Moving to a smaller home when you retire may seem like a good idea -- but it's not for everyone. Read on to make sure you make the best decision possible. Here's what you should know about downsizing in retirement.

Downsizing in retirement: Five mistakes people make

Caroline Cakebread has been Chatelaine.com's money expert since 2006. She is also a recovering academic and the mother of two small kids. She lives in Toronto where she writes and reads about all things financial.

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<p>The Editorial Team of Chatelaine magazine.</p>

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What if you had to work until the age of 80? Or found yourself going to work with octogenarian coworkers? According to one big insurance CEO, retirement at 80 is the new reality.

Robert Benmosche, CEO of insurance giant American International Group Inc., told Bloomberg News that in Europe, “retirement ages will have to move to 70, 80 years old…That would make pensions, medical services more affordable.

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Retirement at 80?! More baby boomers have to stay in the workforce longer