For Mark Roberts’ Use: Your retirement dream is as unique as you are. Some people dream of retiring in the mountains, while others plan to move to Florida. You might even plan to travel the globe on a cruise ship! But some seniors prefer to simply stay in their own homes. In fact, a poll by the National Council on Aging discovered that 9 out of 10 Americans aged 60 or older plan to spend the next five to ten years of their lives in their current homes. The reasons for this choice break down as follows
- 85 percent said they like their homes and don’t want to move
- 66 percent said they don’t want to move away from family or friends
- 50 percent said they don’t want to deal with the hassle of moving
- 30 percent of respondents don’t know where else they would like to live
- 26 percent said they can’t afford the cost of moving
- 23 percent don’t think they can sell their homes in the current market
If you don’t want to leave family or friends, or you love your home, then aging in place is probably just right for you. You already know exactly what you want. But for some retirees, this choice is more of a necessity than a preference. If you failed to plan adequately for retirement, you might feel stuck where you are.
Even if you prefer to stay at home in retirement, it’s important to remember that unforeseen circumstances, such as an illness or family situation, could force you to move someday. All retirement income plans should include the cost of moving to a new location in the event of an emergency.
For now, the survey respondents who fear being able to sell their homes might be correct. Home values still have not rebounded to former levels, and these people might need to wait a while longer before they can recover their equity. Even so, the cost of home ownership might prove to be a burden in retirement, and those in this situation might realize that selling the home is still a better financial choice.
Whether by choice or not, you might not be able to remain in your home indefinitely. As you plan for retirement, remember to include the cost of a retirement village, long-term care, or other living situation that you might eventually need. Schedule an appointment with us to discuss your plans, and we can help you establish a retirement income plan that is flexible enough to allow a change of plans.