Retirement is a big change and it could affect where you live.
Here are three signs you might want to sell your house before retiring.
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Many people have an emotional attachment to their family home because of the memories in it. Leaving can be hard, but selling your house may help you during retirement. Find additional details here.
1. You’re worried about being tight on money
About 46% of all Americans will likely retire in debt. If that is you, or you are worried about running out of money during retirement, selling your home could help.
Using the money earned from your house, you could use some of the money to buy a smaller place. Investing the rest would boost your retirement account
This solution is particularly good for people who still owe money on their house.
2. You’ve got high property taxes
Selling your house could be financially smart for retirement if you pay high property taxes.
Consider moving to a state with lower property taxes in order to free up money for experiences you would rather have.
Boost your Social Security by $800
3. You’re worried about maintenance and repairs
Owning a home means paying for maintenance and repairs. Fixing the issues yourself can grow more difficult as you age.
If you don’t think you can, don’t want to take care of a house, or couldn’t afford to pay to have it done, consider moving. Selling while you are still young enough to mange a move could be an advantage.
If you do move, think about moving into a place that is easily accessible. This may become important as you become less mobile.
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