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Many Americans dont save as much as they need for retirement and find themselves strapped for cash or working longer than they wouldve liked. If you havent spent decades investing in a 401(k) or individual retirement account (IRA), you may be able to use your home equity for retirement expenses, but you should be careful.

Selling Your House Could Help You Cut Expenses or Invest for Retirement
If you have significant equity, or if your mortgage is paid off, selling your house could allow you to access the equity you have built up. If you bought a smaller house, you might be able to pay cash. In addition to eliminating a mortgage payment, youd likely spend less on utilities, property taxes and maintenance. If you decided to rent, your landlord would cover taxes and maintenance.

Taxes on home sales generally dont apply to the first $250,000 of capital gains or to the first $500,000 for a married couple filing jointly, as long as theyve lived in the house for at least two of the past five years. If you sold your house, walked away with a profit and didnt plan to retire in the immediate future, you could invest that money in a retirement account to give it an opportunity to grow before you reached retirement age.

Using Home Equity for Expenses During Retirement Could Save You Money
If you decided to stay in your home during retirement, you could tap into your equity for major expenses, such as repairs, renovations to make the house safer and medical expenses. A home equity loan would provide funds in a lump sum, while a home equity line of credit (HELOC) would allow you to access money as you needed it.

If your retirement savings are held in a 401(k) or IRA and withdrawals are taxed, they must be counted as income on your tax return. A large withdrawal for a major purchase could push you into a higher tax bracket.

Using home equity might be a better option since the interest charges could be less than the additional taxes youd pay if you withdrew money from a retirement account. Before you decide to use either option, consider the interest rates and whether the monthly payments would fit into your budget if youre no longer working.

Create a Safe and Comprehensive Retirement Strategy
Your house is probably your most valuable asset. If youve built up substantial equity, selling your house could put you on more stable footing when it comes time to retire. Using a home equity loan or HELOC to cover expenses in retirement might make sense in some cases, but you shouldnt plan on using home equity as a major source of income after you stop working. Prioritize saving through a retirement account, and consider your home a possible source of additional income if you should need it.

This article is intended for informational purposes only and should not be construed as professional or legal advice.

Published with permission from RISMedia.

Minimalism has been having a moment for some time now. As trends evolve and tastes change, however, were seeing a slight twist being put on the less-is-more movement. The result is warm minimalism.

For those who enjoy the lack of clutter but find minimalism to be too sparse, this might be your new favorite look in interior design. Focused on achieving a living space that strikes a balance between simple and cozy, here are a few tips to bring the look into your home!

Bare necessities

Like the form it emerged from, warm minimalism is all about stripping down to the essentials and eliminating chaos. This doesnt just mean doing away with the trinkets and knick knacks, but cutting down on eclectic patterns and intricate color schemes in order to create an environment that exudes a sense of harmony.

Sleek but Warm

The key is to pick out dcor with warm textures and sleek lines so that your home still feels inviting. After all, the last thing you want is for it to look like an empty house you just moved into. Organic materials like wood and stone work well and, rather than having sterile white walls, try a light cream color. Cozy, neutral tone furniture, especially leather, will fit into the mix and complement the base textures.

Curated Objects

This is where you can infuse a bit of personality, but be careful because it can also make or break the entire aesthetic. A few thoughtfully curated objects, like antiques or handmade crafts, that can stand on their own without overpowering the room are ideal. If youre only using a few small pieces to fill a large area, its okay for them to be a bit more intricate, like an ornate mirror or piece of artwork. Ceramic pottery with a visually appealing houseplant or tree is another great way to fill the space without introducing clutter.

Published with permission from RISMedia.

If youre a new homeowner, this may be your first summer in your new house, and one of the things you should be doing to take advantage of the warmer weather is replacing your glass windows with window screens, and adding screen doors to your entryways.

There are myriad advantages. First, they can limit sunlight and heat gain, which will lessen sun damage to furniture and floors, plus keep cooling costs at bay. They also allow plenty of fresh air, yet protect from bugs or debris getting into the house. Plus, an open window with a screen will allow far less water in during a downpour than one without a screen.

For those who purchased in the fall or winter, you may not have even thought of this, but the screens could be stored in the basement or garage. Its rare for a home seller to take the screens with them, so they are most likely around.

