By the time I reach retirement age, I will have nearly five decades of hard work, long hours, and several career changes behind me.
I have a feeling that when the time comes, I may be ready to move away from the hustle and bustle of city life in exchange for the open air of the great outdoors.
With that said, I would still want a balance of culture and sound infrastructure, But beyond that, I would also want to keep my costs of living low and have access to quality health care and medical facilities.
But do these places even exist in these modern times of economic uncertainty and crumbling social services? And is it even possible to live a rich lifestyle while still maintain a semblance of austerity?
Luckily, the answer is “yes” and “yes”.
Do Your Research
But it takes a bit of research and there are many factors to consider. For some it might be important to stay close to family, while for others, access to good public transportation or a major airport might be most vital. And yet for others, access to quality medical care facilities might also play a factor.
Whatever your requirements, there is a wealth of information publicly available to you that can assist you making the decisions of where and how you would ultimately like to retire. Take comfort in knowing that there are still plenty of great locations and options available that will meet your lifestyle and fall within your ideal budget.
If you share a similar mindset and might consider relocating post-retirement, you may find yourself in the market to purchase a new home. However, you might be extremely conscious of your financial situation and would be looking at every possible avenue to preserve and extend your nest egg. Particularly, as housing still remains one of the biggest expenses, next to healthcare, even with today’s low interest rates.
One of the options worth considering is private mortgage insurance (PMI). PMI (not to be confused with mortgage life insurance) is insurance that protects lenders from foreclosure losses on low down payment loans. PMI can help you buy your home buy with minimal cash out-of-pocket.
Even though private mortgage insurance protects the lender and investor from losses, rather than the borrower, it’s often the only way lenders will approve the loan and thus enable the purchaser to buy a home with a low down payment.
Depending on your own scenario, it might be an option worth exploring. It certainly seems to be the right play if you are looking to freeing up cash for other expenses, as well as keeping upfront costs to a minimum, particularly, you are looking to take advantage of the low interest rates but aren’t keen on parting ways with a sizable portion of your nest egg in order to do so.