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Tips for Your Home in Retirement

The Menashe Morley Group

Tips for Your Home in Retirement

With newfound freedom and unprecedented longevity, retirees today are more empowered to pursue a home that fits their desired lifestyle and changing priorities. Achieving your best home in retirement requires careful forethought and preparation. You’ll need to consider a range of factors to get the most out of your home in retirement.

Half of retirees didn’t downsize in their last move — and, in fact, 30 percent moved into larger homes1. Don’t assume you will downsize your home in retirement. Moving to a smaller home can provide cash and reduce expenses, but you may find your current or even a larger home better fits your lifestyle and family needs in retirement.

Whether you decide to move or stay in your current home, carefully consider a range of priorities that will be important to you in future life stages. These may include affordability, climate, proximity to family and friends, recreational or cultural activities, opportunities for continued work, access to good health care, etc. Look into “trying out” a potential area to live in retirement with extended visits or short-term rentals.
Consider all expenses when forecasting potential home-related costs during retirement, including mortgage or rent payments; income, estate, and property taxes; and insurance, relocation, utilities, repairs and maintenance, and other expenses.

Four out of five Americans age 65+ are homeowners, and among them 72 percent have fully paid off their mortgage[1]. Assess whether you should pay off your mortgage before retirement. Paying off your mortgage before you retire can create greater financial security and peace of mind. But consider your risk tolerance, interest rates, taxes, estate planning, and other investment opportunities into your decision.

Prepare for long-term care, in case it is needed, by researching options that would enable you to receive care where you most prefer, whether you choose to move to supportive communities and housing or to stay in your own home.

Consider home modifications like installing lower counters and tables, lever handles, bathroom safety features, and changing your living situation to avoid the use of stairs can make it easier to get around your home. Home care services and health monitoring and alert technologies can enable you to continue living independently as long as possible.

Where you live in retirement is more than just a financial decision, but it does have financial implications. Talk with your financial advisor about your housing options and preferences, and together you can develop a plan to bring those dreams to life. By considering these items now, you’ll be better prepared to live your best life in retirement.


For more information, contact The Menashe Morley Group in the Rancho Santa Fe office at 858-381-8113.

The Menashe Morley Group
The Menashe Morley Group

The Menashe Morley Group, serving the community for over 30 years: David Menashe is a Senior Vice President and Wealth Management Advisor, and Bruce Morley is a First Vice President and Wealth Management Advisor and John Naviaux is a Financial Advisor for Merrill Lynch, Pierce, Fenner & Smith Incorporated.


Merrill Lynch makes available products and services offered by Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S) and other subsidiaries of Bank of America Corporation.


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MLPF&S is a registered broker-dealer, Member SIPC and a wholly owned subsidiary of Bank of America Corporation.


© 2015 Bank of America Corporation. All rights reserved.

[1] Bureau of Labor Statistics, 2013


Photo by Andy Templeton


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