Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.
In retirement, it's a great idea to try to keep your ongoing monthly costs as low as possible. The reason? Once you stop working, you may be limited to not just a fixed income but a lower one than what you earned during your career. So the less you have to spend to live, the better.
To that end, you may think it's best to own a home in retirement -- especially a home that's already paid off. That way, you won't have to worry about rising housing costs the same way renters do.