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    Tips for Comfortably Retiring on a Limited Income

Baby Boomers can still retire even on a limited income by taking steps to stretch their dollars! 

Tips and advice for making your retirement dollars go further!

 

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Affordable Baby Boomers Retirement Housing

Tips and Information about Low-Cost Retirement Housing, Villages

and Communities for Baby Boomers on a Reduced or Fixed Income

Affordable Baby Boomer HousingIf you are a Baby Boomer on a fixed or limited income who is wondering whether you will be able to retire and hang onto your house, or even whether you can afford to retire and have a roof over your head, this is the right place for you.

First, realize that there are many low-cost housing and retirement community alternatives for Baby Boomers who are flexible, wish to retire, and put controlling your own time as your highest priority...while still maintain a comfortable lifestyle.

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Downsize for Boomer Retirement

The most obvious solution for Baby Boomers to stretch their money is to downsize their living arrangements.  Big homes that were purchased to raise a family eventually turn into empty nests.  Downsize to a condominium, investing the balance of your equity.  Or relocate to an area where housing is less expensive, again investing the balance.  Baby Boomers can downsize to condos to stretch their money.

Usually this strategy results in a more enjoyable and financially comfortable retirement.  Even when the real estate market is in the tank, as it is now, baby Boomers can rent out their home and arrange a lease to purchase for their ideal retirement home in a location of their choice.  That way, Baby Boomers can take advantage of today's low prices and sell their old home in the future when the real estate market bounces back.

Upside down on your home? Behind in your payments? Want to sell your home or buy a bargain retirement home?  Get FREE advice with our Baby Boomer Real Estate program.

Reverse Mortgages for Boomers

Baby Boomers should closely examine reverse mortgages before signing because they have high costs.Baby Boomers who have a home that is paid off can tap into their equity to receive the equivalent of an annuity payment for the remainder of their lives as long as they live in the home.  And they don't incur a house payment!  This is called a "reverse mortgage."

Reverse mortgages are not for everybody, and they incur significant fees.  Moreover, the money borrowed against the home equity must be paid off upon death or the sell of the property.  Learn more about reverse mortgages and how they work at AARP.

Mobile Home Communities for Boomer Retirement

55+ Mobile home communities provide affordable, comfortable housing for Baby Boomers of all ages.  Many are really pre-fabricated homes and consist of landscaped parks with amenities and recreation (e.g., adjacent golf courses) in temperature locations.  Most are warm communities with many activities and the opportunity to meet new friends in a secure environment.

Basby Boomers on fixed incomes should look at mobile home communities.Typically, mobile homes in these communities reside on rented space within a managed park.  Space rent (which may include trash and water) is your main expense and can be high, so be sure to shop around and look at the park's history of rental increases.  Some parks also prohibit sub-leasing, which can make it difficult if you want to move somewhere else and are having trouble selling your unit.  The best way to go is to purchase a mobile home whose price includes the land or which resides in a park that is subject to rent control.  And the best buy is a home that is a few years old, as mobile homes tend to depreciate (depending upon the location, of course).

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Co-Housing for Low-Cost RetirementCo-housing is one answer for baby Boomers on a fixed income.

A novel idea that is gaining traction among Baby Boomers is "co-housing," a type of collaborative housing in which residents actively participate in the operation of their own neighborhoods.  And this solution is affordable.  For those finished raising kids, this is a great way to re-invigorate your social life.

Co-housing offers a mixture of private homes with common areas (e.g., meal halls) and neighborhood participation.  It is based on a commitment to community living.  Co-housing is said to be a more healthy way of living, with social ties providing medical benefits.

Shared Housing

Another alternative for low-cost housing is to share a home.  Having your own room in a shared home can be quite delightful, assuming you get along with everybody in your "extended family."  Some non-profit organizations, such as A Lelaind Community, offer housing at affordable rates to active adults who are 55 an older.  Options include shared single family homes, cottages, studios and in-law units.

Baby Boomer Retirement Communities

There are a variety of planned retirement communities for Baby Boomers and seniors.  Many are for active lifestyles, while others offer assisted living facilities.  Most cost a lot of money, but some are affordable.  Check out some of the links found in Boomer Resources to learn more.

Housing Assistance

HUD can provide assistance in finding suitable housing for baby Boomers.Local, state and Federal government agencies offer assistance programs to help Baby Boomers whose income is an obstacle to finding good housing.  HUD has several excellent programs for seniors that should be investigated.

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