What do you do when you're retired and you want to move out of your current home?

Do you use the cash from the sale of your current home to buy something else?

Or do you rent and then live on the proceeds?

That's the question we're going over together on today's episode of Ready for Retirement.

This is another episode of Ready for Retirement.

I'm your host, James Cannell, and I'm here to teach you how to get the most out of life with your money.

And now, on to the episode.

There's this idea that once you're retired, you absolutely need to own your home.

And not just own your home, but not have a mortgage on that home.

So when people bring up the question of does it ever make sense to rent in retirement,

for a lot of people, the initial gut instinct is to say, no, absolutely not.

You need to own that home.

However, there are certainly cases where renting can make a lot of sense, not just financially,

but for other

reasons as well. So what we're going to do today is walk through the pros and cons of

owning versus renting and helping you to understand the nuances of that decision that you need

to be aware of so you can make the best decision for you. This episode comes from her listener

question and this listener's name is Diane. Diane says this. She says,

I'm recently retired and I'm recently widowed, and I'm 70 years old. I have no mortgage,

but I have a desire to move to another location because my home is too much about my life with my

husband and I need to start fresh. Once I sell my house, I'm tempted to rent a home instead of buying again.

Buying a home puts me in a position of having to handle repairs and maintenance on my own,

...