Changing housing needs in Retirement
Understanding how your housing needs may change during your retirement years.
Key Takeaways
- Conduct a housing affordability audit: Ask yourself 'Can I afford my present house?' and if not, explore downsizing to a smaller home or relocating to a lower-cost geographic area to reduce your largest expense
- Evaluate your home's accessibility today for potential future physical limitations (wheelchair access, fewer stairs) rather than waiting for a health crisis to force an expensive renovation or move
- Consider your housing location's proximity to transportation, activities, family support, and social engagement—these factors directly impact quality of life and may require a move to a more connected community
- Review your mortgage strategy: determine whether paying it off, refinancing, or exploring a reverse mortgage makes sense for your retirement cash flow and long-term care funding
- Plan ahead for support needs by identifying whether your current home can accommodate family caregiving or if you'll need to transition to assisted living or special housing options
Understand how your housing needs may change during your retirement years. Anna Rappaport discusses different housing options for retirees and how housing determines your access to a wide variety of services and activities.
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