Renting during Retirement?

There are a few scenarios where renting during your retirement makes sense. One of the biggest reason why you would need to rent would be if you needed to cash out the equity of your home, you could not qualify for a reverse mortgage and or terms were not viable. 

My advice, if renting is your only option during retirement you can find affordable senior housing. This will not only limit the amount you pay in rent; allowing you extra cash but also control the amount of rent increase and any future requests from a landlord to move due to a sale of property. 

Another thing that can be done is move back to your native country or a country that is safe and also economically feasible to live where you convert US dollars to their currency. That is of course if you are healthy enough to be away from any doctors and or medicine you may only find in the US. 

The biggest pitfalls of renting during retirement is running out of cash with crazy rent prices these days, being asked to move due to a sale you can't control, and with age we are slower and have certain habits that make it hard for us to break out of  and may require a certain type of property for us or area. 

I strongly recommend not to rent during this moment as I have seen many of these scenarios but when it's viable this would be what I would do. 

Snowy Days in the Hudson Valley