Retirees urged to consider renting in retirement rather than take equity release

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Many retired people could look to buy bigger properties in order to avoid inheritance taxes being charged.. some people will undoubtedly consider keeping their property for longer and, in examples such as these, some may even move into a larger property during retirement, rather than out of it.”. equity release retirement mortgages.

 · 10 things to consider before buying a retirement property abroad. The simplest way is to release equity from your UK home, or to sell up altogether.. Rather than.

And most states offer generous income exclusions for retirees. Here in Georgia, seniors get a $35,000 exemption for "other retirement income"-and that’s per person. Lower income/less taxable income means less homeownership tax benefit. For many retirees, there will be no more tax benefit to owning than with renting.

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Right now we are on the early retirement track, but my kids will be so different in 10 yrs that I have planned to take one year off some where in the next 3 years . I guess now I can call it a mini retirement. If I didn’t take this year off we might get to FI earlier but I don’t want to make that trade.

As baby boomers downsize, a small but growing number of them are choosing to rent rather than buy a home. The number of Americans between ages 50 and 74 who rent has increased by several.

 · Home ownership pretty much guarantees a fixed cost of living while accumulating equity. In a stable economy, as you pay down the mortgage, simultaneously the property appreciates in value. A good rule of thumb: buy if you are planning to stay longer than ten years, rent if your time frame is less than 5 years.

People in retirement own UK property worth a hefty 774.2 billion, according to figures from Key Retirement Solutions. But while some tap into this wealth through equity release or by downsizing.

Of retirees with income over $50,000 a year, about 80% draw from a pension or retirement plan. Unfortunately, virtually nobody under 40 is going to have a traditional pension any more. And even if there was such a thing as a pension, with the typical american changing jobs every three years, there’s no way today’s workers will stay long enough to ever collect.