NEW YORK – March 25, 2015 – By age 61, most people feel free to choose where they most want to live, according to a new study by Merrill Lynch, "Home in Retirement: More Freedom, New Choices."
"Throughout most of people's lives, where they live is determined by their responsibilities," according to the report. "Most careers demand that people live within a reasonable commuting distance from where they and/or their spouse work. However, as people enter their 50s and 60s, they begin to cross what this study reveals to be the 'Freedom Threshold'" – the age when most people say they have the freedom to choose where they'd prefer to live, according to the survey of more than 3,600 people who have already retired.
In the survey, two-thirds of the retirees surveyed say they're currently living in the best home of their lives.
Most retirees move at least once during retirement, but only half downsize into a smaller home, and three in 10 retirees upsize into a larger home. The top reason to upsize: They want to have a home that's comfortable enough for family members to visit and stay with them, according to the survey.
"Retirees often find their homes become places for family to come together and reconnect, particularly during holidays or summer vacations," according to the report. In addition, some choose to upsize so that family members can live with them.
Retirees say the ideal place allows them to spend time with adults their own age, yet also give them access to a diverse age group. Compared to younger people, older Americans are far more likely to want diversity in age and generation among their communities and neighbors. As such, just 7 percent of retirees surveyed opted to move into age-restricted retirement communities.
Source: "Home in Retirement: More Freedom, New Choices," Merrill Lynch
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