As people approach retirement, one of the biggest financial decisions they face is whether to continue owning their homes or to opt for renting instead. According to personal finance expert Liz Weston, this decision requires careful consideration.
While homeownership has long been considered a key part of the American Dream and can help build wealth over time, many retirees find that their homes become a burden as they age. In addition to big maintenance and repair bills, few homes are designed to support aging in place, meaning that remodeling them for safety reasons can be an expensive undertaking.
Weston suggests that those who are considering retiring should take stock of their current housing situation and consider all the factors before making any decisions. For some retirees, selling their home and downsizing may be the best option. Others may want to consider moving into more age-friendly communities or even renting instead of owning.
It's important to note that there's no one-size-fits-all answer when it comes to this decision. Each individual needs to weigh up their own financial situation and priorities before making a choice.
Ultimately, Weston advises retirees not rush into any major housing decisions without first carefully considering all the options available. With proper planning and research, seniors can make informed choices about how best to manage this important aspect of their lives during retirement years ahead.