My husband says we will become ‘homeless’ if we continue renting. Should we buy a house?

I would rather move to a 55+ community where I can rent a nice apartment without property taxes or maintenance fees and have amenities. He said that we would become homeless because rents would continue to rise and that the integrated social security system would not last long.

What is the best way?

see: I’m 53 years old and I hate my job. My husband, 59, and I have two homes and $1 million in savings. Can we afford to retire?

Do you have any questions about your super? Please email us at HelpMeRetire@marketwatch.com.

Dear readers,

What’s best for both of you will depend largely on your finances – your daily expenses and where you have a nest egg for retirement.

There is no one-size-fits-all approach to retirement housing. In some cases, renting may be the best option because there are no maintenance, renovation or repair costs or taxes to worry about. On the other hand, as you have seen, if you own a home, the value (and any increase in value) is entirely yours and you are not affected by rent increases.

While 55+ communities aren’t a bad idea, many of them allow you to purchase a home with maintenance fees, similar to a condo or co-op. It sounds like your husband is trying to avoid cost of living increases that are out of your control, in which case this may not be the best option for the two of you since the homeowners association could easily increase your maintenance or membership fees. . year after year. These positions are likely to provide maintenance on the exterior of your home, including landscaping.

To explore this option, ask the homeowners’ association on which you sit on the board how often they have increased fees, how much they fund their opposition, and whether they can participate in community meetings. Rocket Mortgage offered.

On the other hand, buying a home can be a lot of work and require a lot of money. You’ll have to worry about maintenance, whether it’s a new roof or boiler, or, when the time comes, amenities that will benefit you as you age, like wider door frames or additional railings. As you mentioned, there are also property taxes and utility bills.

See also: Will my Social Security checks get smaller? My wife receives a school pension and I am a veteran.

The median home price in Houston is $340,000 and the median sales price is $311,300, according to Redfin. This means that it’s not impossible to find a home in the price range your husband is considering. But before you jump into the housing market, think seriously about your current and anticipated future budget.

Look at your projected income and expenses for your new home. Be as granular as possible and include expenses like mortgage, property taxes, utilities, groceries, transportation, medical care, and other necessities at realistic interest rates.

Paying off your mortgage quickly is a fantastic goal, but it’s only possible if you have extra money saved for emergencies and retirement savings. These two goals must be separated. You don’t want to have to tap into your retirement funds for emergencies, so you want to make sure your retirement assets can grow over the long term and that your emergency assets are liquid in case you need money right away.

If you rely heavily on Social Security, you’ll likely have to eventually, so even if you choose to buy a house, you’ll need to have money to fall back on outside of Social Security. Receiving Social Security benefits is helpful, but they should not be your primary source of retirement income. This is especially true if you are considering purchasing a home. There are costs for both renters and homeowners, and if you’re not prepared financially, you’ll struggle no matter what type of home you choose.

Reader: Do you have any suggestions for this reader? Add it in the comments below.

Do you have any questions about your super? Please send an email to: HelpMeRetire@marketwatch.com