Should Retirees: The decision on whether to renovate or relocate in retirement
can be complex and emotional. A recent report revealed that as people edge towards retirement age, the more they value the emotional connection to their home rather than the financial value.The Merrill Lynch and Age Wave report asked 3,600 people if they planned to stay in their homes after retirement. 36 percent of those surveyed said that they would. Most respondents planned to stay put because they felt a strong connection to their home and their neighborhood, and had relatives and friends living in the area.
Reports have shown a lack of affordable housing options for baby boomers, and a lack of overall housing inventory remains a problem in many areas of the country.
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