| So if you bought a home with the conventional yard, | | | | bother with it? |
| fence, neighbors, dog and all of the trappings of | | | | Many times when you get done raising the kids and |
| suburbia, you no doubt have many happy memories | | | | no longer are tied down to a job, it might be time for |
| that you had back at the farm as you may have | | | | you and your spouse to get out there and enjoy life |
| called it. Many people even go so far as to name | | | | and travel. Retirement is often a time to get rid of a |
| their home something like Happy Acres to give their | | | | lot of your material possessions and get lose to get |
| homestead even more personality and add that | | | | out and enjoy your freedom and see some of the |
| sense of ownership to it. | | | | world that you could not do when you were raising |
| Probably to your kids, the house you raised them in | | | | children. But if you live in a small place that is not |
| will forever to your home and the idea of anyone | | | | difficult to lock up and walk away from, you have |
| else living in it is heresy of the worst kind. But as you | | | | the freedom that you always dreamed of when you |
| begin to move toward retirement age, you may see | | | | thought of the word retirement. |
| the value in selling that home and getting into | | | | Another great reason to get out of your house as |
| something smaller, cozier and with less overhead. | | | | you move toward retirement is that a house with a |
| Retirement does not always mean moving into a | | | | yard and all of the other trappings of ownership is a |
| nursing home or retirement center. You may have | | | | constant ownership problem. You are responsible to |
| many happy years ahead of you where you are | | | | fix the fence, get the plumbing fixed, grow a yard, a |
| plenty able to get around and have no need of | | | | garden and keep up the house year in and year out. |
| assisted living. But selling the house as you enter into | | | | If you sell the place and rent or move into a smaller |
| your retirement years makes a lot of sense for a lot | | | | place such as a condo, a huge amount of that |
| of good reasons. | | | | maintenance if not all of it disappears. Now when the |
| For one thing, you may have that house paid off and | | | | appliances break down, just call the man and let them |
| there may be a lot of equity in that home that you | | | | deal with it. You deserve to have those worries |
| can use to get into a cozy little condo or apartment | | | | taken off of your back. That is what retirement is all |
| and have plenty of money left over to pad your | | | | about. |
| retirement savings or afford a bit of travel with your | | | | So getting rid of the homestead might be a great |
| spouse. If your home can finance some of the trips | | | | idea for your retirement planning. But be prepared for |
| you have been dreaming of all these years, that is a | | | | the move and the work that getting the old place |
| good payback for being so careful with your money | | | | ready will entail. You did not clutter that place up in a |
| during your working years. | | | | week and you would not get out of it that fast |
| You can take a one time tax exemption that we all | | | | either. But by going through your stuff and |
| are allowed to use which permits you to sell the | | | | streamlining your life now, that is something your kids |
| house and not have to pay taxes on the proceeds | | | | will not have to do later. And when you are moved |
| even if you do not sink the money into another | | | | out and another young family is getting started in |
| house. That means that all of that equity money is | | | | your old homestead, you can congratulate yourself |
| sitting there waiting for you to put it to work. While | | | | on a great move to put yourself in a perfect place |
| you cannot sell your memories, if the house is not | | | | to enjoy a happy and fun retirement with the love |
| serving your needs as a family any more, why | | | | of your life. |