We know someone who is separated. She owns a large property in the country and has 3 grown kids.
The marital home (above) is in the midst of being sold for a nice sum. The dilemma is, should she buy or rent at this stage of life -- over 60 yrs old?
In order to buy, it would cost 50% of the proceeds of the sale. It is important for her to have enough room to house family when they visit.
Having come from a generation where RSPs were not as mainstream as it is for D and I, she has no significant retirement savings. Her own mother, when she passed on, left her $10000.
It is also important for her to leave money to her kids. Two of them are self sustaining. One is struggling still in their 40's. There is a chance they may have to move in with her.
I think she ought to rent first and decide later, rather than buy the first place that comes up. It is important to ensure there is enough money for her first as one never knows what health challenges may crop up.
What if there is need of assisted living? Those types of living arrangements do not come cheap. Elaborate family dinners can be held at someone else's home.
She has spent her life working around everyone else. I'm not sure she has it in her to start living for herself first. I'd hate to see her financial stability weakened because of this.