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YOU MAY ALREADY know where you want to spend your retirement years — a small beachfront town, perhaps, or within the heart of your favorite city. But one thing that tends to escape some soon-to-be retir- ees' minds is what that living space will look like. Do you still need a 3,000-square- foot home with five bedrooms, or would an upscale townhome better suit your retire- ment lifestyle? Here are some important considerations for all empty-nesters and retirees when determining whether to downsize in retirement. Create a long-term downsizing plan. You may be ready to move into your retire- ment digs tomorrow, but in reality, you'll need to give yourself time to consider the logistics of downsizing before you actually begin the process. In addition to thinking about how, when, and where you'll live, take note of another transitional step — how much of your current possessions will you bring with you to your new home? Compare the scenarios that deliver on your downsizing goals. Downsizing is meant to provide a simpler life, fewer financial stresses, and more freedom to live how you choose. For that reason, it is recommended that you evaluate the pros and cons of dierent home options, such as single-family, townhome, and condominium, based on your objectives for scaling back. It may be helpful to actually simulate your options. Pick out a smaller home in a location that you'd realistically con- sider buying as a way to estimate actual home ownership costs, such as property taxes, heating bills, maintenance, and any upgrades you may need to do later to accommodate you as you age. Then, do the same research on other types of residences, such as condos or townhomes. Think about not only the costs, but also the amount of maintenance, amenities, and location. Also consider what your life will be like in the future and how that will impact how you want to live. For example, will a single-level home be more suited to your physical abilities in the future? Ultimately, the point of the comparison exercise is to identify what financial and lifestyle benefits you hope to accomplish by downsizing, so you can choose the option that delivers on your priori- ties. It may turn out that you value the maintenance-free amenities that a condo aords. Conversely, you might find that a smaller single-family home where you aren't in quite as close proximity to the neighbors is more your style. Rid yourself of excess baggage. Downsizing can bring new possibilities for the future, but it may also require part- ing ways with items you've accrued over the years. When those possessions are attached to important memories, purging items can be tough. But keep the process in perspective. At some point, things you've collected over the course of your life will become a burden to you — or someone you love — if you don't start simplifying your life. If you struggle to downsize, a profes- sional concierge moving service can help. For example, Niña Weireter-Liehr of My Divine Concierge assists clients with the entire downsizing process from start to finish, including guiding them on what items should be thrown out, donated, sold (and how to determine if an item has monetary va lue), or brought to the new s m a l l e r s p a c e . H e r o r g a n i z a - t i o n a l s o h e l p s faci litate cha ri- table donations, e s t a b l i s h a n d d i s c on n e c t u t i l it i e s , a n d s i m i l a r moving needs. To keep yourself on task, Weireter- Liehr says to consider your downsized home to be very expensive square footage. "What things are so valuable that they've earned a spot in that high-demand space? Surround yourself with the items that bring you the most joy and that you want to see every day." Paul Guerra is the Managing Principal of Brookshire Wealth Management in Canton, Ohio. For more information visit www.brookshirewealth.com or e-mail Mr. Guerra at pguerra@wfafinet.com. Investments in securities and insur- ance products are: NOT FDIC-INSURED/ NOT B A N K- GUA R A N T E E D/ M AY LOSE VALUE. Wells Fargo Advisors Financial Network, LLC, Member SIPC, is a registered broker- dealer and a separate non-bank a§liate of Wells Fargo & Company. Investment products and services are offered through Wells Fargo Advisors Financial Network , LLC ( W FA FN), Me m b e r S I P C . B ro ok s hire We a lth Management is a separate entity from WFAFN. ©2016 Wells Fargo Advisors, LLC. All rights reserved. ■ BY PAUL GUERRA THINKING of 2 5 M D N E W S .C O M /// M D N E W S C L E V E L A N D /A K R O N / C A N T O N ■ N O V E M B E R / D E C E M B E R 2 016 F I N A N C I A L P L A N N I N G ❰❰❰❰❰ 2 5