Retirement.. and still renting..?

Lavelle Viveiros: I'm 49 years old and still renting, I have no desire to buy property either! keep renting, who cares what others think.

Matt Tiry: Buying isn't for everyone, and if renting works for you, then stick with it!However, make sure you have a plan for the future, as you will be missing out on some of the benefits of ownership.Do you have a retirement plan in place? Will you be able to support rent payments when you are 70? Remember, rent always goes up, while mortgage payments in a fixed rate will not change. Additionally, a paid off house in 30 years will eliminate payments (except the property taxes, of course)....Show more

Mauro Cowee: There are many retirees who rent rather than own.If you haven't paid off the home before your retirement, then there is little benefit to making house payments after you've retired. The tax breaks nowadays with the higher standard deduction aren't significant.The main benefit is that for a rent payment, you ca! n get about twice as much space and a whole lot more privacy. I pay $1,000/month for a 2700 square ft. 2-story home. My son pays that for a 2 bedroom apartment.The down side is that you need about 20% of the purchase price as a down payment now to secure a home loan. So if you're looking at a $200,000 house (a very modest home in many areas) you have to put down $40,000. A lot of people can't handle that. And then, as you say, there is the upkeep that can be expensive. A new roof about every 12 years and new heating/air conditioning about every 15 years. New flooring (carpet or refinish the wood) every 10 to 12 years. Those aren't cheap expenses either.If you can pay off the home before you retire, then it's an investment in your retirement. You live rent free which really helps when your salary is gone. And you can sell the home for much more than you paid for it 30+ years ago to have a nest egg to retire on. Many people sell and then move into an apartment beca! use the kids are gone and they have no need for a lot of space! (which also involves a lot of utility bills)....Show more

Wilburn Denice: I think you have the right idea about renting versus buying at this point in your life unless you inherit a couple of million dollars. maintaining your home is very expensive. No one says or should that you must own your own home. You should buy some good stock like Clorox or in medical technology of some kind. Once you no longer have a steady income your savings will keep you going.