How To Downsize Your Home For Retirement

22 July 2023

Downsizing from a home that fits one’s whole family and frequent guests to a home for retirement can seem daunting. However, when you wisely consider what increases home value in the eyes of buyers and make your move at an opportune time, downsizing can be part of your overall financial well-being in retirement, while also freeing you from the maintenance and cleaning of a larger home. Here are some things to consider as you prepare to downsize your home for retirement so that you can make the transition smooth and fruitful.

Is Your Home Divisible? Consider A Renter Or ADU

Often, looking at your current home with fresh eyes can be the first step to downsizing. If your home is structured so that a renter could have a separate entrance or at least some privacy, you might consider sectioning off your home and living in one portion of it. This allows you to skip the hassle of selling the house but still reap some of the benefits of lower housing costs.

If you have a full accessory dwelling unit or ADU, your options are wider still, with many areas allowing short-term rentals that are in the same property that you live in. Having roommates may feel unusual after having a single-family residence, but it can be quite nice to have someone around to chat with.

Talk With A Real Estate Agent About What Tradeoffs Exist If You Move To A Condo Or Smaller Home

Whether downsizing is prudent really has everything to do with what you want to do next: if you’re willing to rent after selling your house, for instance, you have more flexibility than if you want to immediately buy a new property. Talking to a real estate agent can help you put numbers with your goals: some condos in high-value areas like the beach are actually more expensive than large single-family homes in rural areas, so it’s wise to know what your prospects are. If the market is particularly favourable for buying or selling, you and your agent can talk through the options for buying, selling, or both on a particular timeline.

Determine What Will Need To Go In Order To c

After you decide to proceed with selling one home and buying another, start figuring out what you can live without and donating, selling, or discarding it. No one wants to move all their belongings from 3000 square feet to 1000 square feet and feel incredibly cramped as a result. Focus on finding the items you genuinely use frequently and which bring you joy, and find new homes for everything else.

Choose An Auspicious Market If You Have The Flexibility To Wait A While

If you don’t absolutely need to downsize now, remember that you can wait out some of the worse markets! You can even combine all of our suggested strategies: get a renter while you wait for the right market to sell and for the right property to buy, and in the meantime sell or donate the items that won’t be accompanying you to your new home!

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Abdul Aziz Mondol

Abdul Aziz Mondol is a professional blogger who is having a colossal interest in writing blogs and other jones of calligraphies. In terms of his professional commitments, he loves to share content related to business, finance, technology, and the gaming niche.

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5 Examples Of Passive Income You Need To Learn Now

