seniors

Seniors Have More Freedom

by
Green Escrow | Real Estate News

A new study by Merrill Lynch – “Home in Retirement: More Freedom, New Choices” – indicates that by age 61 the majority of seniors feel free to choose where they want to live. Obviously, during their working years, most people traditionally have lived within a reasonable commuting distance from their place of employment.

However, as they entire retirement, these seniors have now crossed the Freedom Threshold, as the survey calls it, in which they can live wherever they choose. Most retirees move at least once during retirement but only roughly 50 percent actually downsize to a smaller home. In fact, roughly 30 percent actually upsize to a larger home, primarily to allow other family members to visit and stay with them.

Moving in Retirement

by
Green Escrow | Retirement

Bankrate’s recent survey “Would You Move in Retirement?” of 1,000 adults nationwide revealed that 60 percent of Americans want to spend their retirement years in another city or state from where they currently reside. It should be noted, however, that the percentage of those desiring to move was much higher the younger the respondents. In fact only 20 percent of those surveyed age 65 and older said they’d consider moving.

Of course, living on a fixed income is a major concern for those in retirement and nearly 75 percent of those surveyed cited finding a lower cost of living as “extremely important” when retiring.

It is estimated that households approaching retirement have only $14,000 set aside in retirement accounts on the average. Elder poverty rates escalate rapidly as seniors reach their mid-70s.

Baby Boomers Staying Put

by
Green Escrow | Real Estate News

According to The Demand Institute, Baby Boomers – the post World War II generation – are not moving from the suburbs to cities, are not selling their homes in favor of renting, and are not planning to move away from family to warmer climes. They are staying put (“aging-in-place”) for a variety of reasons, a major one being that many lost a considerable portion of their retirement wealth.

The report added that, rather than down-sizing many are looking to increase the size of their homes snd insist on remaining near children and grandchildren.