You have to be aware of the finer details when you are making long-term financial plans. Retirement planning is extraordinarily important because you are taking steps in the present to protect yourself in the future when you may not be as capable of reacting to financial challenges.
With the above in mind you would do well to budget very carefully, and property taxes should be taken into consideration. Once you have your home paid for you may feel as though you are in the clear, but property taxes will be due and payable each and every year and they can be quite considerable in the state of Connecticut.
If you were to fall behind on your property taxes a tax lien could be placed on your property. Investors in many states can buy tax liens and oftentimes they turn a robust profit.
People who fall behind on their property taxes for one reason or another may be given some time to catch up, and you could possibly arrange for incremental installment payments. However, interest will be applied so you will wind up paying more in the long run.
The reality of property taxes is something to take very seriously when you are looking ahead toward the future. If there is any question about your ability to pay them you may consider downsizing, especially if the home that you are living in is really larger than you need as a senior citizen.
If you are uncertain about your future financial capabilities the intelligent course of action would be to discuss your situation with a seasoned and savvy Hartford retirement planning attorney.