BOSTON (CBS) – Where are you going to live when you retire?
Almost 1.2 million Massachusetts residents are over the hill. And that number will increase as the GenXers age.
If you are in the planning stage now how much money you will have in retirement is important and will dictate your lifestyle in retirement.
And it is a myth that we all want to retire some place far away. Some retirees do have wanderlust, but most don’t. They may want the warmer weather in January and February but the summers and falls here in New England.
Aging in place has its benefits and most Massachusetts’ communities have the basics of a support system; a Council on Aging or a senior center that offers various services and activities for their seniors.
So how do you stay in your own home or your community so you are close to your support system? For starters would you consider downsizing and moving into a smaller house that you can grow old in? Can you retrofit the house you live in?
Would you consider some of the plus 55 communities that are growing in popularity. You can own a home or a townhouse. Could be a gated community with a golf course, recreational center, a pool. All have rules about such things as putting up Christmas lights, visiting grandchildren and dogs you will have to live with!
NORC which is Naturally Occurring Retirement Communities is a demographic term used to describe neighborhoods or buildings in which a large segment of the residents are older adults. NORCs are currently in Brookline, Framingham, Malden, Springfield and Lynn.
As a last resort, you can move in with the kids. If you are considering that, think about adding a granny flat. I found a granny pod aka MedCottage, a self-contained modular home for seniors. These are pre-fab standalone structures.
For more resources simply Google “senior housing MA”. I got over 15,000 results.
One more thing: Magazine: Where to Retire, every place featured sounds wonderful. But more like places I would like to visit than live
You can hear Dee Lee’s expert financial advice on WBZ NewsRadio 1030 each weekday at 1:55 p.m., 3:55 p.m., and 7:55 p.m.
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