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    Save On Housing Costs in Retirement

    Save On Housing Costs in Retirement

    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, lowmaintenance 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.

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