When you reach retirement age you are faced with a choice. Where you live will dictate much when it comes to your lifestyle for the rest of your days. Different states have different tax laws and the cost of living varies from state to state. Research shows that almost 90 percent of seniors want to remain in their current homes for at least the next five to 10 years. There is definitely a pattern of seniors to remain in the same house they raised their kids. The property isn’t a house it is a home and is full of memories. It’s also a constant in the lives of the family and a place for everyone to gather together during the holidays.
Out of that majority, studies found that 85 percent of the retirees believed that they will be able to remain where they are without making large home modifications. The government has some resources for you to take heed of if you plan on aging in place.
Healthcare is also a factor to consider when you are picking where you decide to live. Once you have picked the area you want to live in you will have to get to grips with any changes that you may have to confront. Depending on your insurance provider you may find you are better off in certain areas rather than others. Or you may be covered by Medicare. It was reported in 2021 the best states to retire or live in when you’re over 65, when it goes to healthcare, are Minnesota (home of the Mayo Clinic), North Dakota, and Massachusetts (hospital central). These top three states are closely followed by California and Nebraska.
As you get older you may eventually have to move out of the family home. If you require assistance during the day or help with mobility it might be time to downsize. Some homes are multi-story and stairs can become tricky as you age, especially steep angle access to floors or loft Instead of moving into assisted living you could potentially find a one-story residence. Having the primary bedroom on the first floor gives you peace of mind as you get older that you will minimize the chance of a fall.
Working out where you want to live will help you budget for your retirement better. Knowing you have excellent healthcare on your doorstep and that you are safe in your home might mean more than the memories of the property you lived in.
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