To Move or Not to Move in Retirement

Though aging in place in retirement is an often expressed goal and popular preference of Americans planning for retirement, it may not be the best or even an attainable option. It may be better financially to down-size and treat the home as an asset to aid the retirement transition. Here are some considerations for making the choice for whether to stay in place:

• How much the current home will cost in retirement, including house payments, repairs, and accommodation remodeling .
• Whether adequate alternative transportation is available in the home’s area for when driving is no longer an option.
• How much in-home health care will cost in the area.
• What the social isolation risks are in the current location.
• Whether emotional ties, such as current doctors, a regularly attended church, or favorite entertainment venues, will be easily accessible after retirement from the current residence .

See Mark Miller, Aging in Place, Wealth Management, March 13, 2015.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.