An Ohio couple in their 60s -- a nurse married to a homebuilder -- long dreamed of owning a condo in Hawaii they could use as a retirement retreat. But they feared such a purchase would be imprudent from a financial perspective.

The couple in this true story consulted both their financial planner and Matthew Allen, the CEO of a company that helps consumers maximize their Social Security benefits. A thorough analysis revealed that they could indeed afford the luxury.

“Many people spend more time planning a vacation than their Social Security. But people who maximize their Social Security can take more vacations and maybe even buy a vacation home,” Allen says.

Here are a few pointers for retirees:

-- Try to avoid taking Social Security benefits early.

Lesley Brey, a certified financial planner, says once they’re eligible, many people find the notion of tapping Social Security benefits tantalizing. This is especially likely if they’re eager to buy a second home.

“At age 62, the temptation to start drawing Social Security benefits right away can be very, very strong,” says Brey, the president of a fee-only financial planning firm.

She urges anyone who can hold out for larger retirement benefits at age 66 or beyond to do so. And she says it would be particularly unwise to claim early -- with diminished benefits -- for the purpose of helping fund a second home purchase.

“You won’t get rich collecting Social Security. But it’s a strong, government-backed annuity with cost-of-living adjustments that you can collect for the rest of your life. In case you live to 94, you want to be sure you have a sufficient financial buffer,” Brey says.

Still, she says that too many older Americans hinder their financial plans because they began claiming their Social Security benefits at age 62, when they’re first able to do so.

“It’s much better to wait to age 66 -- your full retirement age -- when you can collect a larger benefit check. Social Security benefits are for the rest of your life. You shouldn’t give up this longevity insurance lightly,” says Brey, who’s been in the financial planning field since 1997.

-- Run the numbers before committing to a property purchase.

Eric Tyson, a personal finance expert, recommends that before older boomers start searching for a vacation property, they should ask an accountant or financial planner to help them create a retirement budget.

Alternatively, they can create their own budget with the use of one of the free retirement income calculators available on the Internet through such investment companies as Vanguard or T. Rowe Price.

In making your calculations, Tyson strongly recommends you assume you’ll survive into your late 80s or even 90s.

“You want to project forward for your income needs for as long as you think you’ll live, even if that means retiring somewhat later than you’d like,” says Tyson, co-author of “Personal Finance After 50 for Dummies.”

The only people who can afford to assume an abbreviated life span, Tyson says, are those who’ve been diagnosed with serious medical issues.

“Whether or not you’re buying a second home, be sure to plan long-term, unless you have good reason to believe your life will be cut short due to major health problems,” he says.

-- Don’t let political rhetoric distract you from your goals.

One of the hottest topics of the current political season is whether the government should cut Social Security benefits to help reduce the ballooning federal budget deficit. Such talk has many older baby boomers fearful their benefits could be slashed, says Craig Copeland, a senior research associate with the Employee Benefit Research Institute in Washington, D.C.

In the belief that cuts could be imminent, Copeland says many older boomers think they should claim their Social Security benefits as soon as they’re eligible, at 62. That way, they reason, they can “lock in” benefits while there’s still time.

But Copeland and other Social Security experts contend that for political reasons it’s highly unlikely that older boomers -- those born between 1946 and 1954 -- will ever face benefit cuts from Congress. And he thinks it’s even more doubtful that the benefits of those already receiving Social Security will ever be cut.

“Remember that older people represent a powerful voting bloc,” Copeland says.

-- Factor lifestyle into your retirement planning.

Tyson says older boomers who are already well funded for retirement can still take advantage of relatively low mortgage rates, though such rates are expected to rise as the year progresses. But he recommends that seniors ideally enter retirement without mortgage debt.

As he notes, some financial planners are biased against buying real estate in the years prior to retirement. After all, many planners (except those who work on a “fee-only” basis), make their living on commissions from the sale of investment products and insurance and not real estate.

But Tyson says people who’ve amassed a large war chest of retirement assets or who are entitled to benefits from a healthy traditional pension program, or both, may now be well positioned to buy the dream, second home they’ve long wanted.

