Retirement
Do I have to move to a smaller house?
Do not leave this question until your income drops below your outgoings. It should be asked as you plan your retirement. You may decide not to do it until later but set your self a date by which to review the decision and keep it under review. If you put off a move for too long you may find it much harder as you get older as moving is stressful and tiring. Despite what we hear about property prices increasing at record rates not all property is easy to sell and from time to time prices fall. The last time they fell the recovery took eleven years.
Lack of income is not the only reason to move, here are some others:
- Move nearer friends and family
- move to a better environment
- release capital to spend on enjoyment
- move to a better climate *
- Move nearer to local shopping and services
* Many people make a mistake by moving as soon as they retire to a much loved holiday location, away from friends and family. It can be an expensive mistake if you have to spend again to move back to familiar surroundings. Do not assume your friends and family will want to keep travelling to see you and it can be difficult to make new friends later in life.
Equity Release
An alternative to moving could be to release capital from your property, this is know as equity release.
Also:
- Will my current savings and pensions be enough
- How can I improve the situation
- Do I have to move to a smaller house
- Should I pay off my mortgage
- How will I cope with the cost of care if I become frail
