If you haven't saved as much as you wish you had, but you own your home, you have options when it comes to your retirement income. Consider these 5 ways to turn your home into a retirement income stream. Talk with a financial advisor and tax professional to get personalized advice before making any financial moves. 1. Downsize your Home and Invest the Proceeds. Once you stop working, sell your home, buy something smaller and less expensive , then take your gains from the sale and invest them to provide an income stream. A smaller place can be less expensive to maintain, too. Property taxes may be lower on a less expensive home, since they are usually based on a percentage of the value of the property. Heating or cooling a smaller space can be cheaper, too. Alternatively, you could rent! The downside of renting is having to write a check to your landlord every month. The upside is you invest the entire proceeds of your home sale to work for you. 2. Sell your house and move to an i...
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