Tag Archives: retirement

Should You Downsize the House For Your Retirement Years?

Buying a House in Utah

Buying a House in UtahNow that you’re at your retirement age, you may consider downsizing your home. It’s the typical response to the children leaving the coop, and when mobility begins to be a problem. Here are a few pointers on making your home retirement-friendly.

Knock Down Your Walls

As you grow older, you need to widen your movement area. Go with open floor plans. However, you may have to pay extra for removing a wall or installing a large door on a wall. Knock down the dining room wall to open up both the kitchen and the dining room.

Widen Your Doors

An alternative to breaking down walls is widening your doorways. Don’t forget to install lever-style doorknobs while you’re at it. This will cost you about a quarter of the cost of removing a wall, but it’s still an upgrade. Another option is to choose sliding glass doors or arches. Do this for your living room wall to make a wider space in your receiving area.

Change Levels

Now that bowing down to plug in that gadget has become an ordeal, consider repositioning them at shoulder or eye level. For the kitchen, request for different levels of counters, such as table-level, breakfast bar level, and standard counter height. This will allow you to use these counters depending on your body’s physical capacity for the day.

Homeowners over 62 years old can use the home equity for a reverse mortgage, Altius Mortgage says. Spend the money you receive for such renovations.

Once you’ve had a construction firm give you an estimate for these changes, you’ll know the changes you can afford. Confirm the costs with a reputable mortgage company in Utah to see how much the changes will require from you. Here’s to hoping you’ll soon have the best house for your needs.

Retirement Does Not Mean You Have to Be Excessively Dependent

Retired man

Retired manMost people think that retirement means a life without much obligations. You’ll be free to do things at your own pace and time since you don’t have anyone else to support. This is precisely why most people look forward to reaching retirement age.

Retirement, however, is not that easy, especially if you do not have enough savings or pension money. You may end up being at the mercy of your children if you have no one else to turn to. Think about these options to avoid a life of dependence upon retirement:

Granny Flat

Classic Granny Flats WA says funding a classic granny flat in the back yard of a child or other relative’s home will let you enjoy independence. It is a low maintenance housing so you still have enough to cover costs for healthcare, food, and other necessities. Furthermore, proximity will allow you to visit your loved ones often.

Turning part of your home into a granny flat can be an investment as well. Australian laws make it possible to lease granny flats for passive income. This will provide you with more funds to support your lifestyle.

Retirement Village

Of course, there is always the possibility of living alone when you retire. If the thought of being solo is not something that sounds so appealing, a retirement village may be your best option. A retirement village will make sure you are in the company of peers all day long.

Living in a retirement village lets you enjoy independent living with people in a similar situation as you. In addition, you’ll save more for your needs when you live there. A study showed that a retirement village is 68% cheaper than a private property in the same area.

Overseas Retirement

You’ll have no obligations other than yourself when you retire, so nothing can stop you from enjoying your independence. An overseas retirement is one way to achieve that.

Many seniors live abroad because they can retire and have fun seeing the world. Go to countries with low cost of living if you’re in for a long overdue vacation. Make a living out of your hobby so you’ll enjoy your retirement longer.

You don’t have to become dependent on your relatives after retirement. There are many ways for you to spend your retirement years and maintain your independence at the same time. It only takes early preparation and careful planning on your part.