To Move or Retire In Place? 6 Steps To Help You Decide

Deciding where to retire is no small feat. It’s a big decision that includes not just where but also how to live. In fact, when you choose whether to stay in your current home (also known as “retire in place” or “age in place”) or relocate to a different city, you’ll need to consider a variety of factors such as cost of living, availability of quality healthcare, housing costs, estate taxes, climate, and even proximity to an international airport.

But don’t let the complexity overwhelm you. Tackling this project can be a rewarding exercise that can give you a sense of control over your retirement destiny.

In this article I’ll share 6 key steps to guide your decision making process, along with questions to consider. I’ll also highlight some crucial points, like living costs, retirement community options, and more.

6 Steps to Help You Decide Whether to Move or Retire In Place

A study conducted by AARP found that 77% of people over the age of 50 want to stay in their homes as long as possible during their retirement years. Here are 6 steps to help you create your own plan as you decide whether this is the right choice for you.

1. Consider Your Community’s Senior-Friendly Infrastructure

If you’re thinking of staying put in retirement—which is totally fine, by the way—you’ll want to be sure your community can support you as you age. It’s all about being able to rely on these amenities and services in the long run. Because when it comes to enjoying those golden years, the little things can make a big difference! Access to health services and affordable living costs are important, of course, but there are more factors that make a community senior-friendly.

First up, let’s talk about getting around. What is public transport like where you live? Are there buses, trams, or trains that run regularly? If driving isn’t in the cards anymore, you want to know you can still get to where you need to be. Does your city have those nifty transport vans that are dedicated to helping seniors get around? That service can be a real lifesaver.

Next let’s consider senior centers. Are there any in your area? A good senior center acts as a hub for seniors, offering all sorts of activities and support. They’re great places for retirees to keep active and social and get a bit of help when needed.

2. Revisiting the Age-Friendly Aspects of Your Home

So, we’ve talked about the community, now how about your home? It’s your sanctuary, where you unwind and where you’ve made many cherished memories. But you need to question whether it’s prepared to cater to your needs as you venture into your golden years. This is a big but vital topic. 

Start with your home’s layout. If it’s one level, that’s perfect. If you have multiple stories to contend with, you might want to ensure that all key amenities are on the ground floor. You don’t want to have to navigate stairs every time you fancy a midnight snack or an early morning cup of tea!

Now, let’s look at something you probably haven’t given much thought to—doorways. Are they wide enough to accommodate a wheelchair should you ever need one? If not, it might be worthwhile considering expanding them (at least the ones you use regularly).

And speaking of doors, those round knobs may not seem problematic now but they can become a bit of a hassle as we age. Switching to lever handles can make life significantly easier.

Next let’s take a stroll outside. Do you have steps leading up to your front door? If yes, adding ramps can be an excellent idea. It’s a win-win—it will improve your ability to access your home and also be beneficial for visitors with mobility challenges.

Finally, let’s venture into the bathroom. A little bit of upgrading here can make a world of difference. Think about adding handrails by the toilet and in the shower—they offer added safety and can boost your confidence, too.

Taking these steps might seem daunting but remember: ensuring a comfortable and safe environment will allow you to enjoy your golden years in the comfort of your own home. After all, there’s no place like home!

3. Evaluate Home Maintenance Requirements

Let’s talk about something many of us tend to overlook—the upkeep of your house and yard. It’s one thing to take care of it all now, but will it still be manageable as you age? You might be thinking, “Well, I have my family members around, or maybe I can hire help.” These solutions can lighten the load but remember that circumstances can change. Families may need to relocate or hiring help might become too expensive. Maintenance can become a bit of a pickle over time and planning ahead for when it does will help you bear that burden. 

And speaking of costs, how’s the overall condition of your home? Is it frequently in need of repairs? Perhaps an aging furnace constantly craves attention, or maybe the air conditioner is acting up. It could be the tired carpet crying out for a change, or appliances on their last legs. And let’s not even get started on the roof! All these hiccups can add up, making retiring in place a bit costly.

Plus, there’s another player in this home game—energy efficiency. We all know how pesky utility bills can be, and an inefficient home only adds to the misery. A worn out furnace or ancient air conditioner isn’t doing your energy consumption any favors.

It’s all about balancing the scales. Yes, your old home holds a treasure trove of memories and maybe that monthly payment is great (if you still owe on your mortgage), but the cost of maintaining it may not be so gentle on your retirement budget.

As an alternative, picture this: a move to a retirement community or a sparkling new home with lower living costs. The idea might seem overwhelming but it could be easier on your wallet and save you the constant worry of repair costs. Plus, think about the added perks—modern appliances, a more manageable living space, and maybe even some new friends right around the corner.

