Decide whether to rent or buy

Most seniors hold on to the traditional idea that you need to own a house. As surprising as it may seem, it is usually cheaper for retirees to rent a home, condo or apartment instead of owning one. This might not sound that good if you’ve planned on leaving an inheritance to your children, but hey, it’s not always about your children. Sometimes, it’s ok to put yourself first.

If you are the owner of a house that’s been already paid off, it might be a good idea to pay in cash for a smaller place that’s for sale. That way, you will avoid mortgage payments on a monthly basis and still have some savings left in your bank account. If you want to save even more, check out these 8 Things It’s Smarter (and More Profitable) To Rent Than To Buy.