Where would you like to live after retirement? This is a question you will have to answer at one time in your life. Many people work hard during the careers with the hope that they will get to rest and enjoy their life after retirement.
However, most retirees are finding it difficult to simply stay at. A recent segment aired on NBC Evening News reported that more retirees are opting to move to university towns where young people are and there are lots of things to do.
Perhaps your ideal retirement place is at a beach, your own condo, at a golf course or a country house. However, what will determine where you will live is your financial status after retirement. Before you move to your preferred city, think about how you would like to live. Ask yourself the following:
- What activities will I like to engage in?
- Will I need the support of close family members?
- Can I afford the life in the city I want?
- Should I buy a house or will I prefer a rental
The above questions will help you make the right decision about housing after retirement. If you have a generous pension, you can buy a home in the state you want to live. For some retirees, a HUD loan can be handy in subsidizing home or rent prices.
Another option can be to sell your larger home and buy a smaller one. While this option is a viable solution it ignores the issues of healthcare. Moreover, the cost of living is much more than simply the cost of maintaining a home. When it comes to healthcare, medical tourism can be a good cost-saving option for retirees that may have complex pre-existing conditions that require specialized treatment but are not covered by their health insurance policies.
Kimmy Burgess is the Manager of Cash in a Snap, which helps clients get connected to its large network of reputed lenders to obtain quick cash advances when they need it most. Kimmy has over 20+ years’ experience in Administrative Management, with many years in the lending industry. Her expertise includes customer service, client services and other functions in the payday lending business. She has also spent time in the mortgage industry prior to her move into the payday lending field. Kimmy has a number of pets including cats, birds, and a Chinese water dragon.