“Preparing for retirement is not all about numbers. It’s also about having a great quality of life going forward,” he says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)

Remember the housing downturn of 2008? In the immediate aftermath of the last recession, when foreclosures were as common as crabgrass, buying a house with more than 3,000 square feet seemed foolish, if not greedy.

“Back then, large houses were frowned upon in some circles,” says Fred Meyer, a property appraiser and the president of a long-established realty firm located on Harvard Square, in Cambridge, Massachusetts.

But much has changed since 2008, according to Rose Quint, an economist for the National Association of Home Builders (nahb.org). To many, the recession-era notion of voluntary simplicity now seems somewhat quaint.

“Over time, the cultural trend for more desired square footage for single-family homes has increased among consumers,” says Quint, citing surveys conducted by the association.

The latest available U.S. Census Bureau statistics on newly built housing -- for 2016 -- underscore this cultural trend. Of the 738,000 single-family homes completed that year, well over half had four or more bedrooms, and nearly that many had three or more bathrooms.

“There’s something beguiling about big houses,” says James W. Hughes, a housing analyst and dean emeritus of the Edward J. Bloustein School of Planning and Public Policy at Rutgers University.

Of course, with rising land costs and soaring housing prices in popular neighborhoods, the gap between the desire for large housing and its affordability has steadily widened. Entry level buyers are now particularly hard-hit, and need to allocate their dollars wisely when considering which home features make sense for them.

“Think through your realistic needs. For example, if you work from home a lot, you might truly need a spare bedroom for a dedicated home-based office. But a formal dining room could be superfluous,” Hughes says.

Here are a few other pointers for buyers:

-- Search for the strongest neighborhood you can afford.

Whenever there’s a downturn in housing, the rebound comes most quickly in what Hughes calls “winners’ circles.” These are communities that retain their desirability during all phases of the economic cycle.

Those seeking a large house might get an excellent deal in a distressed area. But as Hughes says, that could be a perilous choice going forward.

His advice: It’s better to compromise and buy a smaller house in a stronger neighborhood than the reverse.

-- Choose an area with a reasonable commute.

In the past, many people bullish on large houses willingly accepted a lengthy commute in exchange for more square footage and a sizable yard.

But given ongoing uncertainties about energy prices, more buyers are now wary about accepting a long commute. That means the future resale potential of a home you buy now in a distant suburb or exurban area could be uncertain.

“Buying a house that requires its owners to make a one-hour-plus commute is a significant financial risk, particularly if you have to sell within five to 10 years,” Hughes says.

-- Seek a community with the best possible public schools.

It’s widely believed that strong neighborhood schools help keep property values high over time, and Hughes supports this view. How can you check out school quality? Real estate agents typically decline to characterize schools in terms of quality, for fear their remarks might be taken as discriminatory. Yet your agent should be willing to provide you a large volume of statistics that compare schools on test scores, high school graduation rates and other quantitative factors. Then, too, you can make an appointment to visit schools to see how they fare on the intangibles -- like the warmth and receptivity of teachers and staff.

In addition, for a fee you can buy detailed online reports on local schools through a service such as SchoolMatch (schoolmatch.com), a research organization focused on comparative school quality.

-- Screen property for the needs of your particular household.

Meyer says many parents of school-age children want a house with a large master suite that’s segregated from the cluster of bedrooms where their kids reside. This is especially likely if their offspring are teenagers who thrive on loud music and games.

Empty-nest parents can also be candidates for large housing, which is particularly likely if one or both spouses run a home-based business.

“It’s common nowadays for homebuyers to ask for ‘his and her’ home offices. They want a big house with a ‘library’ or two that’s separated from the main living areas of the property. This requires lots of space,” Meyer says.

Surprisingly, he says there’s another group of buyers who also aspire to a large home purchase: well-to-do grandparents.

“It’s not uncommon for affluent buyers over age 65 to seek a big house with multiple bedrooms where they can put up lots of visiting family members,” Meyer says.

Of course, relatively few buyers can now afford to own and maintain a spacious place in a highly desirable neighborhood. But if you are the lucky exception -- and plan to soon enlarge your family or live in your next property for an indefinite period -- Meyer recommends you buy now for your future needs.

