Do you move or do you stay 2

To summarize this Merrill Lynchstudy reveals new choices and opportunities retirees have to live in homes and communities that can make their lives even more fulfilling. Achieving your best home in retirement and navigating challenges requires careful forethought and preparation, including:

1. When deciding where to live in retirement, whether you decide to move or stay in your current home, carefully consider a range of priorities that will be important to you in future life stages. These may include affordability, climate, proximity to family and friends, recreational or cultural activities, opportunities for continued work, access to good health care, etc. Consider trying out a potential area to live in retirement with extended visits or short-term rentals.

2. Consider all expenses when forecasting potential home-related costs during retirement, including mortgage or rent payments; income, estate, and property taxes; and insurance, relocation, utilities, repairs and maintenance, and other expenses. It is also important to consider whether you might want to renovate or remodel your home in retirement and plan and budget for those expenses as well.

3. Assess whether you should pay off your mortgage before retirement. Paying off your mortgage before you retire can create greater financial security and peace of mind. But there are many factors – such as your risk tolerance, interest rates, taxes, estate planning, and other investment opportunities – that you should factor into this decision.

4. Don’t assume you will downsize your home in retirement. Moving to a smaller home can provide cash and reduce expenses, but you may find your current or even a larger home better fits your lifestyle and family needs in retirement.

5. Prepare for long-term care, in case it is needed, by researching options that would enable you to receive care where you most prefer, whether you choose to move to more supportive communities and housing or to stay in your own home.

6. Consider home modifications and services that can empower you to remain in your own home if you face health challenges. Modifications, like installing lower counters and tables, replacing lever handles, enhancing bathroom safety features, and changing your living situation to avoid the use of stairs, can make it easier to get around your home. Home care services and health monitoring and alert technologies can enable you to continue living independently as long as possible.