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For instance, you may downsize your home or even relocate to a more affordable area.
In some cases, you may even want to consider renting an apartment or home instead of owning one.
In fact, purchasing a starter home will cost you approximately 60% more than renting one.
This can be areally huge benefitand give peace of mind, he added.
He noted, Homeownership can offer retirees stability while renting can provide greater flexibility.
Renting during retirement can be advantageous due to thenumerous financial risksof owning a home.
Budgeting for upkeep becomes imperative if you decide to continue owning when you retire.
Renting, however, would eliminate those added costs.
Depending on where you live, the costs of owning a home can be extraordinary.
Whichever way you go, recognize that housing expenses will be a large part of your budget in retirement.
Liquidity
Finally, there are several benefits to renting during retirement.
Selling your home and renting can provide a substantial amount of money throughout your retirement.
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