Working Caregiver- Planning your Retirement Home
Good things to consider when planning your retirement
Planning your Retirement Home
Did you know that in 2006, the oldest of the baby boomers turned 60 years old. The U.S. Census Bureau has compiled some fun facts about the generation born between 1946 and 1964. Among these are:
- 7,918 people are turning 60 every day; this is about 330 per hour
- Baby boomers comprise 30% or more of the population of Alaska, Vermont, New Hampshire, and Maine. (Does this debunk the myth about Seniors wanting warmer climates?)
- By 2030, there will be 57.8 million baby boomers still living.
- 81% of persons age 65 or older own their home.
According to the American Association of Retired Persons, every 7 seconds another American turns 50. And the National Association of Home Builders projects that by 2012, 40% of the U.S. population will be age 55 or older.
What do these statistics mean? Generally, the population of the U.S. is getting older and that most seniors own their homes. There have been many studies conducted on the 65+ years old senior population. Results of these studies indicate that this generation, many of which are parents of baby boomers, sought affordable housing close to their former neighborhoods or to high quality community service areas and activities. The younger baby boomer seniors, however, looked at different criteria to select their next home. Most of the features stated were based on life style decisions such as a better neighborhood, larger home, shorter commute, or a second home.
These general statements of wants indicate that few seniors actually plan for their physical retirement home. There are many options available these days to accommodate the emotional and physical needs of senior citizens. A good retirement plan will include not only financial issues, but also physical and emotional issues. Questions that need to be answered honestly include:
-
Are you planning to continue to work, even part-time?
-
How important is the social aspect of work to you? Do you need to interact with other people on a daily basis?
-
What will you do to fill your time? Do you have a hobby or interest you want to develop? Or is a golfing community preferable?
-
Do you want family and friends to stay overnight when they visit? This affects the size of home you will want.?
-
Will you begin or continue with volunteering and community activities? This will help define the location.
It has been said that the best time to plan for retirement is 5 years before and 5 years after you retire. To get the most from your golden years, plan your retirement and remember to include your home in the plans.
By Sandra McElvaney,
REALTOR, SRES (Senior Real Estate Specialist)
Real Living, LifeStyles Realty
Contact Sandra and Gary McElvaney
| 
