(NAPSA)—The choice about where to live in retirement is one of the most crucial decisions that a senior makes. It's not just a major financial consideration, it’s also a highly emotional issue as a retiree’s homeis often the anchor to their golden years. “One needs to think about where to live, how longto stay there, and whether to movelater in retirement,’ writes Wade Pfau, Ph.D., professor of retirement income at The American College, and contributor to Forbes.com. “There are plenty ofjustifications for either staying put or moving early in retirement? There are a few important questions that a senior should ask before deciding whetherto stay in their homeorto relocate during retirement: 1.Are you making comparisons? | j It pays to plan ahead whenit comes to whereyou'll spend your goldenyears. physicians who accept Medicare, convenient transportation for those who are unable to drive, and community centers with special programsfor seniors. 4. Would you prefer to age in place or have a changeof scenery? Many people dream about moving to some exotic location for their golden accurate years, but the truth is that 85 percent of If you stay in your home, you may need to make improvements or renovations in the future to accommodate changing needs. If you move to a new home, you may incur expenses associated with fix-up costs and moving their families, according to Realtor.com. expenses. Make sure you are considering total costs in either scenario. 2. Are you opento renting? “It can be hard for retirees who have spent their lives building equity in their homes—and being taught about the virtues of homeownership—to become renters,’ reported The Wall Street Jour- nal. “But renting a homein a city before buying can give retirees a chance to really knowifit’s the place they want to spendretirement.” Moreover, the cost of ownership in many locations actually exceeds the cost of renting, so it may be prudentto consider this option for both short- and long-term possibilities. 3. Where will you have access to important services? Every consumerlooks into the qual- ity of restaurants, supermarkets and other day-to-day retail offerings when scouting out a possible new residential location. Seniors must be especially concerned about practical considerations such as the number of nearby retirees stay in the area wheretheyraised Think seriously about whether you're willing to trade your current community for a new one, weighing the pros and cons of aging in place versus charting a newcourse. Whetheryou chooseto stay in your home or move during retirement, it will be important to have ample cash on hand that can fund renovations of your existing homeor the purchase of a new one. Manyseniorsare surprised to learn that one potential asset for generating immediate cash is a life insurance policy. A life insurance policy is considered your personal property and—as such— you havetherightto sell that policy any time you like. When a consumersells a policy in a “life settlement” transaction, the policy owner receives a cash payment and the purchaser of the policy assumesall future premium payments— thenreceives the death benefit upon the death of the insured. Candidatesforlife settlements are typically aged 70 years or older, with a life insurance policy that has a death benefit of at least $100,000. To learn moreaboutlife settlements, visit www.LISA.org or call the LISA office today at (888) 672-3917.
