What are your retirement plans? Are you heading for warmer weather? The golf course? The water? Closer to family? Regardless of how close (or not) you are to retirement, it has at least crossed our minds at some point and in some fashion. So how have you thought about retirement? Are you choosing to stick around or move on?
More and more retirees and elderly are sticking around for retirement. Fewer retirees are actually packing up and moving to other locations. They are, however, still taking time for retirement and doing the things they love, but are still staying put. Why do you think that is? There could be several reasons for this.
- Economics. The first and foremost reason for retirees staying where they are is mostly due to economics. Most don’t have the money to pack up and move and start another chapter of their lives in a totally different area. Sure there are other locations to retire that are more cost effective than others, but often times retirees have just enough to live on and in their nest egg that using some of that to move could be problematic.
- Housing market. While the housing market is still in the buyer’s favor, it doesn’t mean that properties are selling any quicker. For retirees to move, this may mean putting up a piece of property, or properties, for sale. This may also mean selling a piece of property that has remained dear to a family for quite some time or that has been inherited. If this isn’t a concern for some retirees, the possibility of a sale taking a significant length of time is still a factor.
- Health and Comfort. Another big reason why retirees choose to remain where they are and where they have lived through most of their adult lives is because it is comfortable. They are familiar with the area, possibly have family and/or grandchildren nearby, they are involved with their communities, and it just still feels like “home”.Some retirees also may also have health concerns and would prefer remaining in a home where they feel comfortable and have doctors or other health care providers nearby that they are comfortable working with. Moving to an entirely new location with health concerns could be a little disconcerting, especially during retirement age.
While some retirees do pack up and head for warmer weather or the ocean to spend their golden years, it’s actually cliché and somewhat of a common misconception. It is true that many retirees spend their retirement traveling, being tourists, and seeing the world, but there is also the large number that is completely happy with staying put. All in all, regardless of your age or how close you are to retirement age, there is no right or wrong retirement dream. How will you spend your retirement years?