A study was done by Merrill Lynch looking at baby boomers and their retirement plans. Results showed that there were about 4.2 million baby boomers who moved into a new home last year, with two-third expressing interest in moving at least once in their retirement.
“In retirement, you have the chance to live anywhere you want. Or you can just stay where you are. There hasn't been another time in life when we've had that kind of freedom.”
Reasons cited by baby boomers for moving included the desire to be closer to family (29%) and hoping to lower home expenses (26%).
A study by Freddie Mac showed similar answers, which found that almost 20% of baby boomers had the desire to move closer to children and grandchildren, while only 13% were focused on moving to a warmer climate.
It is generally assumed that retirees always want to downsize once their children leave home. However, while half of retirees did plan to downsize, it was found that 3 in 10 actually chose to upsize to a larger property in retirement.
Some retirees look for a home in a desirable location and wanted more space for vacations, reunions, extended family visits or allowing other members to move in. Merrill Lynch said:
"Retirees often find their homes become places for family to come together and reconnect, particularly during holidays or summer vacations."
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