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If you are among the large numbers of Baby Boomers who are considering "downsizing" and possibly moving to a new home in a new location, here are a few things to consider before you make any commitments:

1. Are you and your spouse on the same page?  Looking at smaller homes and discussing what might need to be discarded often reveals that one of the spouses just isn't prepared to move on from their attachment to their current home with all its memories and belongings.  Downsizing is difficult enough without both partners being fully committed.
2. Do you understand just how big the project will be? Many folks get enthusiastic about downsizing  until they start going through the closets and drawers and the sheer size of the undertaking overwhelms them.  Fortunately, there are some excellent books/articles that can help with the organization of the project.
3. Can your ego handle this? This is a biggie – clearly, your home is a part of who you are.  A comfortable and spacious house is frequently a sign of success – a "reward" for years of hard work.  Are you going to be able to  make the emotional transition to a more modest house?
4. Have you run all the numbers? Certainly, a smaller space can mean smaller overhead household expenses.  But, are you clear on how much it will cost to sell your current home and move your belongings?  Will you need to buy new furniture?  Are you moving to an area with a higher cost of living?  Downsizing can be positive for many people but it isn't foolproof.  The associated savings might be more modest that you anticipate – or may not materialize at all.
5. Finally, are you certain that the size and space requirements of your new household are not going to change? In other words, is there a chance that one of your kids (and their kids) may have to move in with you or, perhaps, and older parent needing your caregiving?

These are just a few of the basic questions that you should consider and be in agreement with your spouse before embarking on a downsizing project.  Don't be afraid to discuss these issues with a qualified Realtor or other experienced professional to get as much third-party perspective as possible to make your transition as smooth as possible.