Yesterday I talked about life as a journey, as part of the journey, no matter how we view it, we need to have somewhere to live. Back in 2014, Merrill-Lynch did
a study of what retirees do when they retire to answer the question do, we stay
in place or do we move. The Study was called Home in Retirement: More
Freedom, New Choices A Merrill Lynch Retirement Study conducted in partnership
with Age Wave
The results were interesting,
with new freedom to decide where they want to live, many of us make the
decision to move to a different home, community, or even to a new part of the
country. An estimated 4.2 million retirees moved into a new home in 2013.
Sixty-four percent of us say we
are likely to move at least once during retirement, with 37% having already
done so and 27% anticipating doing so.
We want to move to lower home
expenses, move closer to help if we are encountering health challenges. Divorce
or widowhood, and empty-nesting can all be triggers for moving in retirement.
However, retirees cite “wanting to be closer to the family” as a top reason for
moving.
Many of us assume that once we
retire, we will downsize our home. Our children have moved out, we need less
space, we don’t want the maintenance hassles of a larger home, and moving to a
smaller home might free up cash. In fact, many pre-retirees assume they will
downsize to help pay for their retirement. However, those of us who expect to
downsize when we retire may be surprised to learn that half of those who did
retire did not downsize in their last move. In fact, three in ten upsized into
a larger home.
We want to upsize is to have
a home that is large and comfortable enough for family members to visit and
stay with us. Many of us are empty nesters and our adult children,
grandchildren, and other family members may live in disparate parts of the
country. Our homes become places for family to come together and reconnect,
particularly during holidays or summer vacations.
Many of us also say we upsize
so that family members can live with them if needed. According to this study,
one in six of us has a “boomerang” adult child who has moved back in. In fact,
due in part to adult children returning to their parents’ home, the number of
multigenerational family households doubled between 1980 and 2010, from 11% to
22%.
Those of us who have downsized
in our last move cite freedom from the financial and maintenance burdens of a
larger home as the top reasons to downsize. By reducing expenses and releasing
equity tied up in a larger home, downsizing can help make retirement more
financially secure.
According to this study, just
7% of retirees have moved into age-restricted retirement communities. However,
there is a growing diversity of retirement communities designed to meet the needs
and aspirations of new generations of retirees. Today, approximately 100
retirement communities have ties to universities, affording opportunities for
continued learning and connections with both students and alumni. Other
retirement communities have been created around niche interests and affinities,
such as religion and spirituality, art and theatre, and hobbies
While roughly two-thirds of us
are likely to move at least once in retirement, the other one-third anticipates
staying where they are throughout their retirement years. The reasons many
retirees don’t move reveal the deep emotional connection we have with our home.
Retirees who don’t plan to move cite, “I love my home” as a top reason for
remaining where they are.
Our homes are both a
financial asset and also an important emotional asset – representing memories
with family and treasured life experiences. Prior to age 55, most of us say the
financial value of our home outweighs its emotional value. As we age, however, we
are far more likely to say their home’s emotional value is more important than
its financial value
Overwhelmingly, we say our
top preference for receiving extended care, if needed, is to age in place in our
own home. With new technologies (such as telemedicine and remote diagnostics)-,
growing numbers of home care providers and services, and renovations to make
homes more ageing-ready, it is increasingly possible for those of us with health
challenges to continue living independently at home.
In fact, there has been a significant shift in where people are receiving care. The number of nursing
home residents have declined in the past, while at the same time the number of
people receiving care at home has increased
.
As we enter our later retirement years and the
need for all types of long-term care increases, new services, technologies, and
options will continue to develop to enable us to receive care how and we most
desire
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