People who are “house rich and cash poor” can sell their homes and use the equity to fund a more comfortable lifestyle.
“While retirees often don’t want to rent, it can be a smarter decision for a number of reasons,” says certified financial planner Lisa A.K. Kirchenbauer of Arlington, Virginia.If you’re moving to a new area, financial planners often recommend renting first to get a better feel for the advantages and disadvantages of various neighborhoods.
Renting is often smart if you expect to move again within a few years. Buying and selling homes is expensive, and your home may not rise in value fast enough to offset those costs. Selling a home also may take longer than you expect, especially during a real estate downturn, which could add stress, delays and additional costs to your move.to people who have mobility problems or other age-related disabilities, and adapting your current house could be prohibitively expensive.
Another option, for those who can afford it, is a continuing care retirement community, or CCRC, that allows you to stay in one place even if you later need higher levels of care. CCRCs typically charge a hefty one-time entrance fee — the average was $379,606 in the fourth quarter of 2022, according to the National Investment Center for Seniors Housing & Care, a research group. Residents also pay monthly fees that typically increase with the level of care. The average monthly rent was $4,364, NIC found.
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