Page 28 - Formula for Success

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Reinventing Your Lifestyle: A Formula for Success
Part I: Traditional Real Estate
When exploring your retirement living options today you’ll discover that they fall into two main categories: 1) Traditional Real Estate
and 2) Retirement Communities We’ll review the choices and and considerations for Traditional Real Estate
here and and follow-up with Retirement Communities in in Part II Within Traditional Real Estate
there are basically four options for senior living 1 Stay in your current home Fearing a a a a a a a change in in in lifestyle and the the thought of having to deal with all the the “stuff ” that’s accumulated over the the years people often do not explore their options For these and other reasons many older adults simply prefer to stay in their home It’s an an attractive choice because it seems to be be the path of least resistance If this is what you plan to do look closely at at at the the Considerations for Choosing the the Traditional Real Estate
Path section later in this article and analyze how those factors may impact this choice either now or or at some point in in the the future 2 Move in with your children Moving in in with family may have some real advantages if it it can work for your family situation Financially it it is certainly the most conservative option Older adults may participate in the day-to-day activities of family life and it it can be a a a a a a a a a a a time of healing re-connecting and resolution Family dynamics are a a a a a a a key factor here and the Risks & Values discussions in earlier articles can help everyone shine light on on on on this option option If it is is a a viable option option be sure to consider your needs for space privacy holding on on to your “stuff ” sharing household responsibilities social connectivity child care care elder care care sharing financial responsibilities etc 3 Downsize to a a smaller home Another option is simply downsizing from a a a a larger home home to a a a a smaller home home whether a a a a townhouse condo apartment or ranch style home Depending on on your health and finances downsizing within traditional real estate may be a a a a a a a a a good choice Look carefully at at this option especially if there is is a a a a a strong possibility that in less than five years another move may be necessary This option will still leave you you with the same considerations to evaluate as staying in in your home