How To Save On Housing Costs in Retirement
Downsize–The best way to reduce your housing costs is to downsize. Most older homeowners can save money buying a smaller home to save on maintenance, insurance with a no/lower payments.
Home Sharing–If you are single, consider finding a housemate or two...like the sitcom "Golden Girls"
Retirement Communities–55+communities offer a lower-cost, low-maintenance lifestyle and have lots of community activities to help you stay active.
Retire in Phases–Plan for the stages of retirement, including possible assisted living. Buying into these multi-stage communities can save thousands throughout your retirement. This option isn't for everyone, so make sure you understand how these work.
Look at Your Mortgage- Make your current monthly payment more affordable by refinancing at a lower rate. You might also consider a reverse mortgage. Federally insured reverse mortgages can provide income to supplement your retirement savings.
Sell Your Home–With most of the country experiencing a "Sellers Market" this is the perfect opportunity to cash out and give yourself the freedom to travel more and enjoy your free time.
Whether it's finally time to for you to retire, you're in the planning stages, make sure you consider the cost of housing as part of your plan.