A new study from Merrill Lynch, in partnership with Age Wave, reveals that an incredible two-thirds, or 65%, of retirees say they are living in the best home of their lives.
According to USA Today, this figure represents seniors who choose to stay in the home they’ve owned for most of their lives, as well as seniors who choose to move to a new home or community.
In order to finally live in the best home of their lives, 64% of the 3,600 respondents, most of whom are over age 50, said they have moved or plan to move at least once during their retirements. The top reason for moving was to be closer to family, followed by a desire to reduce their living expenses.
The study found another significant trend — that today’s seniors are increasingly looking to make their living space a “nurturing nest” rather than an empty nest. Their living spaces don’t just become a home for themselves; rather, seniors prefer to use their homes as a place for family to gather and make memories.
When the majority of seniors reach age 61 or so, they pass a “freedom threshold,” which means they feel freer to live wherever they’d like, the study found.
“(Seniors) are no longer largely anchored to their homes because of their children’s lives or their work responsibilities,” Ken Dychtwald, CEO of Age Wave, explained. “They feel far freer to choose where they want to live than at any other time in their lives.”
As the Baby Boomer generation continues to approach this so-called freedom threshold, it’s safe to assume that retirees will continue this trend of moving to their dream homes and of spending their retirements in the best places of their lives.