Retirement changes so many aspects of your life. From not needing to work like you once did to having time to do everything you put off in life and, of course, making decisions about your living arrangements.
And the truth is there’s no one right or wrong way to live your retirement years as long as you make the choices that work for you. Especially when it comes to where and how you want to live.
But what are your options when it comes to where to live once you retire?
Staying in the Family Home
There is absolutely nothing that says you cannot live in the family home if you want to stay there. Unless you can’t manage the upkeep and care, or you simply don’t want to remain living there. The thing is, your family home will contain so many memories, and if your mortgage is paid off or nearly paid off, then there’s simply no need to move if you don’t want to or need to.
Downsizing
If you’re still happy to live independently but you don’t want to remain in a property that is too big for you to manage or you don’t want to deal with the upkeep, then you can downsize the property and find somewhere to live that is better suited to your needs.
Smaller homes often mean less upkeep, less cleaning, and lower utility bills, which, when you have a fixed retirement income, matters a lot.
Many retirees also use downsizing as a chance to move closer to adult children or grandchildren, trading square footage for proximity to family.
Independent and Retirement Living Communities
Retirement living communities offer a rental-based option with meals, housekeeping, and social activities built directly into the cost. This option gives you a place to live independently, but you don’t get the daily upkeep that comes with owning a home.
These communities are built to suit retirees who want their time freed up for hobbies, travel, or family rather than spending all of their retirement money on home maintenance. This is the ideal option for those wanting a community of similarly aged, like-minded people who don’t need any medical or personal care support day to day. And the majority offer flexible lease terms which can be appealing to those who don’t want to commit to buying property at a later stage in life.
Age-Restricted 55+ Communities
These communities are typically standard-owned homes or condos within a neighborhood restricted to residents over a set age, and they often have shared amenities like a clubhouse, pool, and golf course included. And unlike rental retirement communities, residents still own their property outright and manage their own home, but they get the benefit of living with their neighbors at a similar life stage, often with less noise and fewer families with young children nearby if this is something you want from your living environment. And on top of this, many communities offer organised clubs, fitness classes or social events built around a similar demographic, making it easier than ever to build the right retirement life for you.
