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Tips to Transition into Retirement

Buying active adult homeYou’ve worked hard and earned your retirement. You’ve looked forward to retirement practically since you started working! But transitioning into retirement can be difficult for some, especially when it comes to right-sizing and finding the right active adult real estate for you.  The Equifax Finance blog experts share some tips for moving into retirement in the new article, “

4 Steps to Planning Your Transition to Retirement.

Step One – Assess your current lifestyle; identify your current priorities by looking at where you are spending your time and money now. The article recommends making a list of how you spend your money. If your list includes hobbies, do you want to continue those hobbies? Spend more time doing them or less? Use your list to prioritize how you would like to spend your time. Many people say that they would like to spend more time with their grandchildren when they retire, but don’t make it a priority in retirement and end up not spending as much time with them as they thought they would.

(Continued…)

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Save Money by Checking and Moving Your Mail

Save money by keeping up with your mail

Keep up with your mail and save money that could be lost on penalties

If you’re the type to let your mail add up and only check it every week or so, it may not seem like a big deal to move your mail when you are changing residences. While that relaxed stance may work when you are a fixture, you should definitely change that pattern when you are moving. The Equifax Finance Blog explains why in the article, “

Tell the IRS and Your State When You Move.”

Even when you don’t get notices, the processes behind finances don’t stop. This can be problematic when your notices are catching up to your next residence, or even worse if you receive a notice or bill from one or two homes ago that has finally tracked you down. Getting past due notices from two homes ago can be especially painful due to surprise and penalties which may have added up while the mail was catching up to you. (Continued…)

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Expand Retirement Options with Real Estate

Make your retirement savings grow by investing in real estatePart of any good retirement portfolio is diversity – and

real estate provides an excellent way to grow your retirement. The Equifax Finance Blog shows how to incorporate real estate property into your nest egg in the article, “

Using Retirement Money for Real Estate Investments.”

While you can seek out traditional loans to embark on your real estate investing, you can use your retirement fund if you have one started, too. All it takes is formalizing a self-directed Individual Retirement Arrangement, or IRA, which enjoys tax protection until you are retired. You can use this account to fund your real estate transactions so long as profit from your investments goes back into the IRA. By doing so, you are protected from capital gains tax until you begin using the fund for retirement. (Continued…)

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Don’t Get Caught in the Big Fancy “House Trap”

Don't get a house beyond your means and threaten your retirementWe’ve all heard that the McMansion trend is part of what sent the real estate market spiraling downward – consumers wanted the biggest house on the block, even if meant it’d put them in debt up to their eyeballs. Even worse, it extravagant housing could threaten their

retirement later life financial goals.

Finance writer for the Equifax Finance blog, Miranda Marquit, suggests buyers ask themselves the two questions before

buying a home, in her post “

How Big of a House Do You Need?” Careful thought into the answers to these questions can help buyers avoid getting trapped into buying a bigger house than they need or can afford. It can also help you understand how much of a home you need when you retire.

In considering how large your home should be, think about your family’s preferences. Do you spend a lot of time together? Then you should focus on a larger common space relative to bedroom space. Do you have a lot of out of town guests? Then you really may need an extra bedroom. Do you need a quiet space/home office to get work done? Could the office/guest room be one room? Downsizing is a big deal for retirees but many families are taking great delight in their smaller homes, as their family spends more time together, and they save money not only on the home price, but on property taxes, maintenance, utilities, etc. (Continued…)

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Maximize your Savings with Aging in Place Renovations

You can benefit from tax incentives when it comes time to renovate for aging in placeIf you love your nest but find getting around in it is becoming a little more difficult, consider changing things up with some renovations so that your home is ready to age as you do. There are a number of

tax credits and other savings you can take advantage of with renovations. The Equifax Finance Blog has some great tips on how to take advantage of these benefits in the article, “

Using Your Home Renovation to Maximize Tax Benefits.

There are a lot of tax credits available for energy efficiency upgrades like installing low flow toilets and energy-saving light fixtures. These upgrades not only help save money on your taxes, but they also help save on monthly utility costs compared to older services. In addition, improved lighting will minimize the risk of slips and fall, making your home safer. (Continued…)

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