Flight Path

Supplement Your Retirement by Downsizing Your Home

There are multiple paths to saving for retirement. Most are at least peripherally aware of the more common retirement income streams of social security and employer-sponsored retirement accounts.

My grandparents have downsized twice in the last 13 years, which has allowed them to kill two birds with one stone.

How did they do it? Read on to find out.

Tri-Level Living

The very first place my grandparents lived in to begin their married life was a one-room rental with an outhouse.

My grandparents moved around a lot throughout their younger years, first because my grandpa was in the Navy and later because of his career. They bought and sold multiple houses, but all the specifics were handled by the company.

Thus, my grandparents made their first move in 30 years to the Boring house (literally in the town of Boring).

A Boring House

My grandparents purchased the Boring house for $360,000 in 2005 and paid cash, which meant they were able to pocket around $65,000 to supplement their retirement.

They didn’t have nearly as many renovations with the Boring house as they did the tri-level, but then again, they weren’t there nearly as long.

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