6. Renting a Storage Unit for the Overflow

A smaller home means significantly fewer closets, smaller kitchen cabinets, and the likely loss of a basement or an attic. When faced with items they cannot bear to part with but cannot fit into the new home, many retirees instinctively rent a self-storage unit.

Using a storage unit as a permanent solution is a profound financial mistake. If you pay $150 a month for a climate-controlled unit, you will spend $9,000 over five years to store items you never use. If an item is not essential enough to cross the threshold of your new home, it is time to sell it, donate it, or give it away. Treat your new, smaller floor plan as a strict boundary; if it does not fit comfortably in the designated space, it does not make the move.