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Are You Over The Hill: Housing

BOSTON (CBS) - Where are you going to live when you retire?

Over one in four Massachusetts residents are over the hill. And that number will increase as the Baby Boomers age.

If you are in the planning stage now how much money you will have in retirement is important and will dictate where you can live.

And it truly 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.

Most Massachusetts' communities have the basics of a support system in place; a Council on Aging or a senior center that offer various activities and services for their elders.

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 or build a new home so it can accommodate your needs as you age?

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!

How about a roommate? More and more seniors who are single are looking to house share. Here in Massachusetts we don't have a central data base but the outer cape and Dorchester have a data base. Check with your local COA to see if they know of anyone interested in house sharing.

Naturally Occurring Retirement Communities (NORC) 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 prefab standalone structures that start at $40,000.

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.

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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.

Subscribe to Dee's Money Matters newsletter here.

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