Strategies for retiring on your house

Even with the recent drop in home prices, the real value of a single-family house in the U.S. has more than doubled in 10 years. In some markets and instances, home prices have tripled.As folks approach retirement, many are considering what to do about homes that are worth a small fortune. If you are in this situation, here are a few things to consider.

Downsizing early on can pay off: Retirees can unlock much extra retirement money by selling earlier rather than later. The cash raised can provide money to live on in retirement, while leaving other accounts intact. That gives a person’s nest egg more time to grow.

People have to live somewhere: People who want to move should decide where they want to go before selling their current home. It makes it much easier for people to downsize and shed their belongings if they are looking forward to moving somewhere that they think they are going to enjoy.

Check the numbers first: A prospective retiree should figure out how much money is available without considering releasing cash from the home. If the state of affairs looks good, the house is just another positive aspect that can free a retiree to consider many other options.

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