Retirees enjoy the freedom to move wherever they desire without a job or young family tying them down to their current location. Retirees often move during retirement, with a decent portion moving out of state. However, there are many things to consider before you book those movers and sell your house.
Before selecting your dream retirement home, consider some of these things to help save you time and money down the line.
- Your Budget:Regardless of age, amenities play an important part in choosing a new home. Make a shortlist of what you need and want. Think about fitness, community activities, proximity, and maintenance. No one knows exactly what will happen in the future, but it’s unlikely that the cost of living will fall. Don’t stretch your budget and think practically about what you want and what you need.
- Location, location, location: Make sure you are in a convenient location to the activities that you enjoy doing. Also, consider your climate preferences—do you enjoy all four seasons or would you prefer a place that’s warm all year round? What is the distance to a major airport if you enjoy traveling or if your family and friends live far away? Finally, even healthy people should keep access to quality healthcare facilities in mind when buying a home.
- Single Level Living:While selecting a retirement home can be fun and exciting, it’s important to look at the functionality of it for your current and future self. Homes with sunken living rooms, large bathtubs, and stairs, may be appealing now but may not be in the future. Steps, whether inside or outside the home, can be a problem for someone who requires a wheelchair or walking aid.
- Home Layout:Many homeowners today enjoy open floor plans for socialization reasons, but it is also a lot easier for seniors to maneuver with a walking aid or motorized chair. Look for wide hallways, open space, and 36-inch doorways. You should also be aware of appliance heights. Will you always be able to bend down to use the oven or do the laundry? Can you easily reach the microwave? Lower counter space, in at least some stations, may be beneficial for future use.
- Walk-in Shower or Step-in Baths:While you may love to sit and enjoy a nice warm bubbly bath now, that may not be as accessible when you’re 80. Look to have at least one step-in shower in your retirement home. Another thing to consider is having the space for future grab bars near showers and toilets.
Make sure you give yourself enough time to sort through your home, find the perfect place, and complete the move. Think about what you enjoy now and what you may enjoy or need in 10-15 years. After you’ve settled into your retirement home, you will have the opportunity to relax, explore, make new friends, and spend time doing the things you love without worrying about having to do another move in your advanced retirement years.
Check out our blog for other retirement planning ideas.
The opinions voiced in this material are for informational purposes only and are not intended to provide specific advice to any individual. Consult your legal, tax, and/or financial advisor to determine what is appropriate for your situation.
As a Registered Investment Advisor (RIA), Partnership Wealth Management is committed to providing our clients with financial planning and wealth management services to help them work towards their financial goals. At Partnership Wealth Management, we have a long history of working with the LGBT community. Among the many services we offer are financial planning and estate planning strategies for gay and lesbian couples. Financial planning is an important part of preparing for the future; contact us today to get started: www.partnershipwm.com.
Author Profile
- Throughout my nearly 20 years as a Financial Advisor, I have seen some of the best and worst markets in our history. That experience allows me to approach my clients with the knowledge of how the markets fit into their greater financial picture. At Partnership Wealth Management we help everyday people who have accumulated wealth make sense of what they have and work with them to maximize their financial opportunities in a relaxed, comfortable, and professional environment. While we help people from all walks of life, many of our clients are same-sex couples searching for a knowledgeable, LGBT-friendly financial advisor to help them with their unique financial planning needs. I am a CERTIFIED FINANCIAL PLANNER™ professional and have the Accredited Domestic Partnership Advisor(sm) designation. As a Registered Investment Advisor, we are not tied to any company’s investment products allowing us to provide unbiased advice by offering a wide array of investments and other products to our clients. Since 2001, I have been writing articles on financial planning for several regional newspapers and have been a guest speaker on LGBT financial issues for various local and national organizations. Additionally, I have conducted financial planning workshops for large corporations and government agencies. Non-Profit Work I believe that it is important to give back to the community and currently serve as the treasurer for FreeState Justice and as a co-founder/president of Paws for a Cause. I’m a current member of several LBGT, environmental, and local community groups. Personal My wife, Heidi and I enjoy camping, hiking, and traveling with our daughter, Elise, and our dogs, Fenway & Roxy. Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™ and federally registered CFP (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
