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Retirement
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Retirement
is not what it was in your parents' day, and the
chances are good that you will be
retired longer than they were. If you
retire at age 55, you may also eventually be retired
for a longer period than you spent in the
workforce. With all this extra time,
many pre-retirees are seeking a new home
for retirement, a place
where they can enjoy life in new ways, whether it
be in a waterfront
community, in a golf Mecca or in a mountain
retreat. Where should you spend your
next forty years?
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Not Sure Where to Retire?
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Each
week we profile a top destination and retirement
community, covering cost-of-living, housing,
health care, recreation, amenities, climate,
transportation, volunteer opportunities, senior
services and more! There is no
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time. We will not sell your information to
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Why Do Retirees Buy Second Homes?
- April, 2008
Just when many people are thinking of retiring and
planning to simply their lives, others are planning to buy a second
home. Why? For many retirees, a second home can offer a
way to stay in a comfortable and familiar neighborhood and at the same
time offer an opportunity to start out on a new adventure in a new
home in a new destination. Winters may be spent with current
family and friends while summers many be enjoyed in a warmer climate
with new-found friends.
Of course, supporting two homes
can be a financial burden, particularly if one, usually the new one,
is in a resort town. Anyone considering buying a second
home ought to try renting one first, just to test the waters to see if
hopping between two residences is as glamorous as it sounds. If
it seems a plausible idea, then renting out the second home to
partially cover the mortgage is a way to keep costs down, although
being a long-distance landlord also has drawbacks. Generally,
second homes will add to the cost of retirement but may be worth the
cost for the chance to enjoy the best of two destinations.
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