4 Ways to Determine if You Should Sell Your Home after Retirement

People typically don’t plan enough for their retirement. They build up a nice chunk of savings, review their 401(k) details and look into Social Security and Medicare. Yet, they fail to sit down and consider how lifestyle changes after retirement impact them physically and financially. 

One of the most significant lifestyle elements that every worker or retiree needs to think about is their home. Your current home might feel like your safe haven at the moment, but it could become a nightmarish money trap after you retire. 

Whether you’ve recently been thinking “Is it time to sell my house?” or not, our guide can help you determine if your current home will still bring you joy during this next phase of your life:

Consult with Doctors

Many people who manage their existing conditions well or have significant health rarely consider their home in relation to aging and healthcare. Speak with all of your doctors about what you can expect to happen physically as you age. 

They can provide you with details about the existing condition and age-related outcomes: for example, most people are more prone to having accidents and experiencing injuries that take longer to heal as they age. 

If your home has stairs, your doctor might advise you to downsize to a one-level structure or outline the estimated costs for installing stair-based and other mobility equipment. Your doctors can also talk to you about potential insurance-related costs. 

Even as work-related expenses decrease, healthcare-related expenses increase from a combination of inflation, a potentially higher number of accidents and increase susceptibility to infections, natural physical breakdown, political upheaval, and changes made by insurers. 

If you can’t inexpensively adapt your current home to your likely future healthcare and safety needs, then it’s time to sell.

Consider the Long-Term Work

Some people believe that having more time after retirement means that they can focus more on home maintenance. You might become physically unable though to perform the essential work necessary to keep your home functional and looking its best, such as cleaning, landscaping, and repairs. 

You might hire contractors to perform these tasks when you’re no longer able, but long-term, regular contractor-related bills add up. You also need to consider how you interact with your home and the types of extra work that your interaction with it creates: for example, some people allow clutter to take over. 

This habit can worsen as they age, which often leads to them having more accidents and spending more money on medical bills. A large home with a lot of empty spaces, especially if you’re alone or living with only one other person, might also make you feel like you must buy the stuff you don’t need to fill it. A smaller home or apartment can help you to learn to live with less.

Check the Location

If your home isn’t near hospitals and other healthcare facilities, senior care options and family members or close friends, it’s time to consider selling it. Many retirees can’t afford long-distance medical travel and lodging costs, especially retirees who don’t have a lot in savings and rely on fixed incomes and strict budgets. 

You might actually lose money as well from lack of access to senior programs that can reduce living costs and help you to live a better and healthier life. Living close to family members and friends is beneficial in terms of health, well-being, and finances. If you don’t have a local social support system when you’re retired, your health might deteriorate as a result of loneliness or the inability to take yourself to much-needed doctor’s appointments. 

If you must rely on an ambulance during an emergency, for example, you can expect a high bill since Medicare doesn’t fully cover the costs. Medicare might not cover the trip at all if it isn’t deemed related to a severe enough emergency or you could have taken a taxi.

Compare the Financial Benefits

Selling a home offers many financial benefits beyond the ones already mentioned here: You might find that a monthly rental payment is cheaper than your mortgage, maintenance costs, and property taxes. You might also reduce electricity, heating, and cooling costs depending on what’s covered under a lease agreement. 

If you don’t have a lot of money in your savings, the sale of your home might provide you with the nest egg that you need to have a comfortable retirement. If you sell a larger home and buy a smaller one to replace it, you might save money over time by investing in a new home that hasn’t reached the point where everything is falling apart and needs regular repairs. 

You might also find a home in an area that has a lower property and other taxes. Some people even save money on capital gains taxes under certain circumstances.

The decision to sell your home is a difficult one to make. As you can see, there are a lot of factors to consider and no easy answer. Your home might be perfect in regards to your health and maintenance costs, but its location might become less and less ideal as you age. 

On the other hand, you might want to hold onto your home because it has been in your family for generations. If this is the case, you need to consider whether it’s time to pass it on to the next generation before you retire. 

To better understand all of these home-related lifestyle factors, talk to experts who work with retirees, such as a senior living advisor, real estate agents, tax consultants, investment counselors, and estate planners.

4 Frugal Retirement Party Ideas for the Aging Adult

After decades of hard work, it’s finally time for your friend or family member to enjoy the wealth they’ve earned and finally retire. Retiring is a big deal, and you should make sure that the party you throw leaves an impression on your friend or family member. 

You want to make sure that they feel loved and appreciated on their special day, and choosing a party theme that they will adore is one way to accomplish that. Here are four fun and affordable party theme ideas for a retirement party.

Hire Year

Add a lighthearted element to the retirement party by basing the activities and decor in the first year your retiree started working. Have guests dress up in the uniform of the retiree’s first job and serve snacks and appetizers that were popular that year. 

You can also create a timeline or gallery wall of old and new photos to compare their first positions with their current successes. This might cause some tears, so don’t forget to bring lots of hugs and tissues.