Passive income is the lifeblood of any investor's portfolio. It provides you with a reliable and consistent stream of income while you take some time away from work. Having a passive income stream is a great way to supplement your existing income or build a retirement fund. As tax season approaches, now is the time to evaluate your current situation and determine if you are taking advantage of this amazing opportunity. Checkout Five Prime Ways Of Passive Income You Need To Learn Now Here are a few examples of passive income sources you should explore now: 1. Real Estate Investments Real estate investments can be a great way to generate passive income. Most real estate investments are done through rental properties. You buy a property and then rent it out for a monthly fee. Property owners may be able to collect enough rent to cover their mortgage payments, leaving them with a steady stream of income. Real estate investors may also want to consider buying pre-construction developments and flipping houses. With pre-construction development, you can purchase a property before it's built and then sell it for a profit when it's done. Flipping houses involves buying a home and making improvements to it before reselling it for a higher price. Both pre-construction developments and house flips can yield considerable profits in a short amount of time. Real estate investors should also look into commercial real estate investments. This type of real estate involves investing in multifamily, industrial, and retail properties. Owning commercial real estate can be a great way to generate income as well as appreciation when done right. Investors may also want to consider investing in REITs, or real estate investment trusts. REITs are investments that pool a variety of real estate assets and offer investors exposure to the real estate market without owning physical properties. Real estate investments come with the potential for great rewards but also come with their own unique set of risks. Investors should consider consulting a financial professional before pursuing a real estate investment. 2. Dividend Investing Dividend investing is another popular way to generate passive income. When you invest in a company through a stock, you become a shareholder and may receive regular dividend payments from them. Dividend payments can vary from company to company and are a great way to make a reliable income without having to actively manage any assets. Dividend payments are usually paid quarterly, but some companies can pay them more or less often. The amount of the dividend payment you receive is dependent on the number of shares you own, the type of stock you purchase, and the amount of capital growth the company's assets have achieved. In addition, dividends are also paid in proportion to how long you've owned the stock. Dividend investing can help to diversify your income stream and reduce the volatility of your investments. Dividend investing also has tax advantages and can be used to help you reach your financial goals. 3. Investing in Index Funds Index funds are a type of mutual fund that tracks a particular market index. By investing in these funds, you’re basically buying an entire portfolio of stocks without having to actively pick and choose which ones to invest in. Index funds offer a great way to get passive income while diversifying your portfolio. Index funds also typically have lower management fees than actively managed funds, which helps reduce the overall expense of your investments. The main benefit of investing in index funds is to get exposure to the broader stock market without having to pick individual stocks. By following an index, you benefit from its diversification and protection against individual stock risk. Additionally, indexes often have a good return on investment and tend to outperform actively-managed mutual funds over time. 4. Peer-to-Peer Lending Peer-to-peer lending is a type of lending that takes place between two individuals. It involves lending a certain amount of money to someone else and then receiving regular payments in return. Peer-to-peer lending is a great way to generate passive income without putting your money at unnecessary risk. It is often used to finance investments and small businesses. As the lender, you can decide how much to loan, the repayment terms, and the interest rate. Peer-to-peer lending helps to diversify your investments and can provide you with returns and future income. 5. Online Businesses Finally, starting an online business can be a great way to generate passive income. Whether it’s an e-commerce store, a blog, or a subscription service, an online business can be scaled up to generate a significant amount of income. Plus, it can be done from the comfort of your own home. An online business can be a great way to create a passive income stream, as it can be scaled up over time to generate more revenue. With an online business, you have the potential to reach a wider audience from all over the world, as the internet doesn’t have any geographical restrictions. You’re also able to work from the comfort of your own home, set your own hours, and have the flexibility to work when and where you want. Depending on the type of business you set up, some possible revenue streams include selling products, offering services, advertising, membership fees, and affiliate marketing. Setting up an online business takes time, dedication and effort, and a solid business plan. It’s also important to have a clear understanding of local and international laws, taxes, and regulations so you remain compliant. No matter which type of passive income you choose to pursue, make sure you understand the ins and outs of government regulations around the area. During tax season, it is important to ensure you complete all the required paperwork and pay taxes on any income you might generate. It is also important to ensure that any sources of passive income are reported on your paystub, otherwise, you could end up owing a lot of money in unexpected taxes. By learning what passive income sources are available, you can start to build a reliable and consistent stream of income quickly and easily. Explore the different options outlined above and determine what works best for you and your financial situation. The rewards can be great and you'll thank yourself in the long run. Read Also: How To Choose A Great Managed Fund 4 Fun Jobs After Retirement That Offer You a Monthly Income A Beginners Guide to Investing: Getting Started in 8 Simple Steps

8 Factors That Play a Role in How Long-Term Disability Premium Is Calculated

Even if you know how beneficial long-term disability insurance can be, you may not know what to expect as far as rates are concerned. It’s not easy to just throw out a few figures; rates vary from one person to another, and they depend on various factors. Below, we’ll explain some of these factors in greater detail. 1. Your Age As we age, we’re more likely to suffer a long-term disability. Because of that unfortunate fact, insurance rates increase with age. Keep in mind that your cost for long-term disability insurance will never be as low as it is today, and consider purchasing a policy as soon as possible. 2. Your Income In the long-term disability insurance niche, the terminology is a bit misleading; it should really be known as ‘income insurance’. Because it is designed to protect or replace your income, it pays more if you make more. Therefore, rates are higher for those with elevated incomes. In most cases, long-term coverage costs from one to three per cent of your gross yearly income. 3. Whether You Smoke Those who smoke are more likely to become disabled in the future. Not only do they pay more for health and life insurance, but they also pay more for disability coverage as well. If you smoke, consider quitting; if you don’t smoke, don’t start. 4. Your Job As a worker, your long-term disability insurance rate is determined based on your job’s risks or physical demands. For instance, if you’re an office worker, you may pay less than a manual labourer would pay. 5. The Definition of a ‘Disability’ Every policy has a unique definition of the term ‘disability’. Most question whether you can do your previous job, or whether you’re unable to do any work at all. The looser the definition, the more you’ll pay for coverage. A policy covering ‘own occupation’ disabilities will pay out if you can’t do the same work, even if you could hold a different type of job. However, a policy covering the ‘loss of earnings’ will bridge the gap between your pre- and post-disability income. Finally, an ‘any occupation’ policy will only pay out if you cannot perform any type of work. By considering this from Darras Law, you will get the help needed to encourage your insurer to fulfil its obligations. 6. The Potential Payout While your policy’s cost will, of course, depend on your income, not all long-term disability policies pay 100% of what you make. Some pay just a fraction of that amount; the closer the policy comes to a 100% payout, the higher the rate you’ll pay. 7. Elimination Period Length A policy’s elimination period is sometimes referred to as a waiting period. It’s the time that has to pass between the onset of your disability and when the policy starts paying out. A policy may come with a 30-, 60-, or 90-day elimination period, and those with shorter periods will cost more. 8. The Benefit Period A disability insurance policy’s benefit period is the length of time it will pay out following the waiting period. Two- and five-year policies are common, as are lifetime policies and those that pay out until retirement age. The longer the benefit period, the more the policy will cost. In Conclusion Now that you’ve gained an understanding of the factors affecting your long-term disability insurance rates, your next step should be to determine how much coverage you need. While an insurance agent can help you find a new policy, a local disability attorney will help you get the benefits to which you’re already entitled. Read Also: 4 Expert Tips For Finding The Cheapest Insurance For You Your Simple Guide To GAP Insurance Tips For Breaking Into Finance And Banking

