Although many baby boomers heading toward retirement prefer homes that are affordable, close to family, and accessible to medical care, most will probably stay put, thanks to the current economy, reports Nola.com.
More than half of boomers, at 52%, say they’re unlikely to move someplace new in retirement, and 40% say they’re very likely to remain in their current home throughout all of their retirement.
Older boomers are even more strongly convinced that they’ll stay put: 48% say it’s extremely or very likely they’ll stay in the home they live in now throughout their retirement, compared with 35% of younger boomers, says Nola.
From the ranks of 77 million baby boomers, only 9% say they are strongly convinced they’ll be able to live comfortably in retirement. A majority, at 60%, report their retirement plans, real estate, and investments have lost value during the economic downturn, and as a result 53% of those people say they’ll have to delay retirement. Most boomers plan on working during retirement, at 73%.
“There’s a concern about whether people will get money out of their house,” said said Barbara Corcoran, a New York-based real estate consultant, in the article. “They envision the home as a problem, not an asset, and this unshakable belief in homes as a tool for retirement has been shaken to the core.”
For the few who plan on buying a home in retirement, considerations for moving include downsizing (40%); being closer to medical offices (39%); a different, perhaps warmer climate (30%); a more affordable home (25%), and being closer to family (15%).
Read the full article here.
Written by Alyssa Gerace