Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Interesting Merrill Lynch report on housing in retirement
Old 03-19-2015, 07:48 PM   #1
Full time employment: Posting here.
 
Join Date: Oct 2009
Posts: 943
Interesting Merrill Lynch report on housing in retirement

Pretty much everything you've been told about downsizing, etc appears not to be true according to Merrill Lynch/Age Wave survey, “Home in Retirement: More Freedom, New Choices.”


Retirees and Their Homes: They Want It Their Way | Next Avenue
__________________

__________________
LARS is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 03-21-2015, 04:01 PM   #2
Full time employment: Posting here.
 
Join Date: Jan 2006
Posts: 684
Doesn't seem like big surprise here. Would be interesting to compare data to ER Forum subset

Sent from my SCH-I535 using Early Retirement Forum mobile app
__________________

__________________
48Fire is offline   Reply With Quote
Old 03-21-2015, 04:38 PM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
braumeister's Avatar
 
Join Date: Feb 2010
Location: Northern Kentucky
Posts: 8,608
Pretty much as expected.
Up to mid-20th century, people adapted to the world as they aged.
Boomers insist that the rest of the world adapt to them.

Disclaimer: I'm a boomer too, but I like to think I'm not typical.
__________________
braumeister is online now   Reply With Quote
Old 03-21-2015, 05:04 PM   #4
Moderator Emeritus
 
Join Date: Oct 2007
Posts: 4,929
It can be incredibly difficult to get some personality types to relocate someplace better for them. People often develop a sentimental attachment to things, including homes. (I think of them as a structure for living in, a heap of lumber, wallboard, siding and shingles, which annoys DW no end.)

DW has a strong sentimental attachment to our current home, which made my later years working difficult (2-3 hour commutes, each way), and threaten to make retirement difficult, with a large yard, stairs, bad kitchen, and similar elder-hostile features. Fortunately, with some financial freedom and careful planning, it is possible to avoid some pitfalls.

We can readily adjust the home for single-floor living, leaving the upstairs as a guest suite. I've already replaced all the windows with designs that can be operated from a wheelchair for most. Doorknobs are all lever-type mechanisms, hallways and doorways are ADA-compliant, and fitting a wheelchair ramp at the entryways is trivial at a 4" rise from the outdoor flat surfaces.

We're working on a kitchen remodel, and I insisted on the layout accommodating a 60" diameter clear circle at certain points (wheelchair turning circle) and one 30" counter for baking (and wheelchair access). Every cabinet deeper than 12" has to use pullouts or drawers. DW thought I was crazy, until I pointed out the situation her parents are in. (Elderly, in a two-story home that can't handle 1 story living, kitchen with deep cabinets that MIL has to crawl into to fetch things, etc.).

DW is starting to catch on.
__________________
M Paquette is offline   Reply With Quote
Old 03-21-2015, 05:07 PM   #5
Thinks s/he gets paid by the post
mpeirce's Avatar
 
Join Date: Feb 2012
Location: Columbus area
Posts: 1,590
Quote:
Originally Posted by braumeister View Post
Disclaimer: I'm a boomer too, but I like to think I'm not typical.
Sorta like all those teens expressing their "individuality" in pretty much the exact same way as everyone else ;-)

Though frankly, most of us folks in this forum really aren't typical.
__________________
mpeirce is offline   Reply With Quote
Old 03-21-2015, 06:06 PM   #6
Recycles dryer sheets
 
Join Date: May 2011
Posts: 154
We always said we would relocate in Fl when we retired. Now the time is here and we have grandchildren. This is now the prime time to be with them, while they are still young and want to see us.

But we still go down to Fl for 18 mos. Don't want to leave our cat alone to long.

