If I'm going to retire should I sell my home?
If you sell your home, where will you live?
Given the assumption that you must live somewhere, your choice of residence will have some impact on your budget. Thus, the ultimate issue is your budget.
Will you have sufficient income to cover all of your expenses?
Is your income a fixed amount and is it guaranteed for the rest of your life? Or, are you hoping that you don’t run out of money before you die and praying that the “market” doesn’t crash?
Now, your house… Do you like it? Do you want to stay there? Are there reasons why you need to move as you age?
Do you owe anything against it or is it free and clear? Where will you live if you sell and how much will it cost you?
Bottom line is that instead of thinking about buying or selling your house, your investments, etc., you must consider your income plan in conjunction with your budget. Figure out your budget, then get your income guaranteed to cover your budget and the rest is gravy.
I hope this helps. Please let me know if you have any further questions.
| 09.01.15 @ 20:26