Menashe Morley Group

Tips for Home in Retirement

Posted on March 10, 2017

Today retirees are more empowered to pursue a home that fits their desired lifestyle and changing priorities. Achieving your best home in retirement requires careful forethought and preparation. You’ll need to consider a range of factors to get the most out of your home.

When deciding where to live in retirement, carefully consider a range of priorities that will be important to you in future life stages. These may include affordability, climate, proximity to family and friends, recreational or cultural activities, opportunities for continued work, access to good health care, etc.

Consider all expenses when forecasting potential home-related costs during retirement, including mortgage or rent payments; income, estate, and property taxes; and insurance, utilities, repairs and maintenance, and other expenses. It is also important to consider whether you might want to renovate or remodel your home in retirement, and plan and budget for those expenses as well.

Four out of five Americans age 65+ are homeowners, and among them 72 percent have fully paid off their mortgage. Paying off your mortgage before you retire can create greater financial security and peace of mind.

Half of retirees didn’t downsize in their last move – and, in fact, 30 percent moved into larger homes. Don’t assume you will downsize your home in retirement. Moving to a smaller home can provide cash and reduce expenses, but you may find your current or even a larger home better fits your lifestyle and family needs in retirement.

Prepare for long-term care, in case it is needed, by researching options that would enable you to receive care where you most prefer, whether you choose to move to supportive communities and housing or to stay in your own home. Consider home modifications and services that can empower you to remain in your own home if you face health challenges.

Where you live in retirement is more than just a financial decision, but it does have financial implications. Talk with your financial advisor about your housing options and preferences, and together you can develop a plan to bring those dreams to life. By considering these items now, you’ll be better prepared to live your best life in retirement.

For more information, contact The Menashe Morley Group in the Rancho Santa Fe office 858-381-8113.
The Menashe Morley Group, serving the community for over 30 years: David Menashe is a Senior Vice President and Wealth Management Advisor, Bruce Morley CRPC ® is a First Vice President and Wealth Management Advisor and John Naviaux CPWA ® is a Vice President and Wealth Management. Merrill Lynch makes available products and services offered by Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S) and other subsidiaries of Bank of America Corporation (BofA Corp.). Investment products: Are Not FDIC Insured, Are Not Bank Guaranteed, and May Lose Value. MLPF&S is a registered broker-dealer, Member SIPC and a wholly owned subsidiary of Bank of America Corporation. © 2017 Bank of America Corporation. All rights reserved.   ARSYWQFM

Menashe Morley Group

Menashe Morley Group

Photo Caption: Menashe Morley Group

Photo Credit: Photo by Zach Tanz