(NC) Where will you live when you retire? It’s a question many of us — even those closer to retirement age — haven’t considered. In fact, less than half of working Canadians aged 50 plus* have planned for where they will live, according to a recent RBC survey.
Hilary Farr, a Canadian designer, says couples need to plan now to ensure that they are on the same page when it comes to their future living arrangements.
She offers three key considerations:
• Family and friends: How will leisure time impact how your home works for you? Will you host friends and family often and therefore want them to be nearby? Considerations like these can affect location, design, and renovation plans.
• Upkeep: Will you have the ability or desire to spend time and money maintaining a pool, lawn or aging home? Are there changes you can make today to simplify maintenance later on, such as replacing lawns with easy-care landscaping and gardens?
• Mobility and accessibility: Stairs and bathtubs may not seem like obstacles today, but they can pose significant mobility issues later. Consider future accessibility now while planning bathrooms, laundry rooms, kitchens and bedrooms. These spaces can be both beautiful and safe with some additions and adjustments for the years ahead.
More retirement planning resources are available at www.retirementdesigners.ca.
*aged 50-75; $100,000-$999,999 in investable household assets