You will inevitably ask yourself many questions when it comes to your retirement. Have I saved enough? How am I going to fill my time when I’m no longer working? Is my money safe? But have you asked yourself how you’ll prepare your home for your retirement? Independent retirement advisor Mike Reeves of Strategic Wealth Designers joined us on the newscast to discuss. Unexpected home expenses are common issues faced by retirees.
“Having a fixed income requires some extra planning,” Reeves says. “But it doesn’t have to be all bad. When you are in your 50’s you can start preparing your home for retirement. If you need to replace your air conditioning or roof, you can do so while you’re working so it doesn’t drain you later.”
Changes you can consider making to your home should make life easier for you later on and save you money down the road. For instance, increasing the energy efficiency of your home can reduce larger bills when you are retired. Consider increasing insulation or installing energy-efficient appliances.
“Building your equity can help you relax a little,” Reeves says. “Knowing you don’t have a mortgage to pay can bring peace of mind. Also consider making your home more accessible to your future self. Do you have a ton of labor-intensive landscaping you can reduce? Or do you need to add amenities to the first floor to avoid having to use stairs?”
Being near a support system like children may be a wise decision for those nearing retirement. To see additional stories surrounding business and economic news for the Indianapolis area, visit https://CBS4Indy.com/Strategic-Wealth and if you have a question for Mike send an email to email@example.com.