5. Having Houses and Having no Cash

Being a house-rich person is great only if you are not cash-poor. Some of us keep paying mortgage throughout the whole life. When we retire we understand that we exist to maintain those houses. It costs a lot to upkeep them and pay for various services, utilities, repairs and various taxes. If your children are grown-up and do not live with you, downsize your expenses. What you can do is to sell your house. Move into a smaller house that is easy to afford and maintain. Use the remaining money wisely. Keep it and support your lifestyle. For a retired person extra cash is always good to have.