Will buying a home 1yr before retirement reduce Social Security benefits?

Public Comments

1. No - social security benefits are not based on home ownership.
2. As I understand it you home (primary residence) is not counted against your social security. However consider the fact that if you buy a home now....it is at current market value. Your taxes will be re-assessed at the new sales price. It does not matter if the seller lists on the advertisement what they pay in taxes for the property. Those numbers are on old sales price. Many buy their retirement home not realizing that even if they paid cash and have no payment....the taxes could eat all of your social sec up. Find out what your property tax rate is in your area and then mulitiply that by the sales price and divide by 12... Can you handle that? Good luck
3. Social Security does not pay for home payments. They pay you directly and you pay whom ever you like. SS is based on income prior to retirement and how much you payed into the fund over a lifetime. We all hope there is something left for all of us when it is our turn.