Renting a Home in Retirement
Often couples in retirement talk about getting the kids out of the house and “downsizing”. What they usually mean is selling the family house for a lot of money and buying the retirement house for a lot less money and investing the difference.
Great idea! But what may be even a better idea is to sell the house and rent – rent in two or three different places…near the grandkids in Jersey and Maryland and then rent the other house in…St. John or France or… well you get the idea.
Renting gives you options. And as we learn in Finance, options are valuable. I’ll spare you the math but this video from Khan Academy begins the discussion with some easy math and a simply illustration.
Oh yeah, what to do with that money that you sold the family home for? Invest the proceeds in stocks of great companies to help fund your life goals by making sure you don’t outlive your savings and get a chance to leave a meaningful legacy to those you love.
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