RELOCATING OR STAYING PUT

RELOCATING OR STAYING PUT


Where to live after retirement is a major decision.
Perhaps you plan to relocate to a more favorable climate or to
be near family. Research the consequences of such a move in
terms of the basic cost of living, access to health care, and
state and federal tax obligations.

If you are considering the advantages and disadvantages of
selling your home, whether or not you plan to relocate, these
are some questions to ask:

* Can we afford monthly payments for mortgage, taxes,
utilities, and maintenance?

* Will one or both of us be able and willing to take care
of the house?

* Is the house a suitable place to live as we grow older and
less agile?

* Will we need to draw on our home equity as a source of
income or credit, or would we have more options if we sold
the home and invested the proceeds?

In addition to owning a home or renting an apartment, a
number of other housing options may be available in your
community, many of which offer savings on housing expenses.
These are some alternatives to consider:

* House-sharing for help with chores or added retirement
income;

* Group living in a private home or one sponsored by a
social services agency;

* Accessory apartments, or mobile or manufactured homes,
including ECHO (Elder Cottage Housing Opportunity) housing
which, if zoning laws permit, can be installed on the
property of an adult child or other relative;

* Condominiums or cooperatives which have the advantages of
home ownership without the burden of maintenance;

* Retirement communities which may offer companionship,
recreation, and sometimes medical and housekeeping
services.