a restaurant burned and the cottages started to get run down. In the 1960s, the cottages were replaced with the current building, named Whitcomb Summit Lodge. 
 
There were attempts to rejuvenate the summit for tourism over the preceding decades that fell by the wayside — from campgrounds and timeshares to fine dining and condominiums.
 
Downie purchased the building in December 2021, renovated the lodge in 2022 with a soft opening that fall, and officially opened in early 2023.
 
"We really wanted to clean it up and make it a beautiful place again for people to come and visit and really highlight the views," she said.
 
When Downie took over the property, she said it needed fixes and moving around. She took down all of the bordering dilapidated buildings that had long been abandoned, including the shuttered restaurant, to enhance the grounds. 
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