Retirement is a goal nearly everyone in the work force works toward every day. But even when you’ve reached the end of your time in the workplace, there are still plenty of decisions to be made. One of the most pressing issues retirees face is what to do with their home now that they are no longer working or raising a family. There are several routes you can take, including selling your home altogether. If this is a move you’re considering, continue reading below to learn what you need to know about selling your house for retirement.
Financial Reasons to Consider Selling Your House for Retirement
No matter how much planning you do, life is bound to throw you curveballs, even in retirement. Before you think you’ve got all you need for your “Golden Years”, consider these financial facts and figures regarding retirement:
- Many Are Forced to Retire Early
While an early retirement may be a dream for most, statistics say many are forced into retirement earlier they would like to. Over 50% of recent retirees say they were forced to stop working earlier than they expected to for various reasons, including layoffs, health problems and disability.
This sudden suspension of income can present major problems in the years ahead.
- Surging & Unexpected Health Care Costs
Most expect to be less healthy the older they get. But what they may not expect is the extreme costs that come with quality healthcare. A recent study says a couple can expect to spend nearly $300,000 on healthcare alone throughout their retirement. And that’s just the AVERAGE couple.
You can expect healthcare to be perhaps the biggest expense during retirement, but you can’t ever predict just how great the cost will be.
- Instability of Social Security
Social Security is much more than a safety net for most retirees. In fact, it’s the most common source of income for retirees by a wide margin.
However, without much-needed reforms, the future of Social Security is bleak, so bleak that the program’s own administration says benefits will need to be slashed by 23% if changes aren’t made by 2033.
If you’re relying on Social Security to get through retirement, your safety net could soon be completely taken away.
- Senior Bankruptcy Rates Continue to Climb
The bankruptcy rate among seniors continues to climb. A recent study says nearly 20% of all bankruptcy filings in the U.S. are from adults aged 55 of older, which is double the amount since the early 1990s. And with a limited number of options for seniors to generate an income, those figures show no signs of slowing down.
Downsizing for Retirement
Many retirees are living in the home they raised their children in. But with the kids grown up and having kids of their own, their rooms are now vacant and can be more of a burden than anything else. While there’s no doubt it may be difficult to part ways with a property that’s been in your family for years, there are several pros that come along with downsizing your home for retirement.
“Downsizing your home means you can look at downsizing to a property overseas or buy a second one abroad. Hotspots such as Antalya in Turkey where the property and living costs are very cheap, but also the fact there is permanent sunshine all year round makes it a popular destination.” adds property expert from Spot Blue International Property.
Downsizing gives you the ability to move into a smaller home that’s better suited for you and your spouse. You won’t have to spend any more time cleaning and maintaining an empty room, and you can save big on repair, heating and cooling costs on a room that isn’t being used anyway.
Downsizing can also give you extra money to enjoy more of the things you love, such as dining out or traveling, and can provide a security blanket for unexpected costs or general living expenses.
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