With Baby Boomers already rolling into retirement and Gen X looking forward to shrugging off the stress of the 40-hour work week, downsizing could be a strategic move. For many Americans, homeownership remains their single largest investment and the monthly mortgage payment their highest bill. Lowering or nixing that cost altogether can free up a considerable amount of cash that could be used for retirement security or leisure activities. Keep in mind, your "golden years" should be just that, so enjoy them. That being said, there are pros and cons to consider when deciding whether to downsize … [Read more...]
Your Guide To Aging In Place Home Modifications
If you've had to watch your parents transition into assisted living, you may have no desire to call such a place home. You are not alone. According to the Aging in Place Housing Survey conducted by the American Association of Retired Persons (AARP), more than 90 percent of seniors want to remain in their home. Many survey respondents said that they would rather use nursing home funds towards purchasing a home that is suited for aging in place or making accessible home modifications. You’ve probably heard the buzzwords — aging in place, non-assisted living, universal design … [Read more...]
Nearing Retirement? Three Reasons Why You Might Consider a ‘Reverse Mortgage’
If you are nearing retirement, a reverse mortgage might be right for you. This type of mortgage essentially allows you to turn your home equity into cash. If you find yourself with little money, a reverse mortgage could be the perfect solution, and here's why. No Worries About Monthly Payments After taking on a mortgage, there are many costs that you have to worry about. One of these problems is mortgage insurance premiums. Add interest and fees from lender service providers to the mix, and you've got yourself many costs. All of these fees can create tremendous headaches, as a large chunk of … [Read more...]
Getting Ready to Retire? Six Tips for Downsizing from Huge House to Efficient Condo
If you're getting ready to retire, you may be thinking about downsizing. Having a large house makes sense when you're raising kids, but once you reach your golden years, it usually makes sense to move into a smaller, more efficient condo. While downsizing may seem impossible, these six tips will help you reach your goal. 1. The Six-Month Rule If you're finding it hard to figure out what to keep and what to get rid of, stick to the six-month rule - if you haven't used an item within half of a year, you probably don't need it. Seasonal items aren't used as much, but if you haven't used them … [Read more...]
How to Reduce Your Expenses During Retirement
You have worked hard for most of your adult life and the day has come that you will retire and enjoy the freedom of your golden years. You might take up a hobby, volunteer, or just enjoy working in your garden and socializing with your friends. If you have been planning ahead and contributing to your retirement fund, you will likely have a nest egg built up which will help you support yourself once you leave your job. However, it is important to keep your expenses down when you are retired so that your spending won’t outgrow your savings. If you can reduce your outgoing costs during your … [Read more...]