Since downsizing, a pensioner has been able to embrace his retirement as the £280,000 he freed up now grants him comfort and freedom to live as he wants by enjoying day-to-day life, travelling and supporting his wife.
Donald Chemney, 89, traded his three-bedroom house for a one-bedroom property at Brook Court in Salford and is now living “the high life”.
By selling up and downsizing, Donald has been able to pay his wife’s care home fees, volunteer and establish several scout groups and travel to see his son in Sydney, Australia.
His house sold for £280,000 which he split with his wife. With funds in the bank and monthly income from his state pension and workplace pension, he has the freedom to plan trips to visit his son and meet his grandchild.
Donald added: “I can now afford to travel first class and get extra legroom to make the journey more comfortable.”
Selling up and downsizing to a smaller home is a serious consideration for many people in later life if they feel they may not have enough in their pensions to fund retirement.
As high inflation and rising costs are leaving those approaching retirement strapped for cash, and unsure what to do next, Donald said, for him, downsizing was “one of the best decisions I have ever made”.
The retired oil industry worker made a life-changing decision after finding out his wife Sheila suffers from dementia. Unfortunately, he broke his thigh following a fall in his garden, leaving him unable to care for his wife.
As Shelia moved into a nearby care home, Donald realised it was time to downsize and find a more suitable home as it didn’t make sense to live alone in a three-bedroom Victorian house.
He came across My Future Living through a newspaper advert, and fate seemed to guide him towards an apartment in a retirement development on the road where his wife grew up.
Donald instantly fell in love with the place, which is also located just a 15-minutes away from his wife’s care home. It offered great convenience for his daily visits.
Donald said: “I can do volunteer work, help out the communal gardens, and participate in different social activities which has strengthened my retirement years.
“Financially, renting has provided me with stability, allowing me to support Sheila’s care and enjoy my retirement.”
Donald pays £800 for rent and is able to pay this each month using his state pension income and workplace pension.
With the proceeds from the house, his monthly pensions income, and other investments, Donald said he’s “living the high life”.
He said: “At 89 I don’t want to go skydiving and I’m not one for fancy cars.
“I still have the one I got 10 years ago. It gets me from place to place. I’ve invested some in a one-year bond and I have money in other bonds.
“As long as I have enough money to pay the rent, pay the food and electric, and there’s petrol in the car, I’m living the highlife for an 89-year-old. I still get around – I’m a leader of a Scope group and I still get on with life.”
Since moving to a retirement accommodation, Donald doesn’t feel lonely as he can enjoy a wide range of activities such as bingo, games nights, BBQs, coffee mornings, and more.
He concluded: “I no longer feel alone, as people welcome me with friendly greetings and engaging conversations.”
