To many, retiring early may seem like a dream come true, but it can come with its own set of challenges and drawbacks. On the other hand, retiring late also has its own unique pros and cons.

The decision of whether or not to downsize their house is one that many retirees and pre-retirees face. And while you may be emotionally attached to the home where you raised your family, there are many benefits that downsizing can offer.

Longer life expectancies and more flexible work options have made retiring in your early 60s less of a necessity than it was for generations past.