What's Your Retirement Housing Strategy?

When you think about where (and how) you’ll live in retirement, you basically have 10 possibilities. Each one comes with distinct pros and cons to consider.

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One of the most important aspects of retirement planning is making housing plans. The reality is that you need a place to live in retirement and there are a lot of different options. Furthermore, even if you decide to just keep the status quo and age in place, there are a lot of factors to consider.

The home is often a retiree’s largest asset, with the median wealth in homes for a 65-year-old couple at $192,552, according to the U.S. Census data. This represents about two-thirds of the median retiree’s assets. Furthermore, the home comes with a cost, which is often the largest expense for retirees at nearly $20,000 a year. So let’s look at 10 different retirement housing options, ranging from aging in place all the way through nursing home care at the end of life.

Written by Jamie Hopkins (opens in new tab), Esq., LLM, MBA, CFP®, RICP®. He serves as Director of Retirement Research at Carson Wealth and is a finance professor of practice at Creighton University's Heider College of Business. His most recent book, "Rewirement: Rewiring The Way You Think About Retirement (opens in new tab)," details the behavioral finance issues that hold people back from a more financially secure retirement.

This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC (opens in new tab) or with FINRA (opens in new tab).

This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

Jamie P. Hopkins, Esq., CFP, RICP
Director of Retirement Research, Carson Wealth

Jamie Hopkins (opens in new tab) is a well-recognized writer, speaker and thought leader in the area of retirement income planning. He serves as Director of Retirement Research at Carson Group and is a finance professor of practice at Creighton University's Heider College of Business. His most recent book, "Rewirement: Rewiring The Way You Think About Retirement (opens in new tab)," details the behavioral finance issues that hold people back from a more financially secure retirement.