Downsizing housing in retirement doesn’t have to be a negative. Apartments with amenities can be cheaper and easier to maintain than a home. They also come with the added bonus of a close-knit community that can be a boost to social life.
Retiring comfortably with plenty of funds for the perfect beachside condo is simply not realistic for many Americans. A recent public policy institute study on housing by the American Association for Retired Persons found that many older adults are facing more difficult circumstances today than they were at the turn of the century. This has left many people searching for the most affordable housing options on the market.
1. Downsizing
One of the best ways to preserve your nest egg is selling your present home for a smaller, more affordable option. This can also include selling land to reduce property taxes or moving into a community housing arrangement set up on smaller lots. But more than size and land, location can be the deciding factor in whether or not opting for a smaller home will save you money in the long run.
2. 7 considerations
More than 40 percent of Americans ages 50 to 64 plan on moving within the next five years, according to Nielsen’s Demand Institute. If you’re one of them, there are some very important factors to weigh before signing the closing papers. There are seven, to be exact, says a collaborative study conducted by MetLife Mature Market and Stanford Center on Longevity: Housing, transportation, safe neighborhoods, health care, supportive services, amenities and social integration.
3. Back to school
The AARP has surveyed many retirees who are opting to live their retirement years in college towns, as many developers are building retirement communities affiliated with universities. These developments often give residents full access to university facilities, not to mention an affordable array of sporting events for retired sports enthusiasts. Living close to colleges and universities also allows retirees the option of pursuing continuing education opportunities like courses in art, cooking or a foreign language.
