The place where you live can have a significant impact on your financial needs. In the years before retirement, use vacations to explore areas and cities where you might want to settle. If you find a place you like, go there at different times of the year. That way, you will be able to experience the climate and environment. Meet people who live in the area and learn about activities, transportation, and taxes. (more…)

For clues to how much it will cost you to live after retirement let us turn to a study made by our government in 1959. To make this study goods and services which represented a modest standard of living for a retired couple were priced in 20 American cities. The following table shows the annual cost of living for a retired couple in the city of Detroit: (more…)

As you consider your retirement income needs, don’t overlook the equity in your home as a source of income. There are four options for tapping the equity in your home. The first two require a move. The other two allow you to remain in your present home. (more…)