My husband is already looking for an elevator to install for when our knees can't climb these steps. Nice way to think about retm't...LOL
__________________
heirloom is offline   Reply With Quote
Old 03-22-2015, 10:50 AM   #7
Thinks s/he gets paid by the post
Sunset's Avatar
 
Join Date: Jul 2014
Location: Chicago
Posts: 4,733
Those stair chair things are pretty useful.
The ones that screw onto the actual stair steps are easy to install (and remove later).
Would be much cheaper than an elevator.
__________________
Sunset is offline   Reply With Quote
Old 03-23-2015, 11:24 AM   #8
Recycles dryer sheets
 
Join Date: Jun 2014
Posts: 406
Our current house will be (should we choose) fine for us forever. Not too big (3 bed/ 2 bath) and a single story so no stairs (I had my first knee op in 1977 I knew stairs were something I would rather avoid a long time ago). It does have a big yard but with the drought here dirt is going to be easier to maintain :P.

And we got married in the backyard so there is some attachment to the house...I guess?
__________________
If money is the root of all evil I want to be a bad man
nuke_diver is offline   Reply With Quote
Old 03-23-2015, 11:36 AM   #9
Thinks s/he gets paid by the post
Big_Hitter's Avatar
 
Join Date: May 2013
Location: In the fairway
Posts: 4,098
We moved to a 1 story last year since this will be our "final" home.


Most of the article is spot on to our situation - we upsized.
__________________
Swing hard, look up
Big_Hitter is online now   Reply With Quote
Old 03-23-2015, 12:25 PM   #10
Thinks s/he gets paid by the post
 
Join Date: May 2014
Posts: 2,989
DH and I will be downsizing because we want a ranch design- all the living on one floor, possibly with a finished basement. Our realtor has set up saved searches for the areas we're looking and what I see is that the ranch designs get snapped up very quickly. So, I think a few of us are considering future mobility issues. I've seen DH fall down our steps. He's very careful but I don't want to see that happen again and neither does he.
__________________
athena53 is online now   Reply With Quote
Old 03-23-2015, 12:28 PM   #11
Thinks s/he gets paid by the post
 
Join Date: Mar 2011
Posts: 3,705
Quote:
Originally Posted by heirloom View Post

But we still go down to Fl for 18 mos. Don't want to leave our cat alone to long.

L
That's kind of a long time to leave a cat alone. Jus' sayin'
__________________
Living well is the best revenge!
Retired @ 52 in 2005
marko is online now   Reply With Quote
Old 03-23-2015, 12:43 PM   #12
Thinks s/he gets paid by the post
Big_Hitter's Avatar
 
Join Date: May 2013
Location: In the fairway
Posts: 4,098
Quote:
Originally Posted by athena53 View Post
DH and I will be downsizing because we want a ranch design- all the living on one floor, possibly with a finished basement. Our realtor has set up saved searches for the areas we're looking and what I see is that the ranch designs get snapped up very quickly. So, I think a few of us are considering future mobility issues. I've seen DH fall down our steps. He's very careful but I don't want to see that happen again and neither does he.
that's why we moved - we live in the foothills and it's really really tough to get a one story - we snapped this one up a year ago in a private deal


yes, falling is not good. falling down a steep, icy driveway taking out the trash is really not good

good luck!
__________________
Swing hard, look up
Big_Hitter is online now   Reply With Quote
Old 03-23-2015, 03:41 PM   #13
Moderator
Walt34's Avatar
 
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 16,544
Same as nuke_diver I had knee surgery in 1990 so knew stairs would be something to avoid in the future. Our house is a ranch for that reason.
__________________
I heard the call to do nothing. So I answered it.
Walt34 is online now   Reply With Quote
Old 03-24-2015, 08:41 AM   #14
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
HFWR's Avatar
 
Join Date: May 2005
Location: Lawn chair in Texas
Posts: 12,964
Quote:
Originally Posted by mpeirce View Post
Sorta like all those teens expressing their "individuality" in pretty much the exact same way as everyone else ;-)
Not just teens. Think of all the groups who do this: hippies, yuppies, bikers, goth, punks...

