How to decide where to live in retirement
Posted 04-10-2015 at 07:20 AM by info4yourlife2015
The kids are grown, the grandchildren are coming along, and soon you'll reap the rewards of your lifetime of work. It's called retirement. But even though you've planned for this major change in your life, there are still important decisions to make – including where you'll spend your retirement years.
To make an informed decision about a future home, here's a brief guideline courtesy of Investors Group:
Location. Will you stay in the home where you raised your children? There may be a deep emotional attachment to the home and the neighbourhood.
Size of home. A smaller home is easier to maintain, with lower utility costs and taxes. But, consider a new home purchase carefully. Perhaps that money is better off in investments that increase your cash flow and your estate.
Buy or rent? Downsizing to condos or apartments can be an attractive lifestyle choice. The costs of major repairs at condominiums are shared among owners, and repairs are the building owner's responsibility. On the downside, you may find you're living too close to neighbours or that condo fees are too steep.
Summer and winter homes. Many Canadians decide to winter in warmer southern climates. If you choose to follow these snowbirds, will you own or rent your residences in Canada and the United States? This decision depends on your personal situation, so you should consult a tax advisor.
Your health. If you have no current health problems, maintaining your present home may be practical. But if health concerns are a consideration, you may want to look at housing options that offer various levels of assisted living.
Your income. Before you begin to make decisions, you'll want a clear picture of your overall financial situation. You need to review your projected income levels from all sources, including pensions and investments.
To make an informed decision about a future home, here's a brief guideline courtesy of Investors Group:
Location. Will you stay in the home where you raised your children? There may be a deep emotional attachment to the home and the neighbourhood.
Size of home. A smaller home is easier to maintain, with lower utility costs and taxes. But, consider a new home purchase carefully. Perhaps that money is better off in investments that increase your cash flow and your estate.
Buy or rent? Downsizing to condos or apartments can be an attractive lifestyle choice. The costs of major repairs at condominiums are shared among owners, and repairs are the building owner's responsibility. On the downside, you may find you're living too close to neighbours or that condo fees are too steep.
Summer and winter homes. Many Canadians decide to winter in warmer southern climates. If you choose to follow these snowbirds, will you own or rent your residences in Canada and the United States? This decision depends on your personal situation, so you should consult a tax advisor.
Your health. If you have no current health problems, maintaining your present home may be practical. But if health concerns are a consideration, you may want to look at housing options that offer various levels of assisted living.
Your income. Before you begin to make decisions, you'll want a clear picture of your overall financial situation. You need to review your projected income levels from all sources, including pensions and investments.
Total Comments 1
Comments
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great retirement community and low cost of living at a beach
Good morning,
We are looking for a snowbird or retirees who want to enjoy warm weather and beautiful beaches.
We have a Townhouse on the beach for sale or lease in Long Beach, MS. If you are interested please email me at krd4m@cox.net
We have an airport in Gulfport, MS only 3 miles away and the best shopping centers. We are an art district if you want to spend your time in photography or painting or pottery....or anything to enjoy your time...very relaxing and lots of other snowbirds and retirees to hang with.
please email me for more info at krd4m@cox.net
Our beaches are our snow down here....we love it.
KathyPosted 12-06-2016 at 09:28 AM by Kathy Denny
