What Is Your Retirement Dream?

WHAT IS YOUR RETIREMENT DREAM? Continuation of our last week’s video where we discussed the first sign of seven signs, WHEN IS IT TIME TO DOWNSIZE YOUR HOME, and we talked about housing expenses exceeding 30% of your income. Today, number two out of seven on the list, when your current monthly housing budget leaves little leftover cash for saving or for fun. Hi, I’m Rich Barnes, owner broker of Realty Experts in West Allis, Wisconsin, 53214. How do you plan to spend your days once you retire? Maybe you envision yourself globetrotting traveler, exploring exotic locales. In a recent survey, 59% of Americans dream of traveling when they retire. 80% say traveling improves their mood, and 76% say they love taking trips of all kinds. Or maybe you like to go back to school and pursue a passion like painting or writing. No matter what you have planned, chances are it’ll cost money. And if you’ve already spending too much on housing expenses to afford your dreams while you’re working, you’ll have even less cash to spare when you retire. However, if you downsize five to 10 years before you’re set to retire, say in your 50s, after the kids have been raised and gone, you’ll save several thousands of dollars each year, which adds up over time. And here’s an interesting statistic. By moving into a home that costs $100 thousand less than your existing home, you’ll earn $3,000 in income from the proceeds, and save $3,250 in housing cost annually. In five years, your household will have an additional 31,250. And in 10 years, that doubles to 62,500 in extra savings by the time you’re ready to retire. That’ll buy you a number of amazing vacations and exhilarating classes with plenty left to keep your earned interest earning income for you. And if you have any questions about downsizing your home, and your retirement dream, you feel free to call us. We’re here to help. Thanks and you have a great day.

What is Your Retirement Dream?
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