Mortgage
If you still owe on your home, you may have enough equity to pay off a smaller home or significantly reduce your mortgage. Lower payments on your home may mean you have to pull less from investments and you will create room in your budget.
Home Upkeep
Mortgages are not the only thing that makes large homes expensive. Downsizing to a smaller home means you can save on property taxes and utilities. The average increase in Social Security benefits does not keep up with the increase in sales tax, so keeping your property taxes low is vital to making your money last.
Location
Where you live can have a serious impact on your finances. In some states, Social Security benefits are taxed. Moving to a state where these benefits are not taxed will save you a lot in the long run. A better location means you can walk more, so you are saving on gas and car repairs. It will also help keep you fit well into retirement.
Having a long-term plan and lowering expenses is the key to a comfortable retirement. If you are considering downsizing your home, Kay Carlson Realtor - Remax Mountain Properties can help get you on the right path. For more information, call us today at 928-710-4193. Learn more at http://www.prescottinvestmenthomes.com.
