Should You Retire in Place or Move?

Retirement brings an unimaginable sense of freedom. You're no longer tied to school districts, commuter schedules, or alarm clocks. When you release longstanding duties and commitments, you can change your lifestyle and even your location. You can move to a new neighborhood, a new city, or even a new country. Or, you can stay right where you are.

Should you go or should you stay? That's a big question that only you can answer.

That said, here are some considerations that may help you decide:

1. Housing that meets your physical needs
It's easier to age in place when your home meets the comfort, convenience, and safety standards you require. Even if your home was built to comply with these "universal design" standards, you may wish to relocate for other reasons. Your home may be too big or small. As you age, you may be incapable of performing routine home maintenance. If you can't take care of your daily needs, you may require an assisted living facility or a senior community with essential services nearby.

2. A home you can afford
If you choose to buy a new home, you'll want it to be affordable now and as you age. Your affordability calculations should consider your mortgage, taxes, utilities, insurance, and other home expenses. They should also anticipate future income, medical expenses, and the cost of living in your new location.

As a retiring senior, your home is likely mortgage-free with enough equity to increase your home-buying options. Depending on your decision to upgrade, downgrade, or relocate, selling your home may give you all the money you need for a new home with some cash left over to add to your retirement fund.

3. Access to healthcare facilities
As you age, hospitals, doctors, and healthcare facilities become more important since illnesses and disabilities increase. When you anticipate relocating, you should make sure the community you choose provides a strong network of medical professionals.

4. A strong support system
An AARP study determined that 43 percent of seniors 70 and older don't believe they'll be able to live independently. As a senior, you still have home-living options that don't require you to abandon your independence altogether.

You can upgrade your home for aging in place and rely on friends and homecare professionals to help you. You can buy a home closer to family members or purchase a home or condo in a senior community with access to the services you need.

5. Transportation independence
Transportation is an important factor in your retirement housing decision. As a suburban or rural resident, you probably rely on driving your car. If an unexpected disability or illness forces you to stop driving, you probably won't want to call a family member every time you leave home. You must live where you'll have access to private cars, Lifts or Ubers, buses, and other transportation services.

6. Livability index
Knowing your city's livability may help you decide whether to go or stay, AARP's Livability Index page provides zip code-based ratings that include neighborhood, environmental, transportation, and other community factors critical to retirement living.

7. A new lifestyle
Your retirement move doesn't have to be for practical reasons. If you live in the north, you might want a warmer climate. You may want a chalet in the mountains or a condo near a golf or tennis club. If you've waited all your life for a new lifestyle and can find a way to make it happen, that's one of the best reasons to go instead of staying.

Whether you choose to remain in a familiar setting or embark on a new adventure, the key is to ensure that your environment aligns with your vision for a fulfilling and comfortable retirement. The freedom that comes with this stage of life is an opportunity to craft a living situation that truly supports your well-being and happiness. Whatever path you choose, make sure it enhances the quality of your life, allowing you to enjoy your golden years to the fullest.

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