Cutting housing costs as a retiree requires a willingness to change either where you live or how you live. In some cases, it might require both. Depending on your lifestyle, you may or may not be able to cut costs much or any. If you already live in low-income housing or senior adult housing, reducing the cost of housing is probably not possible. You already have subsidized rent and most likely utilities.
However, most people do not already live in low cost housing at the point that they retire. So, you must ask yourself if you’re ready to make a change. If finances are forcing the change, you may want to explore the quickest way to cheap housing. Do you own your home? Is it paid off?
If the answer to both of these questions is yes, you may want to just find ways to make your home cheaper to live in than to move if you like your house and neighborhood. To do this, do those things like extra insulation, cut down on heating space, and seal properly around your windows. Unless you want to change your lifestyle completely, the debt-free residence is a good way have a place to live in retirement.
If the upkeep on the house is too great or you don’t own, changing where you live is the easiest way to cut housing costs. Just move into someplace cheaper. Senior adult housing requires getting on a waiting list, but in most communities it’s not too long of a list. It still might take more than a year to get an opening. Sign up as soon as you decide that you want to go that direction.
Selling your house should provide you with a nest egg. Many seniors find that the interest from placing this into a CD will pay for the rent on a small unsubsidized apartment that has much lower utilities than a house. Someone else will pay for the upkeep, yard work, and maintenance. You will want to think about whether or not you will have much company because some apartment complexes have rules to be followed regarding this.