How is your retirement savings account doing? If you’ve stashed away a nice chunk of cash, well great for you! If not, selling your home can give your retirement account a nice boost.
That might not sound like such a great idea if you’re young, raising children, or just now settling into a new suburban lifestyle. At your stage in life, retirement is just a vague idea somewhere in your distant future.
It’s different when your children are grown and your house is too big and you’re inching toward retirement age. When you reach your golden years, you’ll want enough cash to hang out on the beach every day and enough personal financial flexibility to travel the world. You’ll want to visit your grandchildren wherever they are, whenever you please.
Cashing out your home and cutting your expenses is a great way to upgrade your retirement savings plan. It can give you the financial freedom to do whatever you want.
Americans don’t save enough for retirement
If you’re like nearly half of all Americans, you either don’t have enough retirement savings in your account or you have no account at all. That’s the word from the U. S. General Accounting Office.
They figured out a long time ago that people over age 55 weren’t saving enough money to live comfortably in retirement. The information the GAO gathered through consumer finance data surveys shows the following:
- 48% of households over 55 have no retirement savings.
- 29% of those households have neither savings nor a benefit plan.
- 20% have benefit plans but no savings.
- 26% have savings but no benefit plan.
Selling your home is an option
If you’re in that 55-and-over-category, you have some time to build up your retirement cash… but not much. When you do the math, you see that it comes down to how much money you can save over the next 10 years versus how many years it will have to last.
The decision to sell your home considers math as well. You simply look at how much it costs to live in your home and pay home-related expenses every month versus how much you’ll save by relocating to a less expensive residence and adding your home sale price to your retirement account.
We’ll make you an offer
At Next Level Home Buyers, we are dedicated to buying homes. We’ve seen how what we do helps people improve their financial outcomes. We’ll make it simple with our Fast & Fair home buying process.
- We inspect your home.
- We make you an offer.
- You accept.
- We buy your home As-Is in as few as 7 days.
Contact Next Level Home Buyers
We’d like to tell you more about our home buying process. Call us at 860-368-0343 or complete our contact form. We’ll get back to you right away to answer your questions.
WE BUY HOUSES IN ANY SITUATION:
Behind on Payments
- Death of a loved one
- Liquidating assets
- Inherited property
- Job loss
- Bad mortgage
- Medical Bills
- Extensive repairs