How to Save more Money?

In every person's life, there is a time when we start to set different decisions for ourselves. Someone is probably thinking about quitting smoking, someone else starts commuting to work by bike and somebody wants to find more time for the family. If you don’t really know what to do, I strongly encourage you to save money. Each of us likes to be aware of the amount of money in our bank account, wallet or just likes to look at the savings we have accumulated. I know that it's easy to say and much harder to implement, so I've prepared some useful tips for you on how to save more money every day. For starters, you can go shopping only with a list of what you really need to buy, it will protect you against spontaneous and ill-considered purchases of products you don’t even need in the first place. Remember that it’s essential to have a strong will and to stick to the plan. Eco-driving: If you’ve got a car, economical driving is a great way to save fuel. Keeping your RPMs low and not stopping quickly at the last moment but rather slowly rolling towards the red lights can save you a lot of fuel. Verification of the bank costs of our account: it is worth checking from time to time whether it’s not too expensive to have a personal account in your bank by chance. In times of fierce competition on the market between the best national banks, there is no problem with finding a better offer. Less TV, more movement: Instead of wasting time on the couch, it is better to move, even if you walk. Your weight will drop, your mood will improve, and your wallet will become a little thicker. Planning: Planning everything that can be scheduled is an easy matter for the perfectionists. They love to have everything arranged and prepared as early as possible. Planning avoids sudden and massive expenses. A simple example: a school layette. It has always been known that the school year begins on 1 September, so there is no problem to start saving money to buy books or utensils a few months in advance. It is also possible to plan holidays well in advance, a large amount of time will help us to save money. Bills: Negotiating with utility providers, current bills consume a large part of every family's budget, so I see no reason not to try to reduce them. It is worth checking whether it is worth changing electricity supplier. I also encourage you to regularly check the offers of mobile phone operators or Internet providers. If it is cheaper somewhere, it is worth trying to negotiate better conditions with the current company. Motivation: Mobilizing yourself to make savings without a goal is, in my opinion, a little pointless. That is why I think it is worthwhile to find the motivation to save. It can be a dream trip, buying a new car or securing your child's future. Knowing what you are saving for makes it easier to get down to business. The internet: Learning foreign languages over the Internet, there is no cheaper option, and with a little bit of self-denial, you can achieve great results. Car-sharing: Carpooling, a.k.a. joint commuting to work, school or university and all other places you just have to get to. Just ask your co-workers or your neighbors. Many carpooling services unite the interests of people and you can make new friendships this way! Do not forget that it’s a very environmentally friendly – look at the other cars when you commute to work. They have at least 4 seats and most of the time only 1 person is in the car. Just imagine how many cars would disappear from the roads if four people wherein one car instead of one person in each car. This is just a waste of gasoline. Many people are still afraid of credit cards, but using best credit cards wisely saves a lot of money, not just on Moneybookers. Food: No more wasted food! Statistically, the family throws away food worth 20 euros every month. It is hard to imagine a greater waste. So it’s better to buy less and possibly buy the missing products later than to push the fridge and then throw away the overdue food. Shopping: As we know, there are many examples of smart and rational shopping. For example buying winter tires in the summer or Christmas presents... just after Christmas. Be your own dentist: Taking care of your teeth, we can guess that it is always much cheaper to spend a couple of dollars on a toothpick and a toothpaste than waste hundreds and possibly thousands of dollars on treating them. Healthy diet instead of supplements: Europe is the leader in the field of buying all kinds of medicines and pharmaceuticals. We spend vast amounts of money on it and it’s just a waste of money. Why buy a vitamin C supplement if you can, for example, drink fresh juices or eat fruit? It goes out cheaper, and certainly tastier and healthier. Looking through your wardrobe: Going shopping for clothes only to have fun with your friends is a very simple way to waste tremedous amounts of money. If you think you need new clothes, it's a good idea to review your wardrobe first and assess whether something is missing in it. It can be an opportunity to get rid of damaged or too small things. Subscribing to newsletters, I am myself registered for newsletters of several shops with computer components and regularly get codes for discounts of 10% or 20% each. For post-season holidays, it is better to plan your holidays in June or September, for example. Prices of trips and hotels are much lower then than in July and August, and in many countries, the weather is still guaranteed to be at least good. Moneybox - an old but still effective way to save money. I have it myself and for years I have been throwing little things into it, which are in my wallet. This way, without any effort, I can raise a lot of money that otherwise would go to waste. Currency exchanges at internet exchange offices are much cheaper than permanent ones, not to mention banks. I am of the opinion that a lot of work in your home can be done by yourself. For example, painting walls, grouting, or installing panels. Making sandwiches to work is sometimes a nuisance, but it pays off. A healthy lunch will satisfy hunger better than an expensive snack from a scrubbing machine or fast food restaurant. Buying second-hand items: I’m not only talking about clothes, but also computer games and electronic equipment. A great way to save a lot of money is to buy a new car, which officially is no longer new. Showroom cars or the ones that served as a test modelsare almost in a perfect conditionjust like the new ones, but 20-30% cheaper. Drinking water instead of carbonated drinks is not only much cheaper, but it is also incomparably healthier. If you want to save on buying water, consider installing a reverse osmosis filter in your home. Selling unnecessary items - something to us is just rubbish, but it may be useful to someone else - to such an extent that they will be ready to pay for it. As we can see to save you don’t need to do amazing things, it is enough to focus on simple activities that we do every day and think about what to do to save on it. Above I presented a few methods of saving more money, but each of us can conclude what level of his monthly revenues he wants to keep and what goals he assumes to save his money. Wouldn't it be worth to just start and try an check for yourself which method works for you? Let's start today and not tomorrow. Read Also: Use These Tips To Save Money When You Move Your Business To The Cloud How To Save Money When Shopping Online

