When it comes to retirement, most people usually plan on spending it somewhere else. Retirement, for them, would be spending it on some exotic retirement destination and far away from the usual place that one has grown accustomed to living in. But now, there are many reasons why some people may need to stay put during their retirement. There are both beneficial as well as unavoidable reasons for this. Here are some of them:
One of the main reasons why there are an increasing number of retirees who may be staying put during their retirement is because they cannot simply afford to move away. Due to the dire economic conditions and the lack of demand for real estate in many areas of the country nowadays, many would be retirees may not be able to have the necessary funds to spend to make a change of address for retirement possible. Some may be able to afford it but may not be able to sustain such a lifestyle for very long.
It is the same thing for retirees who plan on using the funds from the sale of their home to buy some retirement property somewhere else. The lackluster real estate market is making it difficult for them to sell their home. Either there’s no demand for their property or that they don’t agree to the current real estate rates in their area. This would be enough reason got some retirees to decide on foregoing their initial retirement plan and instead opt to stay put for the meantime until conditions become better.
Benefits Of Staying Put
While there might be some unavoidable reasons why retirees may opt to stay put for retirement, there are also some beneficial reasons for staying in the same location for retirement. One reason is that, retirees may be nearer their families and still be able to enjoy family visits and spending quality time with the grand kids. This may be something that many retirees would not want to give up on.
Another reason is that established networks will still remain intact while staying put for retirement. Since most retirees opt to stay put because of limited retirement funds, they can still use their networks to find some work opportunities that can be less stressful but can considerably boost up current retirement funds. And when it comes to healthcare services, an established network of doctors and hospitals that retirees have been accustomed to over the years is a necessary convenience that can only be enjoyed if retirees stay put. Retirees going abroad or changing addresses will have to deal with trying to establish a new network of doctors and healthcare service providers in their new location. This can be quite troublesome and will take quite a lot of paperwork and hassles. This can be prevented by simply spending a happy and fruitful retirement in the same place.
Personal Finance – GuideTo.Com