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Where Should My Aging Parents Live in Retirement?

via: Staff Writer of RMF

Budget and Lifestyle Matter

When retirement approaches, many people anticipate big changes. For some, that means finally having the time to travel and/or see family, volunteering or taking up a new hobby or interest. But it may also spark the desire to relocate after retirement offering a fresh start in a new home that better fits their changing needs.

 

According to a survey conducted by Merrill Lynch and Age Wave, older Americans are less worried about their home-related finances and more excited by the new opportunities retirement brings. While 2/3 of retirees say they’re living in the best home of their lives, the rest are wondering if they should stay put, downsize or consider alternatives like assisted living. If that sounds like your parents or other older family members, ask them to consider the impact a new location could have on their lifestyle, finances, family and well-being. Is it time to move, or have they been living in their dream home all along?

 

  • Priorities. What’s the most important factor in your parents’ decision to move (or not)? Is it price, weather, proximity to friends and family, or access to familiar healthcare providers? Narrowing down what’s most important should be their first step.

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