Wednesday, March 10, 2021 / by Paul Newman
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Choosing a place to live during your retirement years can be tricky. Do you stay in the same family home you’ve been living in for years? Do you downsize and move to a retirement community? Is it too late to just sell all of your belongings and move to a deserted island? Here’s a quick guide, breaking down the pros and cons of different retirement living choices.
If you decide that downsizing is the best choice, explore your options with Statesboro Real Estate. Call us today at 912-481-1117.
There are a lot of benefits to living in a retirement community. First, there are several different types to choose from. Independent living communities are generally 55-and-over housing developments that offer low-cost, no-maintenance living in condos, or semi-detached homes. Meanwhile, if you have any medical needs, assisted living communities offer an excellent route to personal care when you need it.
However, retirement communities aren’t necessarily perfect. You may have to give up a measure of independence, as housing developments or apartment complexes such as these often have strict rules when it comes to what you can and can’t do with your home. These communities are often not that great if you crave privacy and solitude, as you often have neighbors not just on either side but even sometimes above and below you as well!
Aging In Place
Some people recommend aging in place as a retirement living option. You’ll be staying in a home and a neighborhood that you’ve known and grown accustomed to for years, which provides both comfort and convenience. You get to experience the cherished memories of all the good times you’ve had raising your family all around you at all times, something you can’t say when you decide to move into a retirement home!
The drawbacks of enjoying your retirement years in your existing house can be pretty extreme, though. Empty-nesting a big family house means you’ll be paying a lot for upkeep and maintenance, something you could avoid by downsizing. Also, your existing home might not exactly be senior-friendly, and you might need to shell out some serious cash to renovate or remodel your home to accommodate any physical limitations you might have.
If you do decide that downsizing is the right option to explore, then you need to put together a plan to ensure you can afford your new space. If you need some help in that department, check out an online affordability calculator, which can help you determine what you can afford. These calculators will take a number of different factors into consideration, including your annual income, monthly expenditures, the type of loan you choose, and the down payment you can afford to pay. So, it’s important to get prepared before you begin looking for a new home.
A Word About Affordability
There’s one thing that’s true about your retirement living arrangements: No matter what you choose, you’ve got to pay. Financing your retirement living means paying either rent at a retirement community or paying for upkeep on a home you own outright, and you’ll need some hefty retirement income to make that happen.
This means you need to be prepared. Take time before you retire to look over your finances and review your savings strategies with a financial planning expert, as he or she will be able to point out ways to increase the retirement savings that you might have overlooked. Even if you’re more of a do-it-yourself type, consider checking out a handy online retirement calculator to double-check your work, as a little backup can’t hurt.
The choice between moving into a retirement community or aging in place in your existing home will require a lot of thought. Your circumstances are unique, and choosing one over the other might be easier (or harder!) for you as compared to someone else. It’s not so uncommon for retirees to turn to any number of different options, such as moving in with relatives or adult children or even driving cross-country in a luxurious RV. What matters most is that you examine all of your options, review your finances, and make an informed decision from there. That will guarantee you experience the retirement you so richly deserve.