It may seem a bit premature, but I already know where I want to cut costs.
I love where I live now and can't imagine wanting to leave. The village where my wife and I live, in Hampshire, is close to London, surrounded by rolling hills and, just as importantly, our friends.
However, it is possible that our family home will no longer be suitable for us later in life, and so if and when push comes to shove, my own downsizing plan would ideally be to build a flat in a converted stately home.
The way I see it, you get all the benefits of the property - the gardens, the size of the rooms, the light - without the responsibility of maintenance.
And living in a flat means that you live on one floor, with good accessibility, plus the chance that a service team is present if you encounter any problems.
It won't be cheap, but I think one day, when the time is right for us, it would be worth it.
How you downsize and where you downsize to is a very personal decision, but you need to be strategic to ensure you get the most for your money.
Figuring out what you want to get out of an area and a home is just as important, and possibly even more so, when you're downsizing because by the nature of downsizing, you're making your final move. You're not going to make cuts twice.
Research by real estate agents Hamptons identified the 100 best locations to downsize to, based on data such as travel time to the nearest city center and total reported crime.
The results include favorites such as Tunbridge Wells and Harrogate, but there are also less obvious ones such as Westminster.
What does shine through are the prices. These areas are in high demand due to the fact that they are close to amenities and are sought after not only by retirees, but also by young families.
One of the big pitfalls people make when downsizing is paying a premium on their properties for things they don't need, such as access to schools or fast transport to London. These are desirable later in life, but it is worth considering whether you really need them. You can save yourself a lot of money if the answer is 'no'.
In this spirit, I've picked a few locations from the list and looked at areas nearby that offer much of the same benefits while leaving you more money to enjoy your retirement.
Take Cheltenham for example; it's not hard to see why it's such a popular retirement spot.
Nestled in the Cotswolds it offers all the benefits of a vibrant regency town with lots to do, as well as a green environment.
However, with an average house price of £414,605, it is well above the national average. What about Tewkesbury?
Less than half an hour's drive north of Cheltenham, the medieval market town has a more attractive price point with an average house price of £273,210.
It doesn't have all the bigger city amenities as Cheltenham, but I would definitely take a look if that was the area I had my heart set on.
In the south east, Chichester is a popular spot. It's close to the coast, has a charming mix of old and new, and easy transport routes into London. There is also a good range of senior housing.
These new developments, aimed at downsizers, are a far cry from the worn-out image we associate with later-life housing. They provide a community and take away the stress that comes with owning your own home and garden, but with the privacy that brings.
Renting may not seem like the obvious choice at this stage of your life, but if you do it right you can spend your money on other things, so it's worth considering.
As does Fareham, a market town northeast of Portsmouth.
Not far from Chichester, and between the city centers of Portsmouth and Southampton, it has a modern high street and a weekly local market.
It also comes with a much nicer price tag. While the average house price in Chichester is £423,000, Fareham's is £351,025. That's not a bad savings for a trip down the highway.
Head north and there are similar savings to be found.
Rutland in the East Midlands is on the list of the 100 best places to retire, and I can certainly see why the 'county of good taste' is attractive to downsizers.
You might consider Uppingham, a market town famous for its renowned private school. The honey-colored buildings give the city a sought-after English charm and it's easy to imagine setting down roots here later in life. The average house price in the city is £392,294.
Alternatively, Kettering, about half an hour away, has an average house price of £245,442. With good links to London and a recently revamped high street it can compete with the commuter towns of Surrey or Kent, but at a fraction of the cost.
While these are all good options, and there's certainly value in looking around, don't be afraid to think outside the box.
Brian, a grandfather I once met, lived a bus ride away from his family and traveled every day to garden and help around the house.
The family realized it made sense to offer him something more permanent as an overnight option when needed, so they built an outbuilding in the garden just for him.
At first he used the outbuilding occasionally, but eventually moved in when it made sense.
Downsizing and then using the money to extend an existing property can be a very efficient use of your money - I've always said it's cheaper to build than to buy.
Whatever you decide to do, tackle it as early as possible and think as strategically as possible. It can be scary, but I think downsizing is an exciting opportunity.
It's a win-win situation: later in your life you will get a home that better suits your needs, and hopefully a nice lump sum on top of that, which you can enjoy yourself.
My final advice is: don't leave it too late.
When you decide to cut back, and however you do it, chances are it will be stressful. Usually there are big changes - especially when it comes to real estate.
However, if you get ahead of the curve and take the time to find the right option for you, it's incredibly exciting.
Good luck and let me know how you get on.
