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What are the “Unknowns” for Budgeting Retirement Housing?
     
     If your retirement planning includes transitioning to a new home, one of the first orders of business will be to settle on a reasonable budget for housing in retirement. The most reliable yardstick is thought to be a percentage of your income—but that’s not necessarily easy to pin down for retirees. As mystery novel detectives might say, a good start is sorting out what you know—and what you don’t know.
     WHAT YOU KNOW: housing tops the spending category for homeowners—retirement age or any other. Even if a mortgage has been paid off, monthly expenditures include Costa Mesa property taxes, repairs, maintenance, utilities, and supplies. According to the latest Bureau of Labor Statistics data, across all states and all income groups, the monthly expenditures average $1,657. That amounts to about 27% of gross incomes—a percentage that falls in line with the often-cited expert advice that sets 30% as the prudent maximum.
     WHAT YOU DON’T KNOW: you may not be certain of your income in retirement. This is increasingly the case as more and more retirement age seniors pursue at least some kind of business activity. That means the income side of the ledger may have to ... more

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