Have you thought about where you’ll retire?

from Real Estate Report - April 2023

The Medicaid estate claim – how Medicaid can take YOUR house

Brought to you by –Dan

Griffin, Compass Realty

If you’re approaching retirement age, it’s important to start planning for where you’d like to live as you get older. Especially if you’ve lived in the same place for many years, you may not want to leave the familiarity of your community. However, you may need to renovate your home to make it safe by adding ramps, a stair lift, or walk in shower. It's also important to think about how you’ll manage home maintenance as you age. Consider whether you’ll be able to access public transport nearby if you’re unable to drive as you get older.

Downsizing can be a great way to cut down on home maintenance costs. Just remember to factor any cost-of-living differences and moving expenses into your decision making.

GRIFFIN

Many retirees choose to downsize or relocate to be closer to family or to enjoy warmer weather. If you’re thinking about moving, make sure you choose a place where you’ll have access to healthcare, public transportation, and opportunities for socializing.

Moving into a continuing care retirement community is another option you may be considering. Although these usually have a significant upfront cost, they can give you peace of mind about the future. You don’t have to worry about access to healthcare and amenities because everything is at your doorstep. These communities also offer plenty of opportunities for social connection. Just make sure you’re aware of the ongoing fees and contract terms before you decide.

Choosing where to retire is a big decision that has many implications for your future. That’s why it’s important to take control by beginning to plan for your retirement sooner rather than later.