Retirement trends among baby boomers have shifted by almost 17% in the past two decades. As the baby boomer generation plans for retirement living, the 59% who planned to move for retirement in 2000 has decreased down to 42%. The recession in 2008-2009 has limited some plans to move to retirement communities. However, only 62% of baby boomer homes are single story residences and only 45% are easy to maintain, meaning that relocation may still be an option for many active adults seeking to retire.
Here are a few options for relocation that we encourage our clients to consider.
Retire in a Single Story Home
Accessing the rooms in your home throughout retirement is essential for a high quality of life. Moving to a single story home, whether in a 55+ community or in residential community is often wise for adults seeking to remain active and independent. While moving may not be a top priority for retirement, moving to a single story home may be a good long term plan.
Downsize for Retirement
We find that the single story, economical homes in 55+ communities are often the right size for many who retire. Baby boomers who may be rethinking their retirement plans can make the most of their savings by seeking smaller homes that are easier to maintain and more affordable. This trend is becoming especially popular among baby boomers who may have larger homes that are their most valuable asset.
Moving to Get the Most for Your Money
While staying put may appear to be the most affordable option at the moment for many potential retirees, the fact remains that tax laws and real estate value really can vary dramatically from one state and city to another. Moving to a city or town that is even an hour away from your current location could result in thousands of dollars in annual savings based on taxes depending on what you’ve saved. In addition, property values vary enough that your money can buy a much nicer home in certain real estate markets.
Moving to Live in Cities
Baby boomers who explore their retirement options may be more likely than previous generations to seek retirement living options in the city. As Continuing Care Retirement Communities (CCRCs) and other variations of retirement communities establish themselves in city centers, their residents find that they have excellent access to services, culture, and other activities due to public transportation in the city.
Where Is Your Family Moving to?
Family continues to be one of the most important factors in determining retirement locations. We always encourage our clients to review their options in the proximity of their family. It is often surprising to our clients that there are affordable retirement community options all over the country, and many new communities are opened each year.
Do You Need Help Planning Your Retirement?
We’ve helped hundreds of families plan their retirement living options and evaluate which community is the best fit. Contact us today to learn more about how we can connect you with the right community in your area. Call 866-846-6272.