As you near retirement, you may wonder: Should I rent or own? Which is the best financial decision? With today's home prices soaring and the highest mortgage rates in nearly 20 years, buying your retirement home may be a disaster for your financial security. On the flip side, if you plan to retire in your current home, we should have a completely different retirement-planning conversation.
Some retirees will need to reduce their housing costs. Others may want a fresh start in a new location after retirement. At some point in retirement, you may not want to deal with all the hassles (and costs) of maintaining a single-family home. Sadly, with so many people behind in saving enough money to keep their living standards in retirement, access to home equity may be necessary to fund their retirement lifestyles.