With Eleanor Blayney, Certified Financial Planner, Founder – Directions (financial planning for women)
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With about 10,000 baby-boomers entering retirement each day, retirees must address one fundamental question – where and how would they like to live out their golden years? Americans overwhelmingly like to stay put in retirement. Sometimes, simply because they can’t afford the advantages of moving to a pricey retirement community. But more often because home sweet home is where they want to be; it’s where they feel most comfortable, where they’ve developed community bonds, know where things are, etc., without considering the pros and cons of living there as retirees.
It’s also because the idea of trying something new at an older age is just not appealing to many. But moving may become less of a necessity with the recent advent of Naturally Occurring Retirement Communities or NORCs in areas that have a high number of senior populations and cater to retirees’ needs. So it’s something seniors should look into as they head into retirement.
Eleanor also talks about high long-term care insurance premiums, their unattractive use-it-or-lose-it features and alternatives that are financially more appealing including reverse mortgages that are coming under greater government scrutiny and beginning to get more attractive as a mainstream financing option, provided you understand the details and ramifications.