Slash one of your biggest monthly bills in retirement!
As a retiree, housing is most likely your biggest retirement expense. Luckily, there’s a variety of ways to pay less for your housing during your Golden Years!
Eager to find out how? Read below!
Pay Off Your Mortgage
Paying off your home eliminates one of your biggest monthly bills! While this can be easier said than done, consider refinancing your home for a reduced interest rate. It’s not uncommon for people in the 50s and 60s to refinance to take advantage of lower rates and extend the time they’re going to paying their mortgage.
Once your children have grown up and left home, no longer is there any need for multiple bedrooms or an expansive yard. In addition, you and your spouse may not be up for the challenge of taking care of a large property. Downsizing to a smaller house can add money to your savings and free up the time that you would’ve spent moving the lawn or tidying several rooms!
More and more retirees find that they don’t need to be close to a city for jobs, or high-cost suburbs with good school districts. You’re free to move anywhere in the country, and if you’re looking to save money and add to your funds, consider relocating to a more affordable part of the state or country for instant success!
Homeowners can be costly and time-consuming, particularly if you live in an older home in constant need of repairs. Becoming a renter in retirement frees up the equity in your home so that you no longer have the responsibility for the upkeep of the home and allows you flexibility if you’re itching to discover different destinations!
Share Your Living Space
You can immediately improve your finances (and social life) by living with others. Consider renting out a room in your home or moving in with your children who are looking for ways to save costs. Furthermore, this results in a shared responsibility of chores and home maintenance!
Find your quality, affordable home insurance here! For more ways to save money and increase your funds, cut your costs of health care without causing detriment to your coverage. Visit SeniorChoices NW for guidance on ways to save on healthcare and maintain your protection! Contact us in Wilsonville or attend a Medicare Meeting in Oregon today!