Weighing where you should spend golden years

Recently a reader asked the following questions:

“Dear Dr. LeCrone:

My wife and I have lived in our home for the past 40 years. We raised a wonderful family in this residence and our children are now grown and live in other places. We are getting ready to retire and are considering a lot of changes including whether to stay in this house or move elsewhere. You have written on retirement considerations in the past and wonder if you could comment on our situation.”

Dear Reader:

You may want to consider some of the following factors in your decision about changing your “nest” in later life.

• Do you need and/or want the amount of space you have now? With your children gone, you may want to consider downsizing.

• Is the house getting too old? Plumbing, electrical, paint, and other areas of upkeep increase as a house grows older. Are you going to want to spend your time and/or money on maintenance and repairs on an older residence?

• Will your current floor plan be safe and meet your needs as you get older? Young families love two stories, split levels, big yards and lot of space. But these same features may be difficult for the second half of life because of stairways, big yards, etc.

• Is the location still desirable and practical? Residences acquired in early adulthood may, 30 or 40 years later, be situated in areas where crime, noise or traffic patterns are not desirable.

• Retirees may want to travel and not be burdened with the responsibility of yard maintenance, security and other issues that must be taken into account with partial absentee ownership.

• A desire to be nearer medical facilities or closer to other family members may need consideration.

• Wanting to take one’s equity and converting it into retirement income may be a good reason for change. Moving to a townhouse, condominium, apartment, or small dwelling may make more money available for retirement.

For some, leaving memories behind is too traumatic. Their home may not only be their castle, but also their connection to their past.

Give yourself plenty of time in making your decision about moving. Perhaps talking to other retires about their decisions to stay or relocate would be helpful.