#3 Housing- 10 Things You Need To Know To Plan Your Retirement Income

It is important to think about housing, you’re going to have to stay somewhere. Spoiler alert: don’t bank on selling your house as your retirement fund.

• We never know what is going to happen in the housing market. You may think your house is worth a certain amount, enough to support you, but it is only worth as much as somebody is willing to pay.
• Downsizing can be a good option, but you want to make sure you have the conversation in advance before it becomes necessary. If prior arrangements are not made, it could cause additional money to be taken out of your income to fund that lifestyle.
• Senior living is something to consider. There are a number of really great facilities that are worth looking into if this is something you would be interested in. Places in Florida are very popular for senior communities. These places offer you a place to live where you are assisted with the things you need, but are also still living independently, and feel at home.

Whichever direction you choose to go, it is important to have a plan established and communicate that plan with a financial advisor, or at least with people close to you that you trust.

Make sure to tune into Bruce’s show on Tuesday for the 4th part of the 10 things you need to know to plan your retirement income series.

 

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