4/10/2015 – Renovation vs. Relocation in Retirement (The New York Times)

Apr 10, 2015 Comments Off by

Should you downsize and move to a new neighborhood? Or renovate the family residence to suit your retirement needs and lock in for the long term? It is one of the most vexing questions older people face as they plan the shift from a working life to retirement.

An estimated 36 percent of retirees plan to stay in their homes, according to a Merrill Lynch and Age Wave report released in February. Most said that was because they loved their home and neighborhood or because they valued the ability to remain independent while still having friends and relatives close by.

The relationship between financial and emotional value shifts over time, however, according to the report, which is based on a national survey of more than 3,600 people. Between the ages of 55 and 64, half said their home’s financial value was more important, while half said its emotional value was. From ages 65 to 74, 56 percent said home’s emotional value was more important, compared with 44 percent who said its financial value was. At 75 and older, 63 percent said emotional value while 37 percent said financial value.

Read the full article in the New York Times.

Financial Landing 2015

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