Many retirees make a big mistake and purchase a home or condo in a location they are not familiar with. Sometimes after they move they find they are not comfortable with their purchase or paid too much. If you are considering retiring to another location take a vacation there or rent a vacation home there to see if this is really the place you want to spend the rest of your life. If you like the area, consider purchasing a condo or home there and renting it out until you retire and are ready to move.
Where Will You Live?
The following list gives some generalizations about the housing options for seniors and retirees:
At home.
If they are healthy enough to care for themselves or if a member of the family or caregiver lives with them or can visit as often as is necessary to maintain their health and well-being.
At home with home health-care services.
Seniors who generally need constant assistance due to their age or because of some disability live in this type of arrangement.
With a family member or friend.
In an assisted-living or retirement community.
Traditionally these facilities offer additional care for seniors who can function independently. They offer assistance with both personal care and medical care.
In a continuing-care facility.
These facilities are actually retirement homes that allow seniors to move into a nursing home on site when/if necessary.
In a nursing home.
These facilities provide skilled medical care for seniors who are dependent on others for daily functions. They have medical staff available 24/7.
Hospice services.
Are appropriate for the terminally ill and are available from weekly visits to around-the-clock attendance or in a hospice facility. Hospice services are connected to and work with physicians and hospitals to provide a maximum amount of emotional support to both patient and family. Hospice care typically refrains from using extraordinary measures to prolong life, but focuses instead on alleviating pain.
6 Things to consider when choosing a "retirement friendly" place to live: Remember that what seems great for you and your spouse when you are in your early 60's may very well not work at all later in your retirement years.
- Chose a location where you can easily reach stores and services by public transportation or by walking. Prepare for when you are no longer able to drive.
- Has an outside entrance without steps.
- Has a bedroom and bathroom on the main floor.
- Has nonskid floors and grab bars or room to install them in the bathroom near the shower and toilet.
- Has doorways at least 36 inches wide to accommodate a wheelchair.
- Has an extra room to accommodate a live in home health aide.