Not every home has to be sold to build a retirement fund.
Many financial advisors have told their clients that selling their home after retirement will allow them to boost their retirement account tenfold. While this is true, there’s also an emotional and human aspect to selling a home too. The impact of having to part with something that has been in your family for years on end is a tough thing to do. And, it isn’t a necessary thing that you have to do too. Rather, there are other ways that you can fund your retirement account without losing such a beloved possession.
Emotional Value vs. Financial Value
Even if your home has gained substantial value and appreciation over the years, every situation is different. Base your decision off of your personal preference. In this day and age, many people are looking to gather as much money as they possibly can to avoid the pitfalls and scares of retirement. And, to this day, people are still trying to make a comeback after the 2008 financial crisis. This leaves homeowners with a hasty decision to remain in their home, or part with it for a lesser price.
The Bottom Line
As stated before, each homeowner’s situation is vastly different from one another. It’s ultimately your lifestyle, and your belongings. If you do not feel comfortable ridding yourself of something that you’ve loved for so long, take advantage of the many other ways that you can build up your retirement fund. The options are endless and there are numerous things that you can do.