Tips to Address Rising Housing Costs in American Retirement Planning
Sunday, 10 March 2024, 10:18
Americans Worry About Rising Housing Costs in Retirement
Housing can be a burdensome expense especially in retirement. For many working Americans, housing is their greatest recurring expense, making it a concern for the future.
Data from the National Institute on Retirement Security
Reports 75% of Americans are worried about rising housing costs during their senior years.
Tips to Address Housing Cost Worries:
- Consider downsizing: Downsizing could help stretch retirement income and reduce property-related expenses.
- Look at relocating: Moving to a less expensive housing market can decrease overall living costs.
- Be open to having a tenant: Getting a tenant can boost monthly income and help cover expenses.
- Consider renting: Renting can offer predictable costs and financial comfort without unexpected maintenance expenses.
Planning your housing strategy can help alleviate financial stress in retirement.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.