When you think about your retirement, one of the biggest considerations that you should plan for is where you’re going to live. Housing is one of the biggest claims on your monthly finances. And when you’re on a fixed income, it’s vital that you know where you’re going to be living and how you’re going to afford to stay there.
To help you in making all of these decisions, here are three things to consider when planning for housing during retirement.
Set Yourself Up For Aging In Place
One option that might be appealing to you is to stay in the home you’re currently in. However, if your plan is to age in place, there are a few things that you might need to get set up for yourself before this can be a viable option.
First of all, you’ll want to make sure that the money you’ll be bringing in monthly as a retiree will cover your rent or mortgage. Along with this, you may need to make some adjustments to the home so that you can stay safe and comfortable there as you age. This could include making changes like eliminating any steps around the house, widening doors and hallways, and adding grab bars in the bathroom and other areas where slips and falls are more likely.
Who You’ll Live With
Another option that you may want to consider is moving in with someone or having someone move in with you at a certain point.
If you think that you might need help taking care of yourself, or you’re just concerned about getting lonely when you’re not going to work anymore, getting a roommate could be a great idea. This could either be someone in a similar station of life as you or someone like a family member that has space for you to join them in their home. This option can help to reduce your monthly costs significantly.
The Level Of Care You May Need
Something that you’ll want to think about as you consider what your housing needs will be while in retirement is the level of care that you may need. For some people, moving into a senior living facility might be needed while others would best be suited for assisted living.
If you think that you’ll need to have help taking care of yourself in one way or another, it can be helpful to have saved up for this eventuality. It can also be beneficial to have done some research about what kind of facilities you might want to live in and talk about this with your family so that you’re all on the same page here.
To help ensure that you always have a plan for housing after retirement, make sure you consider some of the options mentioned above.
