Well, we have downsized already for many of the reasons others have mentioned. We are older, retired, and both can't do many steps now. We have a ranch style house 2 BR and 1 and 1/2 baths, no basement, large room for my sewing room and den, and attached garage on 5 wooded acres outside of town. Since there is no basement, we have a mud room and a storage shed on the property. My husband has a huge work shop with a lean to storage area for his extra wood, etc.
We do all the lawn maintenance and house maintenance too. The drive way is long and curved.
We bought this house because we loved the landscaping, not especially for the house, though it is nice. It is beautifully landscaped which we love, and only about one acre is cleared, so alot of privacy.
We are trying to clean out our many years of stash, but it is hard to do. I keep thinking what our kids would have to do with all our stuff, so am systematically getting rid of it.
I love reading what others are doing.
As far as going to less bedrooms? Just because you are less people in the house, doesn't mean kids and grandkids and great grandkids won't come to visit.