Retirement Planning Store, Inc.
  • Home
  • LTC
  • Insurance Review Service
  • Privacy Policy
  • Contact Us
  • Blog CMS
Like us here

What to Do if You’re Retiring With a Mortgage

11/7/2022

0 Comments

 
Picture

As you approach the date of your retirement, you may start to feel a little bit worried about all the changes you are going to experience in your life. Some people worry about their financial situation upon retirement, especially if they have a mortgage that they will need to pay during their retirement. If you are retiring with a mortgage, there are a few things you should do to make sure that you are still financially secure.

Downsize Your Home

If you know that you are going to have a mortgage in retirement, one of the best things you can do is to actually downsize the home you will live in. This can help you to decrease your mortgage payments and reduce the upkeep you need to do for your home. As you think about downsizing, you should consider the stairs in the home you purchase, and the ease of navigating the space. These details may become more important as you age and your accessibility needs change over time.

Find Extra Income

The mortgage you have may require you to earn more income than your retirement fund can provide. In these cases, it can help to have a little bit of work on the side that can offset the costs of your mortgage. You can earn extra income in a variety of ways that can help you to feel fulfilled and have extra money that can go towards your income. You should not find work that is overly taxing or feels as stressful as your normal job (since that defeats the purpose of retirement). Owning rental properties can be a great way for you to earn extra income without too much additional work. Additionally, long-term tenants help reduce vacancy rates.

Pay Off Your Mortgage as Quickly as Possible

If you want to make the most of your retirement, it helps to get rid of your mortgage payment as soon as you can. By making extra payments on your principal balance each month, you can shorten the term of your mortgage and decrease the amount you pay in total. This can help you to have a more fulfilling retirement, and to have less to worry about finances as you get further into your retirement. It is essential that you indicate that your extra payments are going towards the principal rather than interest.

Having a mortgage in retirement can present you with some major challenges, but that doesn’t mean you can’t overcome them. Everyone’s situation is different, and it is okay to find your own path through retirement. As you work on moving forward, you can make decisions that will make your retirement truly amazing.

Check out this article on big decisions you need to make before retiring! 

0 Comments



Leave a Reply.

    Author

    My name is Dan Hopwood and I first started my career in the insurance business back in 1988.  2018 will be the start of my 30th year in the business. My agency is a member of the Better Business Bureau and holds an A+ rating.

    Archives

    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    March 2021
    February 2021
    January 2021
    November 2020
    August 2020
    July 2020
    June 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    July 2019
    May 2019
    April 2019
    December 2018
    November 2018
    September 2018
    August 2018
    June 2018
    May 2018
    April 2018

    Categories

    All

    RSS Feed

Powered by Create your own unique website with customizable templates.