Worried About Retirement Costs? Cutting This Big Expense Could Help
Housing is most people's largest expense at every stage of their lives, accounting for roughly one-third of their expenditures, according to the latest Bureau of Labor Statistics Consumer Expenditure Survey. You probably can't get rid of it entirely in retirement unless you move in with a generous family member, but there are a few things you can try to cut your housing costs and make your savings last a little longer. Here are five ideas.
Paying off your home before you enter retirement can significantly reduce your living expenses, but not everyone can afford to do this. There are also times it might not make sense. If you don't plan to remain in that area in retirement, you might be better off trying to sell the home to get out of the mortgage instead.
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Source Fool.com
