Money in the Middle

Sandwich Generation Talking About Money Up, Down and Across Generations

Will Retirement communities turn into working communities?

with 3 comments

Okay baby boomers, the road to retirement will be working longer. Here’s one more change in our retirement plans. The economy is changing the way we think about where we want to live as we age, according to new research on housing trends. 

 

 While most 55+ consumers prefer to stay in their current homes as they age, an increasing number are moving to age-restricted communities – and not in the normal “retirement zones” but in places that are close to work and family and friends, according to research from the MetLife Mature Market Institute (MMI) and the National Association of Home Builders (NAHB). 

 

This is a trend that can have a big impact on families and their ability to provide support in times of need.  It is also recognition that while many of us will be working longer; we want to keep some of the aspirations of retirement like a new one-floor home and no grass to mow.  

 

So if you or family members or friends are thinking about moving in retirement (or buying now because prices are low), here are some things to consider along with buying into the “retirement life-style”:

1.  What type of access will you have to medical care – especially hospital services?

2.  If you need care or help due to a medical issue who will you call on locally for help?

3.  If you move to an age-restricted community, how will you feel about it as the community ages?

4.  If you move away from family to a less expensive area, will you be able to afford to buy back near family in the future if your circumstances change?

5.  Is the home suited to “aging at home”—wide doorways, no steps.

 As more retirement communities become working communities it’s a good idea to plan ahead and think about how it will work for you and your family as you age.  

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Written by Laura Rossman

April 30, 2009 at 10:06 am

3 Responses

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  1. […] The rest is here: Staying Near Work and Family Changes Retirement Housing Plans […]

  2. The question is how will they fund their long term care?

  3. Location is always going to be a major element in buying a home. I personally know of a company, Regan Development that builds lots of apartments in the New York and New Jersey areas. They also have some communities for seniors who are getting tired of putting up with their neighbor’s noise, and want to move in among more mature neighbors. They have lots of prime locations that are civilization and things like hospitals and retail areas for shopping and possibly jobs.


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