“We have considered renting, as our taxes keep going up! Also insurance, upkeep, etc. When we bought our home, we thought it was for a lifetime, ...well all that has changed for us" from a member of ZestNow.com for Women 55 and Forward
(PRWEB) January 11, 2012
ZestNow.com reports the financial and emotional reasons for renting instead of owning a house after 60. For Baby Boomers, times have changed since their parents' generation.
It's time to think about how a house fits into the best retirement plan. Renting could give people over 60 fewer worries, more flexibility, and easier access to their retirement money.
Their parents saw a house as a source of real security in retirement. They looked at their house as a nest egg. It was a solid investment which would always provide for future needs. Often they saw a house as a form of inheritance for children and grandchildren. They thought if they wanted to move to somewhere warmer or closer to their children, they would sell it and buy another house. The desirability of a house ownership was a life-long viewpoint for them.
Baby Boomers live in a different world. Often the family house is owned by a woman over 60, living alone and nearing retirement. Even for a couple over 60, owning a house has disadvantages to consider. Renting could be the wisest solution both financially and emotionally.