Talking through post-retirement housing options
January 08, 2024
By Sarah Ovaska
Account balances get the bulk of attention when people approach retirement and are meeting with their financial planners — will the clients have enough to fund those long-desired vacations or to pay for living expenses over the next 20, 30, or 40 years?
But one area not discussed enough is where and in what type of housing clients hope to live during their later years and how their CPA financial planner can help create a plan to adjust housing needs if health problems or other complications arise.
Too often, if they haven’t thought through options in advance, retirees or their families end up making decisions quickly, after, for example, a serious fall, a difficult medical diagnosis, or the loss of a spouse. They may suddenly need to find an assisted living option or move an ailing parent across the country to be closer to family. Making these decisions quickly can put people at a disadvantage as they must navigate the complex options for senior living without having the time to thoroughly research them.