Reaching retirement age means finally walking away from decades of the daily grind and shifting focus on all the things you planned to do, but haven’t gotten around to yet, right?
For many people, embracing that dream might mean running the numbers for downsizing. But you don’t always have to downsize once you hit retirement. If you’re keen on keeping your place as-is, here are some options to consider.
Rent Space
If your property is large enough to accommodate multiple buildings, then you might consider short-term rentals. Services like Airbnb make it possible to host people from all over the globe. If you live in a city where there are plenty of amenities nearby, you may have guests all-year-long. Renting part of your space can be a great way to supplement your retirement income. If short-term rentals aren’t your thing, some seniors are living together ‘Golden Girls’ style.
Add a Home Lift
Many seniors feel the need to downsize their multi-story homes after retirement. The lack of need for extra space is one reason, but stairs and their daily use is another. A home lift can make areas of your home accessible once again. As reported by home lifts brand Lifton, they can be installed just about anywhere in the home and have a remote control to call the lift to any floor. A home lift is a great option for anyone who wants to maintain their independence in a multi-story home. The size and style will depend on your personal choices, but they can significantly increase mobility. New technology has made home lifts much quieter compared to older private home lifts.
Run the Numbers
The primary reason why many seniors consider downsizing is the savings potential. But are you really saving that much money if you buy a smaller house? Smaller sized homes see a lot of competition from homeowners aged 65 to 74. If you don’t see significant savings in the purchase and maintenance cost of your home, the decision may not be worth it.
Prepare for Home Care
If you need extra assistance in your day-to-day activities, a home care assistant might be useful. These assistants can perform a variety of tasks for you in addition to monitoring your health. The home health care industry is booming as retirees are avoiding downsizing homes. Visits from a specialist can help ensure all medication is administered at the correct times. They also provide valuable companionship for those living at home by themselves.
Look to the Community
If you’re a valued member of your current community, moving to a new place may not be ideal. Staying active with friends in your current neighborhood can do wonders for maintaining your health. Having social connections in the community is a vital part of enjoying your retirement. Moving away to a cheaper area with fewer neighbors may mean fewer opportunities to engage with those around you. Don’t underestimate the importance of staying active in your old age. Senior centers and other activity halls catered towards retirees can help you meet new people if you do decide to move to a new area.
