The average age of people moving into retirement homes is 60, but some people move in as early as 50 too. So if you are planning a home for your future, this guide would be helpful.
When to move to a retirement home?
If you are thinking of buying a retirement property in San Diego, then you don’t have to wait till you grow old you can do it now. The average time a senior moves into a retirement home is 65, though it all depends on personal interests. As long as you are good enough to look after yourself and carry out your errands on your own, you don’t have to worry. But the ‘planning’ for buying a retirement home must be done quite early. There are people who plan for it as early as 30 and 40.
The very thought for moving out from the home you brought up your kids in can be a little saddening, but it is a fact and probably inevitable. It is a mistake most seniors make – hanging on to their home and memories, and refusing to move out even when the home becomes too big for them to manage on their own.
When seniors need to downsize
There are professional agents that help in the downsizing. Seniors who cannot manage their home on their own can move to a smaller house in another neighborhood where they can have good company, play their favorite sport and indulge in activities that give them recreation and pleasure. Younger seniors move into retirement homes or plan to buy retirement homes so they have a reliable resource when they cannot manage on their own. If you purchase a retirement home now, moving into it will be easier at a later time.
Handling your mortgage when you are about to retire
Retirement is a time when you should stop worrying about your finances and mortgages and live on a fixed income. But it so happens that most seniors continue well into their mortgage payments even after retirement. If you are thinking about paying off your mortgage from your retirement funds, then do so with caution because you will have to pay taxes and probably early withdrawal penalties as well. Hence, it is important you must consult your financial adviser to understand your financial condition before buying a retirement home.
Seniors must always be aware of the real estate market in San Diego, and their options before they downsize. There are plenty of scams they could fall into because of their age and inexperience in real estate. That must be avoided.