Should I stay or should I go now?

Hey there, time traveller!
This article was published 04/10/2023 (923 days ago), so information in it may no longer be current.

Dear Money Lady:

Should I sell my home and move into a retirement home? I’m 76 and I really don’t want to move but my kids say I should. What do you think?

Anna

Well, isn’t that a loaded question? Anna, I want to commend you for at least having an open mind to moving. I know it’s a big decision and one that gets more complicated as we age. There are plenty of Canadians who feel the same way and have strong emotional ties to their homes. I have read all their emails: “They’ll carry out my dead body from this house. I will never sell.”

Instead of thinking that you have to give up your house, why not consider giving yourself a new home that may be an even better fit for you as you age, and if it helps to give you a little bit more money, how can that not be something you would consider? The decision to change your living arrangement in retirement could provide more confidence and happiness instead of the nervous worry about how to maintain the status quo. A wait-and-see perspective can be very stressful, especially if your current residence is not suitable for an aging senior. If you get forced into a decision you’re not ready for, it could make things very difficult at a time when your health may not be at its best.

Here are some questions to consider.

• Can you downsize your traditional home into a smaller home or condo? Are you able to get a new home that is more suited to your needs as you age? Could you see yourself growing old in this new home? Are you able to stay in the same town/location?

• Could you move in with family/friend to save money and build a tight social system? Families could move in together to help each other and care for one another.

• Should you financially downsize and rent? Then you have no more taxes, maintenance costs, etc. This would provide a true lock-and-leave-it lifestyle. Are you wanting to be “free as a bird” to travel? You could sell your home, rent for a few years, and then move into a small home or consider an adult living community when you want to settle down.

• If moving is still out of the question, could you spend part of your retirement savings to make your current home more suitable? Can you modify your home to keep you in it long-term? For example, you could create a main floor master bedroom, a walk-in tub/shower, get a new roof or furnace? Can you get a renter in the basement to help with expenses? What about hiring a part-time maintenance man to help?

There are many people who know their current homes may not be suitable anymore, but they still don’t want to leave. What will they do for Easter, Thanksgiving, or Christmas? Family memories are made in a loving home, but they can also travel with you.

Remember, it’s our family, not the place, that binds us together. Don’t worry about your adult kids, they will still gather no matter where you end up — maybe Christmas could be at another person’s home with new traditions and lots more new memories for you to make and treasure.