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Moving closer to the grandkids? Why renting might be better than buying for retirement/flexibility.
Should your retired parents buy or rent if moving closer to family? The conversation is much bigger than the math. For many retirees, especially those relocating in their 70s, flexibility is more important than the numbers. Here are some factors to consider: Is Mom or Dad comfortable taking on a long-term mortgage at this age? Does pulling a lump sum from their portfolio still support the lifestyle they’ve planned for the rest of their life? Maintenance: Do they want to deal with the headaches that come with home maintenance and unexpected repairs? Flexibility: If health changes and they need to move to a care facility, what happens to the house and how long might it take if you need to sell? Liquidity: Building equity in the house is great but if it’s needed and can’t be accessed quickly, that creates stress and limits options. It doesn't mean renting is always the answer; buying might make perfect sense. But before making a decision, make sure you're evaluating more than just the monthly cost or purchase price. The most important question might be: Which choice gives you the most options five or ten years from now? If your family is having this conversation, we're happy to help you model both scenarios and think through the tradeoffs. #FinancialPlanning #RetirementPlanning #AgingParents
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