At The Olear Team, we’re often approached by individuals contemplating their retirement years. Inevitably, the conversation turns to the big question: Should I stay in my home, or should I sell?
Typically, it’s not an easy question to answer because much of the decision is based on the type of lifestyle you hope to live during retirement. There are many things to consider before making a final decision.
First, how’s your financial situation? Will your retirement income allow you to continue to live comfortably in your home? Hopefully, there’s a pension or savings in a 401(k) retirement account to help you overcome the loss of a weekly paycheck and still meet your financial responsibilities such as your mortgage, taxes, utilities, credit card payments, etc. Property taxes can vary greatly from state to state, with some states being much more tax-friendly than others. In some cases, the annual savings on taxes alone can be in the thousands of dollars.
Next, let’s take a close look at the structure you call your home. Do you spend a significant amount of money each year on repairs and maintenance? How do you feel about the constant upkeep that comes with homeownership? Are you still OK with mowing the lawn, shoveling the snow and taking care of business? Will you feel the same way in five years? Ten years?
Let’s take a look at your post-retirement lifestyle as well. Do you plan on being a homebody, or now that you have some free time are you planning a more adventurous lifestyle with lots of outdoor activities and travel? Will owning a home keep you from achieving your new goals?
While this is your first experience with retirement, the professionals at The Olear Team have successfully guided numerous clients through the process. For more information or a personal consultation, please contact our office today!