You’ve worked hard your whole life. And you’ve been planning for retirement for the last ten years. Now here you are, ready to take the plunge. And yet, you wonder…do I have enough money to retire?

This answer will vary from one scenario to another. And while I am not an investment advisor and cannot give you advice about your portfolio, I do have some thoughts relevant to your longer-term planning. And it has to do with your house.

Initial Housing Considerations…and Questions

Have you found yourself wandering through your house lately, taking an assessment of your belongings and space? Are you wondering when the last time it was that your two basement bedrooms were actually used, other than as storage? And what are you ‘storing’ in there, anyway? And when you came across that ThighMaster, was that when you realized it might be time to whittle away the treasurers and downsize?

Have you been in your home for at least ten years? Have you paid off the mortgage, or perhaps paid it down to a relatively small amount, yet still have a large payment?

And even after you go to work for the last working day of your career, you will still need somewhere to rest your head. Where will, or should, that be? How much money should you spend on a house while relying on social security (and maybe a pension, if you are lucky) for income? What other costs do you need to factor in?

To Sell or Not to Sell.

The reasons I hear from those that are looking to sell their home when they retire vary. Sometimes it’s merely a factor of the house being physically too large and they don’t want to have so much space to clean and maintain. Or that expansive yard that was so appealing when the house was full of little kids is now a monster of a chore to maintain each week.

Sometimes folks have found that employment opportunities have relocated their children (and grandchildren) to other parts of the country, and they’d like to be closer to family, since they will have more time available to spend with them.

And other times people have found they would rather find a way to ‘age in place,’ and plan how they can stay in their home as long as possible.

Do you see yourself in any of these scenarios? Still deciding what to do overall?