When you were younger, you dreamed of buying a home with all the amenities you and your family needed. But as you got older, you found that many of your goals became more modest. Now that you’ve retired or will soon be retired and are an empty-nester, you may be envisioning life in a smaller home that is more appropriate for your current needs. So you’ve decided to downsize for your retirement years and save money in the process by having a simpler lifestyle.
Selling your home for cash to Homeinc to downsize for your retirement years can have several financial benefits besides funding your Golden Years. Here are 3 benefits to downsizing during this time in your life that you might want to consider:
- You Will Increase Your Spending Budget – the general rule of thumb for retirement budgeting is to withdraw a maximum of 4% of your bank account annually. Selling your home and downsizing will enable you to allocate part of the proceeds into a smaller, less expensive home. Furthermore, you will be able to transfer the rest of the funds into your retirement savings.
- You Will Decrease Your Property Expenses – in addition to saving some of the money from the sale of your home, you will be able to increase your budget by moving into a smaller home that requires less maintenance with lower monthly expenses. In most cases, downsizing will lower your property taxes and the cost of your utility bills.
- Your retirement Can Be Debt-Free – downsizing for retirement and buying a smaller home means you will not have to rely on your investments and Social Security to make those big monthly mortgage payments. Many individuals prefer retiring without a mortgage payment, if at all possible.
Most importantly, you should leave your surviving family members with an asset, not a mortgage payment. Planning for retirement includes planning for how your death will affect your survivors. If you bring that mortgage into your retirement years and you pass away unexpectedly, your bereaved will be strapped with that burden until they can sell your home. Not only does this decrease any inheritance that is passed onto your survivors, but it also adds financial stress to their emotional loss. That is why oftentimes, such matters should be settled at the earliest possible time.
Why not let Homeinc help you with your goal of downsizing for retirement by paying cash for your current home today. To learn more, call or text Homeinc today at (888) 850-2636.