And all the people "keeping up with the Joneses"...
__________________
Have Funds, Will Retire

...not doing anything of true substance...
HFWR is offline   Reply With Quote
Old 03-24-2015, 09:46 AM   #15
Thinks s/he gets paid by the post
jIMOh's Avatar
 
Join Date: Apr 2007
Location: Milford, OH
Posts: 2,085
Quote:
Originally Posted by 48Fire View Post
Doesn't seem like big surprise here. Would be interesting to compare data to ER Forum subset

Sent from my SCH-I535 using Early Retirement Forum mobile app
Quote:
Cynthia Hutchins, Director of Gerontology at Merrill Lynch, said “most people plan to work in retirement and a home office helps them do that.” The average retiree, she noted, “is not thinking about what it’ll be like when I’m ‘old old.’ They want to be relevant and connected.”
Quote:
Living around only people their age? No thank you. Roughly two-thirds (67 percent) of people 65+ said they prefer neighbors of diverse ages and generations; by contrast, just 53 percent of adults under 35 said that. Turns out, only 7 percent of retirees today live in age-restricted communities.
Quote:
Living in homes they’ve settled for? Quite the contrary. Two thirds of retirees surveyed said they’re living in “the best homes of their lives.” And if they don’t like the homes they’re in, “they’ll find a place they like better,” Dychtwald said.
Quote:
“This is the beginning of a new chapter and, for many, it’s a fantastic chapter — particularly for the first 10 or 15 years. So think of what matters to you, now that you have independence,” he said. “What are your priorities for a home? Do you want a living room? Do you want to live in an area where you can take quiet walks? Do you want to be close to restaurants? Then, get as as many of those things as you can, rather than stay on autopilot and pine over days gone by.”
Those quotes echoed my assumptions before reading, my thoughts on subject and in my own words, here is what I seek (I am not retired yet).

I live on my terms- being close to my kids will be important, they are seven right now, but if they move, I will likely own a property close to them to visit.

I don't want to be a burden on others, so I will likely own property in 3 locations (by kids, by family and by skiing), and travel to and from as needed (that is my independence).

It would be nice to know how many of the people surveyed owned more than 1 property. Would be nice to know what level of wealth as well.

As for this forum, I'd like to also know how many are tied to kids vs never had kids... in addition, ER types to me march to our own drummer, we won't answer to kids as the independence trumps much of the other things many consider normal.
__________________
Light travels faster than sound. That is why some people appear bright until you hear them speak. One person's stupidity is another person's job security.
jIMOh is offline   Reply With Quote
Old 03-24-2015, 09:53 AM   #16
Recycles dryer sheets
 
Join Date: Mar 2006
Posts: 81
We moved to MO (University town) to be near our children and the grandkids. When we moved - we actually upsized our our house from 2800sq' to 3500'sq ft.

Why would be do such a thing? We have a lot of family that visits and the grandkids -as we anticipated - are here a lot. They have their own playroom and a place to keep their toys.

Our house is built on the side of a hill so it is sort of a ranch type house - with everything we need by entry of the front side of the house. Yet....we have 2 bedrooms, big family room and playroom downstairs with big windows that let in the light through the backyard.

The first floor has everything we need without ever going downstairs - laundry, kitchen, 2 bathrooms and 2 bedrooms, direct garage entrance.

Our house has become the great family "get together" site.

It all depends on what you want from your retirement.
__________________
molly is offline   Reply With Quote
Old 03-24-2015, 05:14 PM   #17
Thinks s/he gets paid by the post
 
Join Date: Mar 2015
Location: Winnipeg
Posts: 1,311
I divorced in the early 90's and kept the house...an 1800 sq. ft. 4-level split. After 5 years of paying too much mortgage, I was ready to sell. At the very same time, a 116' x 630' lot next door to my brother came up for sale. I bought it in 1996 (at age 35) and began sketching house plans to build my forever home. I was building a bungalow...no more stairs for me.

6 months later a house that my brother and his wife had always liked came up for sale and they decided to sell. Their house was a 1000 sq ft fixer that they had plans to renovate, but had never got around to doing. Being handy, I scrapped the plans to build, bought their house, and sold the lot.