Party of the Future

Is your retiree planning to move or go traveling with their new freedom? If so, you can pull inspiration from their plans by decorating with items they would find in their planned destinations. 



For example, if they are moving to Nevada, you can decorate the house with casino accessories, play poker as a group and serve a cake slot machine. You can also serve food that their new location is known for.

Vacation Party Theme

Transform your venue into a tropical getaway. This is a popular retirement party theme because it celebrates the retiree finally getting the time for rest and relaxation that they deserve after all their years of work. 

There are a lot of decorating options for this idea, but one of the simplest is to find some tropical birthday decorations. Serving fruity cocktails also compliments this theme well and is a crowd-pleaser.

Party Based on Hobbies

A lot of retirees plan to spend their new-found free time focusing on hobbies they didn’t have the time to explore in the past. Whether it’s a hobby they’ve loved all their lives or a new area they’re exploring, you can use your retiree’s hobbies as a foundation for their party. This is an excellent theme if attendees are planning to bring gifts but need some ideas.

Your loved one’s retirement is an opportunity to celebrate their accomplishments and successes, but there’s no reason to overspend on the party. There are plenty of ways to show your retiree that you are proud of them.

How to Tell Which Life Insurance You Need and Which You Don't

Life insurance is more complicated than you might realize. Though it's absolutely a necessity, it can be hard to figure out what kind of coverage you really need. Instead of just going with the first ad you see, it might be a good idea to figure out how to tell what type of life insurance you need and which types you don't. 

Below are a few questions you should ask yourself to get the right answer.

How Old Are You?

The first factor which you are going to contend is your age. Stop and think about the life goals that you want to accomplish and what impact your death might have on your family or loved ones. 

It's relatively easy to get insurance in your 20s, but you're looking at an investment that isn't likely to pay off in the near term. Getting coverage in your fifties or later is much more expensive, but it's often seen as a more realistic near-term expense.

How Healthy Are You?

Your health is also something to be concerned about, at least insofar as life insurance policies are concerned. The better your overall health, the less of a risk you pose to the insurer and thus the lower your payments. 



If you are in poor health, on the other hand, you might have to pay more because the insurance company assumes it will have to pay out soon. As a consumer, you need to look for insurance that's likely to pay out in the situations that you're more likely to encounter.

What is Covered?

It's also a good idea to look at what's covered. If you buy term life insurance, you're getting a benefit only if your coverage vests (i.e., you die) during the stated term. This isn't usually a reliable choice for younger people, but it can cover emergencies. 

Whole life, on the other hand, tends to be more expensive but it will cover you no matter when you die. You'll also want to look at the overall value of your coverage, mainly if 'sell my life insurance' is part of your long-term financial planning.

Can I Afford It?

Finally, look at affordability. Both term and whole life insurance are relatively inexpensive, but the coverage you need still needs to fit in your budget. If you are young, single, and have no family, your money might be better spent elsewhere. If you have a family or those who rely upon you, you may not be able to afford to skip this type of coverage.

Don't be afraid to ask the tough questions about life insurance. Think about where you are in life, then think about the coverage you need. Once you figure out the type of coverage that makes sense for you, you'll be able to choose the product that suits your lifestyle.

What is a 401k Plan and How Do I Calculate It?

401k plan is an employer-sponsored retirement plan in the U.S and several other countries. It was named after a section of the United States International Revenue Code. Money put into the 401k account is usually deducted from the individuals' taxable income.

The amount is only taxed when withdrawing which happens after the age of 59. If the money is to be withdrawn any earlier, both income and an extra charge of 10% penalty are owed. About 401K earnings It's never too early to begin saving to secure a comfortable retirement.

You should know that the sooner you can start saving and invest in a 401k account, the more you are able to accumulate interest over the year. It is advisable to keep a keen eye on how you are doing by calculating your earnings occasionally. 




This can be helpful since you might need to make changes on your investment based on your tolerance for risk, age and the number of years before you retire. Calculate your earnings One of the best tools you can use to secure a comfortable retirement is a 401K plan.

A 401K plan provides you with 2 very important advantages. First, all your contributions and earnings are never subject to tax. the second advantage is that many employers often provide matching contributions to your account which ranges from 0% to 100% of your personal contributions.

Here is how to calculate your 401k earnings

1. You will need a copy of your most recent 401K statements. These statements are mostly sent quarterly. 

2. Note the initial balance, the amount your employer contributed to your account and the amount of contribution you made. Sum up all these factors to get their total.

3. Subtract the total you got from step 2 above from your end balance. The amount you find is your gain for that period.

4. Divide the amount from step 3 above (Your gain) by the total calculated from step

5. Multiply the result you got by 100 to find the percentage gain for your 401K account for the specific period.

Example: If your initial balance plus total contributions are $15,000 and you got your gain as $500, your percentage gain for that period will be approximately 3.33%. If you have a quarterly statement, then you will multiply the figure by 4. You will get an annual percentage gain of 13.32%.

