
Downsize
Many retirees don’t need to live in big homes, yet most of them end up in that situation. Whether because they had bigger families and the kids left, or maybe because they had a high income and enjoyed living in a big house, there’s really no need for a retired couple to keep on living in a big residence.
Downsizing might result in serious savings on your rental, but also on your mortgage payments. If your home is already fully paid off, you could use some of that equity for savings, investments, or even living expenses.