I have been there for 18 years now and have no intention of moving when I retire next spring. So far I have: added a double garage, gutted and replaced the kitchen, done a foundation repair, replaced plumbing and wiring, installed hardwood, built a sunroom, 2 decks, a fence, and replaced all the doors and windows. The only stairs are to the basement, but 99% of houses here have basements. The main floor is a typical 3 bedroom, living room, kitchen and bathroom. The basement has the laundry area, a pool table, and rehearsal space for 2 bands that I'm in. I couldn't ask for a better place.
__________________
Music Lover is online now   Reply With Quote
Old 03-25-2015, 06:47 AM   #18
Full time employment: Posting here.
Badger's Avatar
 
Join Date: Nov 2008
Posts: 825
I moved to a beach community outside of a major city in NE Fl after graduate school. It was either that or the mountains of NC. In a few years (1976) I bought a small beach cottage (1000 sq ft) to fix up which I later sold to buy another larger one story (1500 sq ft) house to fix up in a desirable neighborhood within a short walking distance to the beach, near police and fire dept, school and military base. I settled and bought as if I was looking for what most people want for retirement and with no intention of continuing to buy larger. So here I will stay with no need to buy down to save taxes and other expenses. As I figured years ago the location was important. Now most of the houses around me have been torn down and McMansions built so the neighborhood is even more desirable than ever with no chance of it going downhill in my lifetime. Due to local laws my taxes will remain low as my property values increase. Over the years I have made improvements to make the house more comfortable with low maintenance so I have arrived where many folks want to be with much less hassle over the years and no need to move. The house was paid off years ago.

The house/property is now worth 10X what I paid. I have no desire or need to move. I had a plan years ago and it has worked. There is more than one way to catch a fish.

Cheers!
__________________
Badger is offline   Reply With Quote
Old 03-25-2015, 05:08 PM   #19
Thinks s/he gets paid by the post
Cobra9777's Avatar
 
Join Date: Jul 2012
Location: Texas
Posts: 1,132
We still live in a huge empty nest. Yes, there's emotional attachment. We're near the kids, which is nice, and it's quite convenient when they visit. But it's just too big... 4.5K ft2 on 2.2 acres, with 2 detached structures, plus a pool and a pond. We spend $25K/yr on property tax, insurance, maintenance, and utilities. There are 4 HVAC units and 5 full baths. Plus, there's always some $10-20K improvement on the backlog. Right now, we're young enough to keep up with most routine maintenance, cleaning, and some repairs/improvements. But we are definitely looking to downsize at some point. We can reduce expenses by $10-15K/yr, add several hundred $K to the nestegg, and cut back the labor-intensive upkeep.

Problem is: We're not willing to go back to subdivision-style living. Our downsize specs are extremely specific and thus not something we're going to stumble upon casually. We'd like 2 bedrooms, 2 full baths, a large professionally-equipped kitchen, one very large open living/dining area, a small office, utility room, and air-conditioned space for my woodworking shop. We don't want a lot of acreage, but we like separation, trees, decks, waterfront, a view... something unique that gets us outdoors. And we'd like to stay in Texas near the kids.

Anyway, it sounds like we fit the profile described in the ML piece. We'll likely stay put for another 5-7 years, which is roughly how long I think it will take to find a downsize option that DW and I both agree on, plus get the current place in shape to sell.
__________________

__________________
Retired at 52 in July 2013. On to better things...
AA: 55% stock, 15% real estate, 27% bonds, 3% cash
WR: 2.0% SI: 2 pensions, some rental income, SS later
Cobra9777 is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
"Tin Foil Hats" infiltrate Merrill Lynch barbarus FIRE and Money 26 02-06-2008 04:22 PM
Merrill Lynch's CEO retirement package...This is Absurd!! novaman FIRE and Money 4 10-31-2007 08:08 AM
Still Moving From Merrill Lynch AlmostDone FIRE and Money 39 01-04-2007 07:29 PM
Deciding whether to invest in Merrill Lynch 401k bks FIRE and Money 6 12-31-2006 06:53 AM

 

 
All times are GMT -6. The time now is 02:07 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.