I grew up in New York City, where square footage tends to come at a premium. As such, I'm more than used to the idea of living in a smaller home, and I never really minded having less space until I had kids.

These days, I live in a nice-sized suburban home that's probably four times the size of the home I grew up in. And while it's a fairly expensive home to own and maintain, it makes sense to give my kids room to spread out.

But one of the first moves I plan to make in retirement (or perhaps ahead of it) is to downsize to a much smaller home. Here's why.

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Source Fool.com