Making your home retirement proof

Retiring with a mortgage is one painful impact that we all face. If you want to maintain a home when you retire with a mortgage, few options are available for you to consider in lowering your single biggest expense during the retirement. Your mortgage should not exceed more than 40 percent of your retirement income.


Make sure your home can support your retirement life style. As we get older, climbing stairs may become difficult and maintenance becomes more difficult. If you live in a multi-story home, make sure you have a bedroom and an accessible bathroom downstairs. Remodeling is costly and therefore, best time to make your home meet your needs during retirement is before your retirement.

Downsizing is an option for many. Since mortgage is the single biggest expense, consider moving to a smaller more affordable home before the retirement. This will also help you with less maintenance effort on your part.

Relocation to an age-friendly retirement community or even a different state that has no state income tax should be considered. This helps to cut down your expenses during retirement and may help you with less maintenance too. Having a homogeneous community may help with your social activity and keep you young at heart.