Always start by cleaning the screens before putting them up. Simply spray them down with a hose before putting them in the windows and use some laundry cleaner to get out any tough dirt that may have built up. Once the screens are in for the season, use a duster to remove dirt or vacuum with the brush attachment to lightly go over the surface.

If you notice a small tear on the screen, that doesnt necessarily mean you need a new one. Your local hardware store should have screen patch kits, and the mend is as simple as adhering it to the problem spot. A really small hole can be fixed simply by using clear-drying glue.

For those who do need a new screen, its not too expensive to replace but be aware there are lots of options. Window screenscan be made of aluminum, fiberglass, metal wire, nylon or polyester, and depending on where in the home youll be adding them, different options work best for different rooms. Fiberglass is usually recommended for the main rooms of the house.

When its time to take out the screens come fall, place a piece of masking tape or other label on each one identifying what window it goes in (such as play room), so when its time to repeat next year, theres no confusion.

Published with permission from RISMedia.

Home improvements are sometimes necessary to make a house safer, more comfortable or more functional, but they are often very expensive. Many homeowners struggle to save money for upgrades and consider tapping into their retirement savings to fund projects, especially for urgently needed repairs, such as a roof replacement. Dipping into money set aside for your golden years may or may not be a wise move, depending on your circumstances.

How Close Are You to Retirement?
Borrowing from a retirement account could help you avoid high interest rates associated with credit cards or loans, and the money could be used however you saw fit. However, youd reduce your retirement savings, and money that you contributed later might not have enough time to accumulate interest and get your savings back to the level they were at before the withdrawal.

This means that how far you are from retirement is a key part of the equation. Generally speaking, borrowing from retirement accounts is not a good idea if youre nearing retirement age. If youre decades away from retirement and you can continue to make regular contributions and allow your money to grow from compounded interest, you should be able to build your savings back up by the time you retire.

Potential Taxes and Penalties
If you withdraw money from a 401(k) or a traditional or Roth IRA before age 59 1/2, youll have to pay a 10 percent early withdrawal penalty and income taxes. In addition, the money that you withdraw wont be able to accumulate interest. The total hit to your retirement savings could be much larger than the amount of the withdrawal because you could lose years or decades of potential savings with compounded interest.

Talk to a Financial Professional
If your home needs repairs as soon as possible, tapping into your retirement savings may seem like an attractive option. In some cases it makes sense, but in other situations it can be too risky. Consider the type of work your home needs, how urgent it is, the cost, how much money you currently have saved, how far you are from retirement, and the potential taxes and penalties you could have to pay. A financial advisor can help you understand the implications and weigh the pros and cons so you can make the right decision for your circumstances. If youre considering cosmetic changes or improvements that can wait, you might be better off exploring other financing options.

Published with permission from RISMedia.

With marble countertops being all the rage, its time we talk about how to care for this stunning surface. While it lends a timeless and elegant look to your kitchen and bathrooms, truth be told, the beloved stone can be rather high maintenance. Take the proper measures, however, and its totally worth it for a classic look that isnt going out of style any time soon.

Here are a few tips to keep your marble countertops looking as new as the day you got them.

Use a Sealer

Unlike quartz or granite, marble is a porous surface. That means that a spilled glass of red wine could potentially be the end of your all-white kitchen. To avoid that from happening, youre going to have to apply a marble sealer. Your supplier can likely do this upon installation, as well as provide advice on how often to reapply the sealer. Typically, once a month will do the trick.

Avoid Acids

Acidic substances, like lemons, should never be in direct contact with marble because they will etch the surface. Be sure to use a cutting board and stay away from cleaning agents that may have vinegar or lemon in them. Although marble is heat resistant, its also a good idea to always use a trivet or pot holder when placing a hot pan on the countertop.

Clean Carefully

For daily cleaning, you can use a mild dish or stone soap, then rinse with water to keep marble spick and span. If you do end up with a stubborn stain that refuses to come out, a mixture of hydrogen peroxide with a few drops of ammonia can be applied to the surface and repeated as necessary. One major benefit of marble is that, unlike other surfaces, it can be sanded down to remove the impossible stain if necessary.

Whether you go with a classic Calacatta or a sophisticated Statuario, take these proper precautions and youll be enjoying a flawless kitchen for years to come!

Published with permission from RISMedia.