HOUSTON, TX — (Marketwired) — 05/22/13 — According to , retirement planning is not just a matter of making the right investments. It is also a matter of making the right kind of budgets and paring down cost-of-living expenses whenever possible. One way in which pre-retirees and soon-to-be-retirees can do this is by reducing their monthly housing expenses. A recent CBS News offers some tips retirees can reference. NEXT Financial Group has weighed in on these tips with a new statement to the press.
Based in Houston, Texas, NEXT Financial Group is an independent broker-dealer. The company works alongside numerous financial representatives, who have offices across the United States. These representatives work primarily with business owners and families, helping them meet their financial objectives — objectives that often include secure retirements.
“When planning for retirement, it is important to look beyond methods for generating wealth, and to also consider ways to curb expenses,” said NEXT Financial Group President Barry Knight. “Eliminating unnecessary housing costs is a great way to tame retirement budgets, which is ultimately useful for ensuring that you live within your means, even during your retirement years.”
Indeed, CBS News suggests that one of the best things to do before retiring is to pay off the mortgage altogether — if possible. Indeed, those who are just a year or so away from having the house paid off are encouraged to delay retirement until the mortgage is no longer an issue. Refinancing, with a 15-year fixed rate mortgage, is another strategy to consider.
CBS News also recommends that individuals consider downsizing to a smaller house. There are many virtues to this, including lowered utility bills, fewer maintenance fees and decreased property taxes. Additionally, the sale of a larger home for a smaller one may bring in some equity that can go toward retirement savings.
There are other kinds of moves that can help retirees save money. Moving out of the suburbs and into the city — where things like healthcare are much more easily accessed — can help save money. Some may even wish to consider moving to areas where cost-of-living expenses are fairly low.
Slightly more extreme options include renting out a room to bring in extra income; this is especially attractive to those who live in large homes and do not wish to move. Even sharing a home with other retirees can be a good option in some scenarios.
“There are plenty of ways to keep housing expenses low, and not all of these options will be viable for all people,” Knight concludes. “With that said, it is certainly advantageous for any pre-retiree to think about how housing fits into his or her overall retirement budget. One way to do so is to work with a financial representative, like those who work with NEXT Financial Group.”
ABOUT:
Inc., member FINRA/ SIPC, is an independent broker-dealer based in Houston, Texas, that serves the needs of financial services representatives throughout the country. The company prides itself in helping business owners enjoy success and financial independence. The company was founded in 1999 and is currently led by President Barry Knight. More information about the company can be found online at . NEXT Financial Group Inc. is located at 2500 Wilcrest Drive, Houston, TX 77042. For more information, call 888-876-6398.