Sifting through a lifetime’s worth of possessions can be daunting if you’re downsizing in retirement or cleaning out a loved one’s house after they pass away. In most cases, people won’t buy anything except rare books, vintage vinyl records in excellent condition, or untouched Cabbage Patch Kids.
No matter where you plan to retire, whether, in Costa Rica, Arizona, or Colorado, you’ll need a plan. Many retirees buy what they think is their dream home, only to discover that it doesn’t fit their new lifestyle. To make buying a home after retirement feel like a dream, follow these ten steps:
Image by Shutterstock.com These days, seniors and retirees face a double whammy: inflation is fast approaching 10%, and stock and bond markets have declined by 10% to 20%. Meanwhile, home equity might have appreciated significantly, making it tempting to tap it for financial support. Taking advantage of your home equity might be a viable solution. Choosing the right method for you requires research. Several ways can help you finance your retirement using your home equity. …
As empty nesters consider downsizing their homes, an important question arises: Should they buy or rent? While long-time homeowners may be reluctant to consider renting, several factors should be considered before deciding. Financial considerations, expected duration of stay, and personal preferences all play a role in determining the best choice for empty nesters looking to transition to a smaller space. Selling a large family home can provide a substantial cash influx from a financial perspective. …
Approaching retirement with such limited savings can be distressing. However, you can make several strategic moves to maximize your resources.
Debt is a pervasive issue affecting individuals of all age groups nationwide. The burden of high-interest credit cards and lingering student loans can impede the ability of ordinary Americans to purchase a home, go on vacations, or even establish an emergency fund. According to a recent survey conducted by AARP’s Financial Security Trends in January 2024, 42% of Americans admit to having more debt than they can handle. Although this issue predominantly affects individuals in …