4. Access to Quality Healthcare—A Non-Negotiable Factor

Let’s move on to another crucial aspect that’s as important as a well-maintained, comfy home—access to top-notch healthcare. As we age, the likelihood of needing regular medical checkups or specialized care increases. This makes living close to reliable healthcare facilities more of a necessity than a luxury.

Picture this: it’s a beautiful, sunny day and you’re enjoying a quiet morning coffee on the porch when suddenly you don’t feel quite right. Not a situation anyone wants to be in, but we’ve got to consider all possibilities. That’s where living near a high-quality hospital or medical center with plenty of doctors becomes important. Knowing that help is just a stone’s throw away brings peace of mind.

But don’t limit your consideration to hospitals alone. Think about the entire healthcare ecosystem around you. Are there specialist doctors available nearby? What is the ratio of physicians per capita? How about urgent care centers and pharmacies? Are they open round-the-clock? Let’s not forget, these are the places you might be frequenting for routine checks with a primary care physician or quick medication pickups.

Also, take a moment to evaluate the nature of available medical transportation. Is there a reliable, senior-friendly transport system that can whisk you off to your doctor’s appointment at short notice?

And finally, think about this: is the community you’re living in proactive about senior health and well-being? Does it offer health awareness programs, wellness workshops, or fitness classes tailored to seniors?

Bringing it all together, proximity to quality healthcare is like having a safety net, ensuring you’re well taken care of as you sail into your golden years. Because let’s be honest, retirement is supposed to be about peace, relaxation, and enjoyment and nothing should come in the way of that, especially not health worries.

So, as you map out your retirement plan, It’s important to consider all of these aspects. Remember, your decision can make all the difference in creating a worry-free, enjoyable retirement experience. After all, good health is true wealth, isn’t it?

5. Proximity to Amenities and Services

It’s time to chat about those little extras that can add a dash of spice to your retirement life—I’m talking about amenities and services that make life more fun, more convenient, and just plain easier. Are they within arm’s reach or do you have to go out of your way to get to them?

Remember those days when zooming around town and weaving through bustling highways was a breeze? As we age, driving can become more of a task than a thrill. And let’s face it, in our golden years, we want to relax and enjoy life, not stress about navigating through a maze of high-speed freeways.

Let’s take a moment and visualize your perfect retirement day. Maybe it involves a morning tennis match with friends, a new hobby like a painting or pottery class in the afternoon, a leisurely walk in the park, or a trip to the local farmer’s market for the freshest produce. How accessible are these activities from your current home? If you had to hop in the car for every single outing, would retiring in place still be as appealing?

But it’s not just about recreational amenities. Think about the basic services that keep your life running smoothly. Where’s the nearest grocery store, and is it stocked with the items you need? Is there a reliable dry cleaner nearby, or how about a handyman you can trust for those little fixes around the house? And what about dining options? Are your favorite eateries within easy reach for those days when you just don’t feel like cooking?

Keep in mind that the ease of reaching these amenities and services contributes significantly to your quality of life in retirement. We don’t want something as trivial as distance to become a roadblock to our daily joys and conveniences, right?

Whether you’re planning to move or retire in place, it’s essential to think about these points. You want to ensure your home is strategically located, with easy access not just to the essentials but to the fun stuff as well. After all, retirement is about enjoying life to the fullest, with minimal fuss and maximum enjoyment.

6. Review the Availability of Quality Assisted Living Facilities

Another crucial aspect of planning for your retirement involves assessing the assisted living facilities around you. The question you need to ask is: do you have access to quality nursing homes or assisted living options within your vicinity? Imagine that you decide to retire in place but then, somewhere down the line, you need a bit more help with day-to-day tasks or medical care. Is there a place close by where you’d be comfortable moving into?

Make sure you take a good hard look at these facilities. Are they inviting, comfortable, and reasonably priced? And here’s a key question: is there a long waiting list? Sometimes these places can be so popular that getting a spot can take longer than expected.

For help calculating the cost of long-term care, check out this free Cost of Care Survey tool from Genworth. 

Remember, having a solid game plan isn’t about having all the answers right away. It’s more about being agile, making the most out of your resources, seizing opportunities when they arise, and being prepared to make informed decisions. In this case, it means being aware of your options for assisted living even if you don’t think you’ll need it.

At the end of the day, you might look at all these factors and still decide to retire in place with no major changes in your life, and that’s perfectly okay. What’s important is that this decision is made by design, not by chance. The decision to stay or move isn’t an easy one, but it’s essential to think long term. Take a moment to ponder these considerations and make sure whatever you choose is something that adds comfort and joy to your retirement years. Because after all, you’ve earned it!