Luxury Living in Retirement: Your Dream Home Awaits - But Consider Aging Needs
Many Americans dream of relocating when they retire, trading their family home for a luxury condo, beach house, or mountain retreat. But before signing on the dotted line, experts say future residents should consider how the property will accommodate their needs as they age.
Tired of where you live? You might not be the only one, as retirement often brings the desire for a change in scenery, prompting many to either move permanently or buy a second home where they can spend part of the year.
According to an Employee Benefit Research Institute report, some retirees consider relocating to new areas that better suit their lifestyle and health needs.
Experts say the place where you decide to put down roots can have a big impact on your retirement years.
As people age, they may experience mobility issues or need help with daily living activities. It's important to choose a home that can adapt to those needs.
Approximately 10,000 people in the United States reach the typical retirement age of 65 each month, signaling a significant transition period for many individuals. According to the Federal Reserve Bank of St. Louis, many retirees are considering their next steps, including relocating or purchasing a second home.
As we age, mobility challenges and the need for assistance with daily activities can become a reality. Preparing for these changes now can help ensure that you remain in a home supporting your needs, providing peace of mind for you and your loved ones.
Whether considering a new primary residence or a second home, planning for accessibility and proximity to medical and long-term care services is crucial for a comfortable and secure retirement.
Ideally, you want to age in place, so your new residence or second home should be age and disability friendly. This foresight ensures that you and your family can enjoy the home for decades without needing significant modifications or relocations later on.
You Have Choices!
Retirement marks a new chapter in life – a time to relax, explore passions, and enjoy the fruits of years of hard work. This time also means finding an ideal home that offers comfort, luxury, and tranquility. Understanding the best types of homes to retire in is critical to making an informed decision and enjoying your retirement years in luxury.
Urban Penthouses: City Living with a View
Urban penthouses appeal to retirees who crave convenience and excitement. These high-rise residences often boast stunning city views, proximity to restaurants, theaters, and shopping, and access to amenities like fitness centers and rooftop gardens.
Plus, urban areas have easy access to doctors and hospitals, as well as home health care services you may require in the future. However, penthouses typically lack outdoor space and may not be accessible for those with mobility challenges.
Penthouses are often single-story units with an elevator providing access to the penthouse. However, some luxury penthouses span multiple floors, offering a duplex or even triplex layout, which may make it harder for older adults. However, these multi-level penthouses provide additional space and separation of living areas, often featuring private terraces, rooftop gardens, or swimming pools.
Mountain Retreats: Nature's Escape
Mountain retreats offer an ideal retirement option for those who prefer cooler climates and stunning scenery. These homes are perfect for nature lovers who enjoy hiking, bird watching, and other outdoor activities.
These homes often feature cozy fireplaces, large decks, and stunning views. However, remote locations can be isolating, and winter weather can make travel difficult. Additionally, many mountain homes are built on steep slopes, which may pose challenges for older residents.
While retiring to a mountain retreat can offer breathtaking views, fresh air, and a tranquil environment, several factors must be considered to ensure that this idyllic setting meets your needs change as you get older.
Accessibility and Mobility
One of the primary considerations for retirees is accessibility. Mountain retreats often involve uneven terrain, steep inclines, and a lack of nearby amenities. Ensure that your home is easily accessible and that you have a plan for mobility challenges that may arise. Look for properties with single-level living spaces, minimal stairs, and features like ramps or elevators.
Proximity to Medical Services
Access to medical and long-term care services is crucial as you age. Mountain retreats are typically located in remote areas, meaning longer travel times to reach healthcare facilities. Consider the proximity of the nearest hospital, emergency services, and specialists.
Weather and Climate
Mountain areas often experience extreme weather conditions, including heavy snowfall, making transportation difficult. Ensure your home is equipped to handle these conditions with reliable heating systems, insulated windows, and emergency supplies. It's also necessary to have a plan for snow removal and maintaining access to your property during winter months.
Social Isolation
While the solitude of a mountain retreat can be peaceful, it can also lead to social isolation, especially if you have mobility issues or if the weather restricts travel. Look for communities with active social clubs, community centers, or nearby neighbors to maintain social interactions. Engaging in local activities and building a support network can help mitigate feelings of isolation.
Beachfront Bliss: Oceanside Living
Beachfront properties are popular retirement destinations, offering relaxation and stunning scenery. Waking up to the sound of waves and enjoying ocean views provides peace and well-being. By learning the dos and don'ts of buying a beach house, you can enjoy private beach access, spacious patios, and beautiful views. But coastal living comes with its own set of challenges, including hurricanes, flooding, and erosion. Additionally, beach homes often require more maintenance than inland properties.
