Life is full of contradictions. Like watching a TV show on organizing a closet and getting rid of things you haven’t worn, then buying something on Amazon for immediate delivery. Even so, many of us truly long to simplify our lives. Less stress, less stuff and less worry.
Let’s face it, sometimes possessions outgrow their usefulness or there simply isn’t room for them. The space issue becomes even more critical if you’re moving to a smaller home for your retirement years.
Whether you’re decluttering, downsizing or both, there are benefits to simplifying. Here are some easy ways to get started:
- Reflect on what’s important. It’s easy to get overwhelmed by the sheer volume of items. Prioritize what has personal and financial value, and weed out objects with little meaning or use to you. You can enlist a trusted friend to help; have them present to challenge you to articulate what really matters.
- Set a limit on storage. Maybe it’s 10 bins or only things that can fit in a particular closet. Let the size of your home dictate the depth of items you can save. A helpful idea going forward: Use the one-in, one-out approach. For anything you bring in, you must donate or get rid of something.
- Decide who can benefit most. Does another family member treasure your mother’s heirloom jewelry more than you do? Can a charity use clothing or furniture you no longer want? You’ll feel good about being generous. And you’ll free up space.
- Rethink your living situation. If you’re an empty nester, moving to a smaller home can be a money saver, reducing mortgage, insurance, tax and utility expenses. With lower bills, you may end up with more money for retirement and to share with others.
Get Your Financial House in Order
Remember to clean up your estate plan, too. Address life changes such as:
- Your family. With births, deaths or marriage changes, you may want to add or remove beneficiaries or adjust their shares of your estate.
- Your property. Events such as growth (or decline) in the value of your estate, buying a home, or the sale or gift of property may necessitate changes to the provisions in your will.
- Your new location. Your will should be updated if you move to a new state. Different requirements for the execution of a will, state inheritance taxes and probate laws may make revisions necessary. An estate planning attorney in your new state can offer assistance.
- Your charitable interests. Will your good work continue after your lifetime? Consider including a gift to the Schoolcraft College Foundation by designating a percentage of your estate to us or naming us as the beneficiary of retirement plan assets or a life insurance policy you no longer need.
Giving Instead of Getting
If, while considering what’s most important to you, the mission of the Foundation comes to mind, we’d love to help. Contact Dawn Dyer Magretta, CFRE at 734-462-4619 or dmagrett@schoolcraft.edu to discuss ways you can make a big difference.