For most people, their house is their biggest asset. It’s also their biggest expense. But when it comes to retirement planning, a house often falls to the bottom of the list involving changes in later life.
For some questions, there will always be at least two sides to consider. When it comes to retirement and that fateful step into the golden days of life, there are many questions to ask, plans to make, and decisions to make. As you do your research, it seems at every turn you receive conflicting advice. For example, do you continue to stay in your present home or do you move and downsize?
Even if you have yet to confront this fundamental retirement question, you ought to consult a recent article in The Wall Street Journal titled “When Should Retirees Downsize Homes?“ The Journal asks, “when” not “if,” but that does not mean there is not another side of the story. Enter the DailyFinance with an article providing yet additional reasons to stay put. In fact, that article is aptly titled “7 Reasons Not to Move in Retirement.”
While you will want to read both articles, here are the seven reasons to stay:
- Save Money
- Services You Like
- A Social Network
- Proximity to Family
- An Advance Plan for Your Later Years
- You Like It
What place does your home occupy in your life and in the lives of your loved ones? To some families a house is an asset, to others it is a home, and to others it is an anchor (whether wanted or not). Whether you are planning for retirement or already in retirement, there is much at stake and the home can be a divisive issue. So, again, what is the house to you and yours? How are you planning for it?
You can learn more about this topic as well as other strategies on our website under the tab entitled: elder law planning in Virginia. Be sure you also sign up for our complimentary e-newsletter so that you may be informed of all the latest issues that could affect you, your loved ones and your estate planning.
Reference: The Wall Street Journal (January 25, 2014) “When Should Retirees Downsize Homes?“
DailyFinance (January 22, 2014) “7 Reasons Not to Move in Retirement“