Retiring to or spending part of the year in a beachfront property can be a dream come true; however, several factors must be considered to ensure that this setting meets your needs as you age.
Accessibility and Mobility
Beachfront properties often have stairs and uneven terrain, which can pose challenges as mobility decreases with age. Look for homes with single-level living spaces, wide doorways, and ramps to accommodate wheelchairs or walkers. Ensure that pathways to the beach and other amenities are accessible and safe.
Proximity to Health Services
Access to medical and long-term care is crucial, especially in retirement. Beachfront properties are sometimes located in remote areas or small towns with limited healthcare facilities. Consider the proximity of hospitals, emergency services, and specialists, including the availability of in-home caregivers.
Weather and Climate
Beachfront properties may be exposed to harsh weather conditions, including hurricanes, high winds, and saltwater corrosion. These factors can lead to frequent maintenance and repairs. Ensure that your home is built to withstand severe weather and that you have a solid plan for evacuation if needed.
Insurance Costs
Living on the coast often means higher insurance premiums due to the risk of flooding and storm damage. Factor in the cost of homeowners insurance, flood insurance, and any additional coverage needed for your property. Understand the local building codes and regulations regarding flood zones and coastal development.
Community and Social Opportunities
Social interaction is essential for mental and emotional well-being, especially in retirement. Look for beachfront communities with active social clubs, community centers, or nearby neighbors. Engaging in local activities and building a support network can help prevent feelings of isolation.
Gated Communities: Security and Socialization
Gated communities provide a sense of security and a built-in social network. Many offer amenities like golf courses, swimming pools, and clubhouses. However, these communities can be expensive, and homeowners’ association rules can be restrictive.
Location is always a consideration. Your community should have easy access to healthcare and long-term care services and be close enough to transportation services like airports.
Custom Homes: Personalized Luxury
For those with specific needs or preferences, a custom-built home offers ultimate flexibility. However, building a home from scratch can be time-consuming and costly. It's essential to work with a builder who understands the needs of aging adults.
Key Considerations
- Accessibility: Ensure the home has wide doorways, grab bars, and ramps.
- Location: Consider proximity to healthcare facilities and long-term care services, grocery stores, and public transportation.
- Climate: Evaluate how weather conditions will impact daily life and outdoor activities.
- Social connections: Think about opportunities to connect with others in the community.
- Financial planning: Factor in ongoing maintenance costs, property taxes, and potential home modifications.
Aging in Place
You should evaluate and plan for potential aging hazards when considering a custom-built home or purchasing one.
Install bathroom grab bars, handrails on stairs, and ramps where necessary. Wide hallways and doorways to accommodate wheelchairs or walkers are also important. Ideally, a single-floor design is best, but if the home has multiple levels, consider installing ramps or elevators.
Bathrooms can be particularly hazardous. Install walk-in showers with non-slip floors, grab bars, and shower seats. Consider raised toilet seats with support rails.
Lower countertops, install pull-out shelves and keep frequently used items within easy reach to make your kitchen more accessible.
Ensure the master bedroom, kitchen, and laundry room are easily accessible. Single-level living is often preferred to avoid the need for stairs.
Integrate smart home technology to enhance convenience and safety. Features such as automated lighting, security systems, and voice-controlled devices can make daily living easier and more enjoyable.
Hiring a professional contractor experienced in building homes for retirees or finding a realtor specialized in working with older adults is essential. These experts can offer valuable insights and recommendations, ensuring your home meets both aesthetic desires and practical aging-related needs. They help incorporate features like single-level living, wide doorways, and non-slip flooring, addressing safety and accessibility concerns.
A professional contractor or realtor can bring unique design solutions to life, ensuring every detail is perfectly executed and making your home comfortable and secure for the long term.
Planning Starts Now
Start planning for your retirement and possible relocation or acquiring a second home for snowbirding well before you retire. Early planning ensures that you can make informed decisions and have everything in place when the time comes.
Consider the financial resources necessary to accomplish your goals. Some retirees choose to sell a larger home and downsize, using some of the savings to enhance their retirement lifestyle or to purchase a second home for winter getaways.
Others prefer to move to their ideal retirement location permanently. Research the cost of building or buying the perfect property that will allow you to enjoy your retirement years comfortably. By planning ahead, you can make strategic financial decisions that support your desired lifestyle and ensure a smooth transition into retirement.
Don't forget the rising costs of long-term care. Long-term care costs are rising nationwide. However, those costs will vary depending on where you live. For example, the costs of home care in Grand Rapids, Michigan, are less expensive than the costs of home care in Salt Lake City, Utah.
Adding a Long-Term Care Insurance policy to your retirement plan will fund future long-term care needs, including in-home care.
Be ready to enjoy your retirement no matter where you decide to live.