After the kids have moved away, the space you own feels like it just got a whole lot bigger. And that’s great for a time. Then it might feel too big. Then you retire and it becomes clear that the time to move has arrived. Looking for housing that fits your needs, has the amenities you want and is in a location you like may seem like a lot to ask, but preparing for the home search can help. Dealing with someone specifically tuned in to the needs and concerns of seniors may be the right move, with many agencies providing Senior Real Estate Specialists. Read more about affordable senior housing options here.
Doing your homework before you invest goes without saying. Getting trusted and knowledgeable advice from people you know, not acting under pressure, and learning as much as possible are all sound methods. As a senior citizen, you may also need to consider ulterior and unscrupulous motives as well. Fraud is increasingly directed at seniors as they become a bigger and more lucrative target for scammers and con artists. Read more about 10 signals that indicate something doesn’t add up here.
As you progress through retirement, which investments you should access first is a decision that will require a clear view of your finances and your goals. It can be a tricky decision to start tapping into your 401(k) or Roth IRA depending on your strategy and desired outcome. Your estate planning should take into account if you want to leave money in an account to your heirs and how much. Find out more about what information you should consider and how it affects this decision here.