Without proper financial planning, committing to a
retirement home can be a serious mistake with long-term implications. Here,
according to financial and retirement advisers are some big mistakes people
make when they buy a retirement home.
. Not having a plan
You must have a plan for what type of house you need and
what are you looking for. I hear people all the time say they will sell their
home and buy an RV. Have you even tried an RV? You should rent one. Maybe you
don’t like campfires. I find it unusual that people will spend on thousands on
an RV and haven’t tried it.
. Forgetting Friends
Not considering how important it is to be near friends and
the social life you’ve enjoyed for years is “a problem I see people talk about
the most,” said Larry Rosenthal, president of Rosenthal Wealth Management in
Northern Virginia. “Even if they stay in same community, it may be across town,
20 minutes. Or across state. A lot of it revolves around social activities,
families, friends, kids and grandkids. Those are the biggest mistakes. They may
say I want to go to New Mexico and the kids end up in California with the
grandkids” noted Rosenthal.
. Insuring properly
Heafner said most people, unless they have large incomes,
don’t think much about a personal umbrella policy until it’s too late. “It is
so inexpensive to shield yourself with a $1 million or $2 million policy.”
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