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Am I too close to retirement to buy a house?


"I Am 61, and my husband is 66. We are renting a home. I want to buy, and we are saving money for that purchase. My husband wants to rent. We also have some ranch land that my husband loves to go to. We currently don't have a home on that land, and I don't want to move out into the country. My husband could actually build something himself on that land. Does there come a point where you get too close to retirement to buy a house?"

This is a common occurrence in a marriage where one spouse wants something, and the other spouse wants something else - I bring that up to say that the most critical decision is the one that you feel is the best option for both of you. An answer that builds a relationship because of the process of what is essential and gives and takes. A decision that gives you the peace of God. So, that should always be the main thing and should be the goal. Forget about retirement and age for a second and make sure that you consider the following questions:

  • Which option, renting or buying, puts the least amount of strain on your budget?

  • Which option could you financially commit to 20 to possibly 30 years into the future?

Keep in mind that there is a huge advantage to renting - freedom. You have the freedom to move and live anywhere you would like. Regardless of whether you rent or you own, you are probably going to have a payment. The ability to maintain that payment regardless of financial circumstances is a vital piece of the equation.


One idea - What is wrong with building a place on the land and keep the house that you are currently renting? IF you save up enough money and your husband can cut costs by being involved, that might be a good workaround. The key to this working is to have a home that is paid for while not increasing your home expenses.

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