Baby boomers planning to retire are often ready to sell their home and buy a retirement home. Many want to move somewhere warm like Florida and others may want to move near their children. As discussed in this Wall Street Journal article, moving near children is a personal decision that is often determined by family dynamics. However, there are a few things everyone grappling with this decision can consider:
- You don’t have to move. Packing up and moving is a lot of work, and sometimes may not be necessary. For seniors who want to spend more time with children and grandchildren, but also want to return to their lifelong home, there are many options. There are websites like Airbnb and VRBO that have options for extended stay rentals in many parts of the U.S. If money is not too tight, you could even consider your own vacation rental not far from children or on a lake a few hours away.
- Keep boundaries in mind. Make sure that before you move, you consider everyone’s personal space. Most seniors don’t want to babysit grandchildren every day and most adult children would still like some days without seeing their parents. Make sure there are other activities in the area for you to get involved with like volunteering or a senior center.
- Budget matters. Of course, you need to make sure you can afford a big move. Further, seniors may wish to consider renting. Adult-children may still be at a point in their careers where they will have to move so there is no guarantee that their current home will be a permanent location.