Every retirement plan is different, but a new survey shows an overwhelming number of people nearing or in retirement want to remain in their current home as long as possible.The Home Equity and Retirement Income Planning Surveyreleased by The American College of Financial Services was created to better understand retirees’ attitudes about home equity and housing decisions. The results were based on surveys of more than 1,000 people between the ages of fifty-five and seventy-five with at least$100,000 in investable assets and $100,000 in home equity.About fifty-three percent of the participants were male while forty-seven percent were female. Here are some of the statistics the retirement survey revealed:
- Eighty-three percent of older adults do not want to relocate in retirement and almost no homeowners wanted to rent in retirement.
- Forty-four percent of older adults have considered using home equity in retirement.
- Only twenty percent of retirees feel comfortable spending home equity as a source of income.
- Twenty percent of those surveyed felt that it was extremely important to leave their home as a legacy asset to their children or other heirs.
- Forty-five percent of respondents listed leaving their home to their children as not important.
Overall, the study reveals a strong desire to age in place among baby boomers and retirees alike. If you’d like to learn more about retiring in Arizona or if you’re looking to buy an Arizona retirement home, please contact Sharon Mason today!