“Try to reach for a house where you can stay for some time. Due to transaction costs, it’s very expensive to keep moving every few years,” Meyer says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)

America’s baby boomers -- the 76 million born between 1946 and 1964 -- include many believers in second chances. Hence there are numerous second marriages within this population group. And after marrying, many couples wish to buy a property together.

But for boomers with grown children, personal finance experts caution that a failure to plan ahead can lead to future problems after one spouse dies.

“Couples in blended families want to protect the interests of their own grown kids. But if you don’t have a will or a trust in place, the courts will decide what happens to your stake in the house, and that can get really messy,” says Eric Tyson, co-author of “Personal Finance After 50 for Dummies.”

He strongly recommends that couples in second marriages consult an estate planning attorney before buying a place together.

“Contrary to popular belief, estate planning isn’t just for the rich. Even those with limited assets need to think through what they’ll want to happen to those assets after they pass away,” Tyson says.

How can you find a knowledgeable estate attorney to help formulate your plans? Tyson recommends you go to the website of the American College of Trust and Estate Counsel (actec.org), an organization of lawyers who specialize in estate planning.

Before you buy a property with your second spouse, he says it’s wise to discuss your intentions on how equity in that home will be divided upon your death.

Denis Clifford, an attorney specializing in estate planning, says the key is to ensure that your wishes are carried out in accord with state law.

“After you die, you don’t want your children to miss getting the equity from the house because of a poor plan. By the same token, you also wouldn’t want your spouse thrown out on the street due to a bad plan,” says Clifford, the author of “Plan Your Estate.”

Although a relatively simple will is sufficient for many couples, he says those with children from a previous marriage may wish to establish a “living trust” to help ensure their estate is settled smoothly and fairly after they die.

Here are a few pointers:

-- Make sure the legal advice you obtain is expert.

Jordan Simon, the co-author of “Estate Planning for Dummies,” is an investment manager, not a lawyer. But he strongly advises people who want an estate plan to hire an attorney to help ensure they get solid advice.

“Trying to create your own plan makes doing your own taxes seem like a walk in the park,” Simon says.

Although several books and websites encourage consumers to create their own wills and trusts, Simon says those who do so risk making mistakes their survivors could live to regret.

Charles Abell, an estate planning attorney affiliated with the American College of Trust and Estate Counsel, says there’s no such thing as a “one size fits all” estate plan -- even for moderate- to middle-income people. Because the laws governing probate differ from state to state, he says it’s critical you choose an attorney licensed to practice in your state.

-- Rely on personal recommendations in your search for a suitable lawyer.

Obviously, anyone can find an attorney through a professional lawyers’ organization, such as a local bar association. But you’re usually better off asking for recommendations from friends, relatives or professional contacts -- such as your accountant, according to Patricia Annino, an attorney in the field.

“The best way to find a good lawyer is by word of mouth,” says Annino, author of “It’s More Than Money: Protect Your Legacy.”

Tyson cautions consumers against choosing an estate planning specialist based solely on advertising. He also urges people to avoid picking a lawyer who offers them a free dinner to participate in an estate planning seminar.

“Although they don’t say so, many times these lawyers are really trying to sell you high-priced annuities or insurance products,” Tyson says.

-- Educate yourself in advance of hiring a lawyer.

Are you and your spouse scrimping to save for a place to house your blended family? If so, you’re likely fearful that going to an estate lawyer could cost you a significant sum.

But Tyson says there are several ways to limit your legal fees and still get a quality estate plan that will safeguard your intentions relative to the inheritance of your assets. One way is to find a lawyer who will give you a firm, up-front estimate on the cost of doing your plan. Another is to educate yourself on estate planning basics before your first visit with the attorney.

“I suggest you buy a good book or two on the topic. That way you will at least become familiar with some of the basic jargon and concepts used in the field,” Tyson says.

-- Don’t delay on the need for estate planning.

Annino says a surprising number of people get all the right estate documents drawn up and then refuse to sign them.

“Some folks have a superstitious feeling that once they sign the documents, they’ll die soon after,” she says.

But Annino urges people to avoid letting anxieties block their progress toward creation of a watertight estate plan.

“Don’t let your fears about your mortality keep you from completing this important step,” she says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)