Many people plan on the equity in their home as part of their retirement income. If this was your plan, you may need to reevaluate the value of your home, and how much it will help with your retirement plan. New retirees’ often find that they don’t need the large houses they bought when they were younger. The thing with living in expensive places is that you might not be able to save much because cost of living is high. You may also think about selling your home if the home will not be paid off by the time you want to retire. Some may choose to rent instead of buy because of the freedom of living wherever they choose over being tied down by home repair costs and growing mortgage payments.
November 30, 2015