Staying In Your Current Home For Retirement

As you age, the risk of an early demise is replaced by the risk of outliving your assets

. There are many potential expenses in your retirement years that threaten your retirement income. Medical expenses that aren't covered by medicare, extended stays in a long term care facility or home health care expenses can all quickly eat away at the retirement nest egg that you've worked so hard to build.

Remaining in your current home for your retirement may be more beneficial for the meantime, as you might be unable to pay for the costs of moving to a new home. Significant financial factors that can influence whether you move or stay include the low market prices of many homes and the gradual rise of property tax across the country, which can take more money from your nest egg than you're able to afford.

The cash for related costs, such as renovating before selling your current home to increase market value, may be hard to put together. If you must remodel, don't go overboard - use a lot of ingenuity and as little money as you can to make your house more appealing and livable to potential buyers versus funding a huge remodeling project that can cost you dearly.

Seniors and future retirees may have also considered renting their homes after selling their houses as a better option than buying another home. However, buying a new home and renting one have comparable trade-offs. Since the market prices of residential properties are gradually equalizing, these options are quite similar in terms of costs, advantages, and disadvantages.

Some retired Americans, as well as those who are nearing retirement, have completed or are almost done with their mortgages. However, many find it more practical to remain at home for the near future. If you're rethinking your retirement plans because of money problems, you may want to stay in your current home until you can afford to sell at today's real estate prices, pay for property taxes, and handle the expenses associated with moving house. Consult with your real estate agent and financial planner to forecast where and when you can move for your retirement.

by: Carina Smith

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