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Buying a Retirement Home_ The Dos and Don’ts

85% of small businesses leverage retirement payroll solutions and form 5500 filing software to track the 401k savings of their employees

Congruent
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Buying a Retirement Home_ The Dos and Don’ts

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  1. Buying a Retirement Home: The Dos and Don’ts By Congruent Solutions © 2020-2021 All Rights Reserved, No part of this document should be modified / used without prior consent. Congruent Solutions

  2. A few decades back, buying a home for retirement was the buzzword among retirees. A beautiful and compact retirement home encapsulated the American dream for millions. However, the changing economic conditions, inflation, and disasters have made it difficult for people to achieve their retirement dreams. With the real estate market becoming more and more concentrated, the importance of planning meticulously alongside a financial advisor has become integral. We have compiled the Dos and Don’ts of planning and buying a home during your retirement. Read further to understand. The Dos: ● Choose the Mode of Ownership Retirement is the right period to retreat and relax. However, it is essential to sort out the basics of retirement plans. First things first, choose the mode of ownership before buying your retirement home. If you plan on continuing living in your old home, then choosing to rent out the new retirement home is the right choice. If you plan to upgrade and settle in your new © 2020-2021 All Rights Reserved, No part of this document should be modified / used without prior consent. Congruent Solutions

  3. retirement home, then listing your old home or renting it out will generate extra income. ● Save Beyond 401 The 401k retirement planning solution is one of the best ways to save for your retirement. The plan that entails contribution by both the employer and the employee accumulates over time and is made available for the retiree on their retirement. However, it is advisable to save beyond the 401k plan. Buying a retirement home can burn a hole in the wallet because of price inflation. Also, retirement savings are subject to taxation. Therefore it is recommended to save using other methods to fund your retirement home. Did You Know? 85% of small businesses leverage retirement payroll solutions and form 5500 filing software to track the 401k savings of their employees. The Don’ts © 2020-2021 All Rights Reserved, No part of this document should be modified / used without prior consent. Congruent Solutions

  4. ● Buy a Home After Retirement Buying a retirement home doesn’t imply that it should be bought after retirement. With your regular source of income stopped, it is imperative to plan your finances to avoid post-retirement dilemmas. Experts suggest buying a home well before the retirement period and funding it through savings or loans. ● Miscalculate the Real Estate Industry The real estate industry is subject to fluctuations. Whether you are planning to buy a home, sell your existing property, or look for other viable options, it is imperative to monitor the happenings of the real estate market. Failing to do so might affect you later on when you are trying to buy a property under a budget. Educating yourselves and learning the dos and don’ts can help in reducing stress phenomenally. Congruent offers retirement and pension management software for small businesses. © 2020-2021 All Rights Reserved, No part of this document should be modified / used without prior consent. Congruent Solutions

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