How To Downsize Your Home For Retirement

Is Your Home Divisible? Consider A Renter Or ADU

Talk With A Real Estate Agent About What Tradeoffs Exist If You Move To A Condo Or Smaller Home

Determine What Will Need To Go In Order To c

Choose An Auspicious Market If You Have The Flexibility To Wait A While

What To Consider When Investing In Gold Coins

Delays In Tax Return Processing: Common Reasons And How To Resolve Them

Abdul Aziz Mondol

Abdul Aziz Mondol is a professional blogger who is having a colossal interest in writing blogs and other jones of calligraphies. In terms of his professional commitments, he loves to share content related to business, finance, technology, and the gaming niche.

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5 Examples Of Passive Income You Need To Learn Now

8 Factors That Play a Role in How Long-Term Disability Premium Is Calculated

How to Save more Money?

How To Downsize Your Home For Retirement

Is Your Home Divisible? Consider A Renter Or ADU

Talk With A Real Estate Agent About What Tradeoffs Exist If You Move To A Condo Or Smaller Home

Determine What Will Need To Go In Order To c

Choose An Auspicious Market If You Have The Flexibility To Wait A While

Share this Article

What To Consider When Investing In Gold Coins

Delays In Tax Return Processing: Common Reasons And How To Resolve Them

Abdul Aziz Mondol is a professional blogger who is having a colossal interest in writing blogs and other jones of calligraphies. In terms of his professional commitments, he loves to share content related to business, finance, technology, and the gaming niche.

Leave a Reply

Popular

Follow Us

Recent

Related