Many people start their retirement planning with a vision of where they will live and what they’ll do in retirement. However, you may find that those goals change over time.
As you look down the road of your retirement, what does your ideal home look like? Where is it located? Your answers may depend on a variety of factors, including your budget, your health, or your ties to a certain community, including the presence of family members. For example, relocating to a more tax-friendly state could help you increase your retirement income, but would moving away from family mean paying for more help around the house?
The emergence of the baby boomers into retirement will create a greater need for housing that fits the lifestyle of older adults—more than one-third of all households will have a member aged 65 or older by 2038.1
Here are some of the top trends that are driving the way retirees are approaching housing. You’ll also see some of the financial implications associated with them. Read on after the trend information for more about how you can work with your advisor to achieve your housing goals—whether that’s a secluded beach bungalow, a suburban home with room for the grandkids, or a chic high-rise apartment in an overseas metropolis.
1. Most preretirees want to stay put, but retirees are still moving.
One of the most important decisions you’ll make is where you want to spend your retirement. For many, this may change over time.
Financial considerations: taxes, cost of living