Housing and Retirement

• Choosing where you want to live
• Deciding whether to sell your home
• Considering retirement communities

How to Choose Where You Want to Live

Reasons to Stay Local

• Friends: If you have a close circle of friends where you live, you may not want to move away from them when you retire.
• Family: If you already live near one or more family members, you may want to stay close by. Developing a closer relationship with your children and grandchildren can be one of the most rewarding aspects of retirement.
• Familiarity: Many people grow to love their towns simply because they’ve spent so much time there and have many good memories. If you love where you live, don’t feel that you must leave when you retire.

Reasons to Move Someplace New

• Affordability: You can cut your expenses significantly if you move from a high- to a lower-cost region.
• Family: If you don’t already live near family, you may want to move closer.
• Peers: You may want to move to a location with people who better suit your age, interests, or politics.
• Climate: If you enjoy outdoor activities or warm weather, you may want to move to a warmer, more temperate region.
• Culture and activities: You may want to move to a place that provides you with greater opportunities to pursue your hobbies or cultural interests. For instance, if you love plays and art, you may want to move to an area known for its theaters and museums. If you’re interested in furthering your education, volunteering, or working part-time, you may want to look for a place with a university, a vibrant volunteer community, and a strong economy.
• Senior-friendly features: You might want to move to a town or city that offers an excellent transportation system and top-notch medical facilities. That way, as you age, you won’t need to worry about your mobility or how to get the medical care you may need.

How to Find a New Place That Suits Your Retirement Dreams

1. Research: Look into places where you might want to live, bearing in mind the support system you’d have in the area, the cost of living, the climate, activity options, the transportation system, and the character of the community.
2. Visit: If you’re considering several locations, take a trip to each place to see which one suits you best. Never retire to a city without actually visiting it in person.
3. Vacation: Take extended vacations to the location. During your visits, imagine yourself as a permanent resident, not just a vacationer. These extended visits will help you get to know the place like a local.

How to Decide Whether to Sell Your Home

Staying in Your Home

• To save money: If you’ve already paid off your mortgage (or soon will), staying in your current home may be your least expensive housing option.
• To generate income: A reverse mortgage lets you receive monthly income drawn against your home equity. Reverse mortgages reduce—and sometimes eliminate—the estate value of your home, but can provide a source of income if your financial needs begin to outstrip your available funds.

Retrofitting Your Current Home for Retirement?

• Entryways: The most accessible entryways do not have steps between the driveway and the door. Consider renovating your current walkway to make it “barrier-free” by adding ramps in place of steps or by remodeling decks or porches so that they can easily accommodate a wheelchair lift.
• Bathrooms: To improve bathroom accessibility, you can install walk-in baths, elevate the toilet, and add grab bars that make it easier to stand up and sit down.
• Bedrooms: In the bedroom, add light switches in reach of the bed, and reorganize clothing storage to provide easy access should you have difficulty bending down or reaching high up.
• Kitchens: Make the kitchen more accessible by raising the dishwasher, lowering the sink and cooking surfaces, and providing counter space and storage that don’t require too much bending down or reaching up.
• Yard: Raised beds will allow you to enjoy gardening if your physical abilities become impaired, and barrier-free access to porches or decks can enable you to enjoy the outdoors for years to come.

Selling Your Home

• Costs: If you rent or still have many years of your mortgage to pay, you may be able to cut costs by moving to a smaller home or an apartment.
• More or less space: Even if cutting costs isn’t an issue for you, you may discover that you don’t need as much space as you once did. Alternatively, you might discover that you want more space, since you’ll spend more time at home in retirement. By selling your home, you may be able to move to a new home that better meets your needs.
• Medical necessity: If you need long-term assistance or medical care that you simply can’t get at home, you may have to sell your home and move into a facility that can provide the care you need.

Considering Retirement Communities

• Active adult communities: These are private communities that cater to people over 55 who are capable of leading an active lifestyle. Recreational activities are often offered within the community, and amenities such as walking trails and golf courses may be available. Homes in these communities may be accessible to those with limited physical mobility, but assisted living services and nursing care are not provided.
• Continuing care retirement communities: Continuing care retirement communities offer a combination of independent living, assisted living, and skilled nursing care. Although the logistics and contracts vary, most continuing care retirement communities require that new residents be able to live independently and give retirees the comfort of knowing that their needs will be met if their health starts to decline.
• Assisted living facilities: If disease or disability affect your ability to perform the activities of daily living on your own, then an assisted living community may be a good choice. These facilities offer help in different areas, including meals, transportation, dressing, and medication reminders.