ArcaMax

The Merrill Lynch study also included these key findings:

--Sixty-four percent of retirees are likely to move at least once during their retirement; thirty-seven percent have already done so, while 27% plan to.

--The top reason for moving is to be closer to family members.

--Half of the retirees questioned about their last move say they didn't downsize, and 30% of them moved to a larger house.

--Sixty percent of retirees plan to stay in the same area, while 40% see retirement as an opportunity to live in a different part of the country.

For people over the age of 65, their home's emotional values far exceed its financial value.

Nearly half (47%) of all home-renovation spending ($90 billion annually) is from homeowners who are over the age of 55.

As the baby boomer population continues to age, more and more people will be entering their retirement years. During the past decade, the number of nursing home residents has declined while the number of people who age and receive care at home has increased. This development will impact how homes are designed and what resources will be needed as America recalibrates its needs for an aging population.

========

Marilyn Murray Willison has had a varied career as a six-time nonfiction author, columnist, motivational speaker and journalist in both the U.K. and the U.S. She is the author of The Self-Empowered Woman blog and the award-winning memoir "One Woman, Four Decades, Eight Wishes." She can be reached at www.marilynwillison.com. To find out more about Marilyn and read her past columns, please visit the Creators Syndicate webpage at www.creators.com.

Copyright 2024 Creators Syndicate Inc.