You can also calculate your income tax on your 401K withdrawal. Here is how to do it and estimate your expected amount.

1. Estimate your annual taxable income. To do this, add up all your taxable income for the year like salaries, wages and interests then subtract any taxes such as standard deductions.

2. Find your tax bracket in the IRS publication 17 based on the estimated taxable income.

3. Multiply the amount in your 401K account with your marginal income tax rate.

4. If you are taking a non-qualified distribution from your federal 401k plan, add a 10% penalty to the amount of your federal taxes. Do not make any exception. All non-qualified distributions are distributions before the age of 59 1/2.

5. Multiply your 401k plan withdrawal amount by your tax rate.

6. Finally, add your federal and taxes with an early withdrawal penalty to get your total taxes on your 401K withdrawal amount.

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3 Ways Bundling Saves Money on What You Already Use

The thought of having to make another phone call and haggle another price might seem overwhelming to you. However, bundling your packages isn’t really haggling. Providers already exist who are ready to make your life easier and your budget more flexible. You aren’t even adding new services or products into your life. Instead, you are taking what you already use and getting a better price.

Cell Phones

If everyone in your household has a separate cell phone plan, you are almost definitely paying too much money. The first step is to agree upon one provider to use. Of course, what you’ll probably want to do is call around or visit the stores to see which entity will provide you with the best deal. 

Providers have all different types of family plans that you can pursue at lower costs. Keep in mind that this option is not necessarily limited only to those individuals with whom you live. A number of people have these types of cell phone plans with extended family members.

Car and Home

When you own a car or a home, you need insurance; if you own both of these entities, you need insurance for both. Having separate plans is likely costing you money. Instead, speak with your car or home insurance provider to see what the price would be if you switch both of the plans to be on the same plan. 



These types of insurance policies often come with their own set of discounts, so ask about any other reductions that apply to. For example, car insurance prices are often lowered for students with good grades or for drivers who are willing to have their driving habits tracked by a device in their cars.

Cable, Internet and Home Phone

These three items practically go together as many people have already taken the step to bundle them. In these modern times, you may wonder what the point of the home phone is. Do keep in mind that in an emergency situation, you may want to have an additional line to use. 

Also, when you’re already bundling the cable and internet together, you’ll likely find that the phone is a truly marginal cost, especially for extra peace of mind at home. Ultimately, however, you could opt for a package that includes cable and internet-only and skips out on the phone element.

As you can see, you aren’t adding new products and services to your life. Instead, you are saving money on items that you are going to use anyway.

Should You Apply for Installment Loans in Your 50’s?

Loans are very helpful in a number of ways. With a loan, you can make a big purchase or start a business when you don’t have enough cash. However, though loans are beneficial, at times it can be difficult to decide whether or not applying for one is a good idea. This article highlights some of the key reasons why applying for an installment loan can be a good idea when you are in your 50’s. 

Premature Pension Money Withdrawal Has a Penalty

With most plans, you will face a huge penalty if you withdraw your money before the maturity date. Therefore, even though you have saved up some money, it may not be a good idea to withdraw it before it is time. You will end up losing a large portion of your savings. 

Also, withdrawing your pension money earlier to buy something or make an investment may mess up your retirement plans. It can be better to apply for a loan instead. Check out the benefits and drawbacks of each when making that decision.

It Can Fuel Your Retirement Goals

Haven’t you achieved your retirement plan yet? Installment loans can sort you out - visit this link to find out more: https://www.achievefinance.com/installment-loans-online. You can take out a loan to grow that business you want to be at peak performance by retirement or make that investment you have always wanted to make in your 50’s. You can also make use of the loan to consolidate your debt and pay it off fast before you reach your 60’s. However, when consolidating debt, evaluate the cost of the new loan well. 




If you are not careful, you may end up paying more. Overall, an installment loan can help you in achieving those dreams you hoped to achieve by retirement. You don’t have to put them off just because you don’t have enough money in your bank account.

Installment Loans Repayments are Flexible

Installment loan repayments are normally spread over a couple of months or even years. It all depends on the lender and the amount of the loan. If you are making a big purchase or financing a business, you can take a loan with repayments spread over 12 months or more. 

With such a payment plan, you will get what you want without straining so much to make huge payments. When making your applications, check the terms given by the lender well. If they are not favorable, you can either negotiate or look for another lender.

An installment loan can help you in achieving a lot when you don’t have enough cash and when your retirement plan has not reached maturity. When applying for an installment loan, start with a plan on how you intend to use the money, the benefits you are getting, and how you intend to pay it back. 

Don’t take out a loan if you don’t have a solid plan. It will only make your life stressful. Also, check if the lender is legit, especially when you are applying for a loan online. Do your best to avoid loans for the over 50s scams.

• Read More: The Payday Loan Checklist