Retirement is a time of freedom; it’s something people look forward to most of
their lives. As you prepare for retirement, it’s natural to consider ways to reduce
your housing costs. Fortunately, there are some great ways to enhance your
lifestyle while reducing costs.
6 Ways to Save Housing Costs in Retirement
1. Downsize – The most common way to reduce costs is to downsize. Many
older Americans find they can greatly reduce or eliminate monthly
payments while reducing upkeep.
2. Home Sharing – If you are single, consider finding a housemate.
3. Retirement Communities – 55+ communities offer a lower-cost, low-maintenance lifestyle.
4. 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.
5. 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.
6. Sell Your Home – Maybe you no longer need to own a home at all. Selling a
home and pocketing the proceeds can give you the freedom to travel more
and rents may be less expensive than owning.
If it’s finally time to retire, or if you are in the final planning stage, consider the
cost of housing. Saving money on monthly expenditures is the best way to make
the most of your hard-earned retirement.